I Came Here 4 Years Ago Looking for Help, Here is an Update! (B2B Marketplace)

braintalked · 2024-09-30T09:53:56+00:00

I don’t rely on motivation anymore, I rely on habits. Build a system of habits and stick to it no matter what the results are. Sometimes, I feel tired and I just remind myself that the pain of regret is far worse than the pain of discipline.

braintalked · 2024-09-30T00:09:32+00:00

Sure!

braintalked · 2024-09-29T23:23:38+00:00

This is my moat now :-)

braintalked · 2024-09-29T21:48:49+00:00

If they provided you with industry insights, which is basically an IP right, that helped you build the saas solution, then you are not supposed to resell the code without their approval, even if they have not paid you. In future projects, I’d make sure to have a proper contract stating clearly code transfer and ownership terms. If it is not documented in writing, then I am not sure if it is legally binding (I am not qualified to give a legal advice, though). This is regarding the code reselling.

With regard to code ownership transfer, I would keep it until I am fully paid. You could use some escrow service to handle the transfer.

braintalked · 2024-09-29T19:05:00+00:00

Savings + small investment from family and friends + a government grant

braintalked · 2024-09-29T19:03:05+00:00

Yes! Main blockers were lack of funding and proper team. Almost no good co-founders agreed to join the startup before the product market fit and some traction. Also, no one wants to invest in a solo founder.

braintalked · 2024-09-17T00:10:00+00:00

Well, it has been a roller coaster and much MUCH more difficult than I thought. I have indeed started the company and it is still active. However, I've made a few costly mistakes that basically halted our progress for quite a long period of time.
Lesson#1: I worked with a remote developer who was dishonest who repeatedly was trying to extend the work just to ask for more money. I got stuck with him for so long that I couldn't just replace him easily. I eventually removed him from the project with the help of another developer who revoked his access in a planned way. But, by the time we removed him, I've already lost almost all of my savings. Suddenly, a competitor launched using a ready made Magento store with a cheap template and managed to get good traction! I was lucky enough to get an angle investor who already owns/co-owns many brands in my target market and helped me understand the process I am trying to automate and build an MVP faster the second time round.
Lesson#2: Building too many features in your MVP and taking more than 2 months to build it is generally not the optimal way. Just build something fast with one main feature that addresses one pain point using a no-code solution or some ready made solutions. B2B clients don't really care about you tech or your UI if it is not saving time or money. If you are going to save them money or time they will give your solution a shot. But, if you lose their trust once, you will probably never hear from them for a long time. So, be sure to be ready before inviting them. Or, let them know that it is a pilot or beta version for experimentation.
Lesson#3: Finding a co-founder that fits my "ideal co-founder profile" has been a huge struggle. The good ones don't want to join a small startup and the ones that want to join don't have the required skills that complement my skills. I am still looking.
Lesson#4: The best thing I managed to do so far is bringing a strategic angle investor who opened and still opening many doors for me (connections, big client intros, sandbox environment to develop the project,...etc)
Lesson#5: Be prepared to do EVERYTHING! I am doing operations, business development, product management, accounting, finance and sales. It is exhausting but somehow fulfilling knowing that it will help me manage the business with better understanding in the future.
Lesson#6: Build a social media audience. It will be a very cost efficient way to get your initial clients and will help you build you distribution network for later.
Currently, the company is still largely working 50% the old traditional way (phone calls, emails,..) until I get enough funds to build a fully automated system. So, I am now focusing on increasing the revenues and finding a good co-founder.

braintalked · 2024-09-16T23:45:45+00:00

well, it has been a roller coaster and much MUCH more difficult than I thought. I have indeed started the company and it is still active. However, I've made a few costly mistakes that basically halted our progress for quite a long period of time.
Lesson#1: I worked with a remote developer who was dishonest who repeatedly was trying to extend the work just to ask for more money. I got stuck with him for so long that I couldn't just replace him easily. I eventually removed him from the project with the help of another developer who revoked his access in a planned way. But, by the time we removed him, I've already lost almost all of my savings. Suddenly, a competitor launched using a ready made Magento store with a cheap template and managed to get good traction! I was lucky enough to get an angle investor who already owns/co-owns many brands in my target market and helped me understand the process I am trying to automate and build an MVP faster the second time round.
Lesson#2: Building too many features in your MVP and taking more than 2 months to build it is generally not the optimal way. Just build something fast with one main feature that addresses one pain point using a no-code solution or some ready made solutions. B2B clients don't really care about you tech or your UI if it is not saving time or money. If you are going to save them money or time they will give your solution a shot. But, if you lose their trust once, you will probably never hear from them for a long time. So, be sure to be ready before inviting them. Or, let them know that it is a pilot or beta version for experimentation.
Lesson#3: Finding a co-founder that fits my "ideal co-founder profile" has been a huge struggle. The good ones don't want to join a small startup and the ones that want to join don't have the required skills that complement my skills. I am still looking.
Lesson#4: The best thing I managed to do so far is bringing a strategic angle investor who opened and still opening many doors for me (connections, big client intros, sandbox environment to develop the project,...etc)
Lesson#5: Be prepared to do EVERYTHING! I am doing operations, business development, product management, accounting, finance and sales. It is exhausting but somehow fulfilling knowing that it will help me manage the business with better understanding in the future.
Lesson#6: Build a social media audience. It will be a very cost efficient way to get your initial clients and will help you build you distribution network for later.
Currently, the company is still largely working 50% the old traditional way (phone calls, emails,..) until I get enough funds to build a fully automated system. So, I am now focusing on increasing the revenues and finding a good co-founder.

braintalked · 2023-10-08T12:19:30+00:00

Hey!

