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Dana McKenzie

Forum Replies Created

  • Damon,

    The immediate feedback to your idea is to ensure that the platform itself is not already considering an app development, as content might disappear for your app if they promote theirs. Equally, later on, assuming you’d demonstrate success with this app, how do you protect access to the content it builds on? You need to construct some barriers of entry short and long term for your idea to keep it viable.

    Regarding your specific questions:
    1. Confidentiality or Non Disclosure agreements are usually in place before work starts with contractors, such as app developers. Here’s a template for reference: https://simmondsstewart.com/templates/mutual-confidentiality-agreement/

    2. Yes. A lot of founding teams start like that (sweat equity rewarded via shares in the newly formed Co), but you want to ensure that the working relationship is tested and remains strong because that’s where all could come undone if it doesn’t pass the test of time or hardship.

    3. Bank loans make sense when you are much further ahead (i.e. when you have strong and reoccurring revenues) and after you have looked into a number of other capital sources. Bootstrapping or developing a prototype in your spare time, with co-founders who are usually putting in their expertise for sweat equity is how most startups begin.

    Best,
    Dana

    Hi Damon,

    Andy’s response offers a great framework to use in moving from idea phase to the market validation of the feasibility plan. However, if you find it daunting at this time or if you are unsure on how to proceed once you’ve tried solving the first chunk(s), I suggest you describe your idea in generic terms (without giving it away) here and any specific questions that you have as you move through the process and we can comment on that progress as well and offer guidance on concrete steps.

    Hope this helps.
    Good luck with the exploration.
    Dana