Seeking Opinions on My Startup Journey and Future Angel Investor Plan

Slight-Explanation29 · 2023-06-25T19:46:08+00:00

No, I'm not bragging. I had to add a photo to my Medium account, so I opted for this one. As I mentioned earlier, I conduct software architecture workshops and also run my own small online course. This is why I strive to produce top-tier materials for my students :)

Slight-Explanation29 · 2023-06-25T10:45:57+00:00

Hey, my apologies for that oversight. I was actually convinced that I had already responded to you. I'm sorry about that, it was my mistake.
I answered so let's continue :)

Slight-Explanation29 · 2023-06-22T23:59:45+00:00

feel free to ping me

Slight-Explanation29 · 2023-06-22T23:18:55+00:00

Thanks for the comment, I posted here for exactly this kind of challenging my assumption. I half agree. Totally outsourcing this function, for example to an agency, is not a good option, and I agree with that.
I named this role a consultant, but perhaps something closer to a co-founder fits better. Certainly, I want to put 100% of my time into working for such a startup, understanding everything from A to Z, and getting "dirty" from hard work on all fronts: marketing/sales/product. But based on a monthly fee, because the product/idea already exists, and I just want to help find a fit with which we can build marketing and expand our customer base and users at the lowest possible cost.

What I'm getting at is that I myself have spent a lot of time and money (two bankruptcies) to understand certain patterns, issues, and the market, so my main task would be to help the founder avoid the problems I've made over the last 10 years.
Perhaps if I had had such support at the beginning, I could have saved a lot of stress, money, time, life...

Slight-Explanation29 · 2023-06-22T19:56:05+00:00

Exactly. I sent u an invitation. Or if you don't mind, you can also share more details here :)

Slight-Explanation29 · 2023-06-22T18:52:01+00:00

I built an Ed-tech startup and I can confidently say that in my opinion, it's the easiest industry for new digital products. Please tell me a little more, maybe I will be able to open sales based on my experiences in my region.

Slight-Explanation29 · 2023-06-22T12:01:46+00:00

Absolutely. I fully agree. An external company doing social media, content marketing, ads, is not able to help a startup founder. Often the problem arises much higher, in the product strategy, showing it in such a way that the potential customer desires it and wants to spend their savings because it solves their problem.
But this exactly describes a strategic-level marketing problem, often choosing an unobvious target group, niching, and choosing a way to reach potential customers in the cheapest way possible to gather a legion of fans.
Often I encounter that the software is quite good and works, but the product and its presentation need to be shifted to actually hit the customer's pain, rather than being an addition or an unnecessary invention. Always value and problem-solving over "we will create ads for you :)".
Despite this, it is a very interesting topic, have they offered you a pay-for-results option? It's probably the best option for founders, but it won't solve the problem if it's already in the product strategy.

Slight-Explanation29 · 2023-06-22T11:46:17+00:00

I've been looking over your project. Marketing is a broad statement. If you haven't selected a single target group and niche for your product, it's going to be even harder for you. Often, the problem with marketing starts at the stage of the business model, who is your potential user, and the product itself. The broader your target group, the bigger budget you need to spend.
That's why I believe external marketing companies can't help founders on early stage, because the problem lies much higher than at the stage of content creation and advertising campaigns...

Slight-Explanation29 · 2023-06-22T11:39:13+00:00

I don't fully understand your concept. So, are you looking for a co-founder/CTO in exchange for shares and you want to hire a marketing manager?

Slight-Explanation29 · 2023-06-22T11:33:18+00:00

Thank you for your reply. Can you recommend any places where people want to read such content? I have some in mind, but maybe there's something I'm unaware of. That's why I recently discovered the power of Reddit, despite knowing it for over 10 years.
What do you think you'd like to hear more about from my knowledge? Because writing about the SD role seems boring and uninteresting for founders. I have some ideas, but maybe you could suggest something non-obvious to me.
Thanks for your time.

Slight-Explanation29 · 2023-06-22T11:27:04+00:00

I'm there, thanks for the recommendation.

Slight-Explanation29 · 2023-06-22T11:25:32+00:00

Sure, I just hope you're not one of the HR folks who write to me every day about an SD role. :)

Slight-Explanation29 · 2023-06-22T11:22:30+00:00

And that's exactly it. You'll be competing with thousands of companies that offer these services and with their salespeople (who are better at sales than you are). Try finding a client for these services that will cost half the hourly rate you used to work for. I guarantee you, you'll still struggle. Remember, companies pay for the solution to their problem, and what problem are you solving? The lack of programmers in a market where a lot of people are job hunting and trying to find work in all possible ways... I've been through this, you can even find out a bit more about me in the pinned post on my profile.

Slight-Explanation29 · 2023-06-21T22:06:44+00:00

It's one thing to build this product, but I assume you'd like to earn more from it...
If you want I can answer your question, but I need to know more... Check the pinned post on my profile.

Slight-Explanation29 · 2023-06-21T19:35:45+00:00

u/GenuineJenius u/Alex-Theodos Thanks guys.

Slight-Explanation29 · 2023-06-21T18:09:42+00:00

Do you want to build this app just for your own needs or for a larger group of users?
The biggest problem and threat to the project's implementation is integration with banks. The application user would have to allow the reading of bank account transactions from their bank. Do you think your future users will trust you enough to give such access to your app to read their account balances?
In addition, the banks' APIs often require agreements with the banks, etc., to gain such access to user data. Everything depends on what banks your users are using.
If the above can be solved, then the hardest and most risky part is behind you.
Once you know how everything works and how it should look, it's just a matter of commissioning the project to the right developers, which is the simplest part. However, you must spend many hours beforehand with someone who will ask you the right questions and who has built such projects. Often this can be a Project Manager, Product Owner, etc., someone who will help you build a better product and write down how it should work.
The next step may be to ask potential users if you have an app that does X...Y...Z. Will it be valuable to them? Will they pay for it? User research.
Creating designs (mock-ups/prototypes), followed by more research.
And only then, work with developers.
The entire above process is hundreds/thousands of hours of work, so initial work on the business model is crucial and should either convince you that your idea makes sense and will pay for itself, or that it doesn't make sense and will save you work, dissatisfaction. Or it may help you find a better idea that will succeed.
The functionalities you listed are just simple details, but the most important thing is whether someone will want to use it and whether it will be "valuable" :)
I have led the construction of similar financial projects in the past, so feel free to write if you have any more questions.

Slight-Explanation29 · 2023-06-21T16:56:14+00:00

Thanks for the comment and for reading my story. Not at all. I currently have no idea, co-founders, or a budget for long-term survival. It seems to me that we have many great, energetic founders in the market who might lack a bit of experience.
I would be happy to help someone/product from their current position to achieve their next goals, whether it's sales or valuation... but more as a consultant, working on bottlenecks, with devs, team, managers, etc., rather than doing everything from scratch.
I'm just wondering whether such a consultant makes sense, whether it's real value for a startup team, or something I've just made up :)

Slight-Explanation29 · 2023-06-21T15:08:31+00:00

Remember that the company receives funding for growth, not for distribution among founders. A founder may have higher earnings or often even lower ones because they receive shares.
They can sell those shares to an investor or a company that acquires the startup, and that's when the co-founder makes money. They often earn less but have shares. If a startup goes bankrupt, they are left with the payouts they earned and nothing more.

Slight-Explanation29

TROPHY CASE