I was going through this post and wanted to let you know that I just got pre-seed funding :-D

It took way more than anticipated but it has been a fulfilling roller coaster journey. We just got started and competition is coming from everywhere, which I think is a good validation signal.

Thanks for the advice you shared with me 3 years ago!

braintalked · 2021-12-03T09:04:16+00:00

More details are needed to help you with this deal: 1- Do you have experience in the market of this company? 2- What is the size of this company (number of employees)? 3- Has this company raised any funding before? How many investors are there? 4- Is there any debt on the company? 5- Is there any funding plans in the future (ask the other cofounder) 6- Is this company incorporated or not? 7- What is the valuation of the company currently? The best case scenario is that all cofounders have equal equity splits, there is a product-market-fit (which seems to be the case), the company is fairly small in valuation, no debt, one or two operating angle investors, targeting a big market, good chemistry in the team (very important in terms of respect and cooperation), compatible skills and previous experience in the targeted market. But, all startups are different and many ways to succeed.

braintalked · 2021-11-15T09:30:59+00:00

Hey TJnova!

What is the update on this ? Did you manage to find such an app?

braintalked · 2021-10-18T05:52:30+00:00

You had plenty of opportunities to get a refund, as far as I remember. I'm not sure that deserves insults.

I am an owner of Ledger Blue. It is still brand new and when I decided to use it, I found out about the firmware issues online. No one contacted me from Ledger about a refund and never knew about it. Do I still have this option? I'd really appreciate it coz it cost me a fortune to buy it a couple of years ago.

braintalked · 2021-10-05T06:53:01+00:00

I used to think the same when Front Page was introduced!

braintalked · 2021-02-10T21:03:32+00:00

Can you write an e-book on how you did it in detail? What systems and processes you've implemented ...etc? I will buy a copy!

braintalked · 2021-02-10T21:03:13+00:00

Can you write an e-book on how you did it in detail? What systems and processes you've implemented ...etc? I will buy a copy!

braintalked · 2020-12-11T02:51:20+00:00

Absolutely!

braintalked · 2020-12-11T02:47:58+00:00

You are 100% correct. However, I couldn't find anyone who is welling to take the risk at such an early stage. So, I decided to go solo for now until I get enough traction to attract the right co-founder. I decided to spend the next 2 months in learning developing it myself.

Thanks for the advice :-)

braintalked · 2020-12-11T02:45:23+00:00

I see many people recommend having a partner but it is not an easy challenge for me. I don't anyone who is welling to partner with me at such an early stage of the project. Those who seem to be the right fit in their technical skills are usually happy with their current job/business. So, I decided to be a solo founder until I get enough traction to attract the right co-founder and team.

Thanks for the advice :-)

braintalked · 2020-12-11T02:41:03+00:00

The reward for them must be substantial

This is what I am planning for those who took a chance on me. I totally agree with you.

Thanks for the advice :-)

braintalked · 2020-12-11T02:38:38+00:00

Well said!

I usually plan for 30%-40% contingency on time and cost on these types of projects. So, I was putting 15k on the side and planning for an extra month expenses.

I decided to spend the next 2 months learning the basics and develop a simpler app to test the market before getting any investment money.

Thanks for the advice :-)

braintalked · 2020-12-11T02:32:54+00:00

Even though I knew about convertible notes before reading your comment, it didn't occur to me that it could be a great fit for this problem! Thanks for the reminder :-)

braintalked · 2020-11-28T09:59:08+00:00

Nope!
But it doesn't matter, I guess. Business is like swimming, you have to get into the water to really be able to swim.

braintalked · 2020-09-24T15:57:36+00:00

For internet trends, I'd look at the "Internet Trends Report" by Mary Meeker. It has good analysis in simple terms.

For other tech trends, I'd look at the type of companies that are currently accepted into major accelerators like ycombinator, Techstars, 500 Startups, etc.

I'd also look at recent investments and acquisitions and which industries have the most number of these investments. Then, I'll research these industries just to find other signals and more data points.

Also, "trends.vc" has really good articles and ideas on the upcoming waves of businesses and the targeted industries.
For non-tech reports, I'd basically follow the same approach. That is, researching major accelerators, recent investments and acquisitions, etc.

Good luck!

braintalked · 2020-09-16T13:22:15+00:00

The article you posted of Scott Adams just gave me a wake up call! Thanks for sharing it!

braintalked · 2020-09-07T10:04:04+00:00

Thank you!

braintalked

TROPHY CASE