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The Saga Of Great Idea And No Funding


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#1 cre8pc

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Posted Yesterday, 11:27 AM

I'm inspired to post about this because some friends in the industry and me are approached by people who have brilliant ideas for tools, software, manufacturing but no money to build the website, create the brand, hire the QA testing, etc.

 

They reach out in the hopes that one of us will work for free or the promise of a stake in the profits later.  I never do these because I know too many people, and myself, who agreed to these promises and were badly burned.  

 

But, I will try to recommend solutions, especially when approached by someone who seems sincere, if I know of any.

 

Where do people get funding for their ideas?  

 

Do you work for free sometimes?

 

How do you know when you are being fooled by false promises?

 

I LOVE this.  Great example of a video that gets the message out there to get funding.

 


Edited by cre8pc, Yesterday, 12:15 PM.


#2 EGOL

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Posted Yesterday, 02:25 PM


"approached by people who have brilliant ideas for tools, software, manufacturing but no money to build the website, create the brand, hire the QA testing"

 

 

 

Every time iamlost starts talking about "business plans" I roll my eyes.    BUT.... when you have guys like this pitching busy people to contribute time, talent, money or something to their contraption or their idea the business plan is absolutely required.     Just ask them...  "Hey, where's your business plan?  We need a detailed plan to make a decision."   When you do that 99% of them evaporate because they are just fishing for people to contribute to their project for free.   If they gotta write a biz plan they will abandon that project or look for a real sucker.

 

AND, if that person had what they REALLY thought was a fantastic idea they would not be offering you any equity or profit share.   They should be selling their baseball cards, their hunting camp, their car,  taking out a loan, getting a second job, doing anything possible to get enough money so that they can own the entire thing.   If they do that they can hire you, enjoy the benefit of your good work, and still own the whole project.  But, since they are not doing that they are either scheming or not confident.  So, don't offer to finance their dream.   Just tell them that you are not looking for a partnership or an investment opportunity... but if they want to hire you that you can get started as soon as they pay you up front for the first month of work.  :)


Edited by EGOL, Yesterday, 02:41 PM.


#3 mrgoodfox

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Posted Yesterday, 02:41 PM

Honestly I dont think funding is the issue. There are a ton of ideas but not enough stamina from people to see them through and work hard at them

 

ideas are dime a dozen 



#4 cre8pc

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Posted Yesterday, 04:28 PM

Funding IS an issue, which is why I asked.  I'm not the only person being asked to work for free or to join a start up based on a promise of equity.  Angel investing is growing.  I would love to see how successful they are though, when investing in businesses without a plan or in poorly managed companies.



#5 jonbey

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Posted Today, 06:56 AM

Kickstarter is popular.

 

Or just work on it in spare time like most people do.

 

No successful entrepreneur ever said "I have a brilliant idea but do not wish to invest my time and money in case it does not work".



#6 iamlost

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Posted Today, 07:51 AM

Many products have been invented serially by which I mean that someone did but while it got known it never got out of a local area and died, to be re-invented elsewhere later, etc. A product or idea needs not just to be but to be in the right place and time to be successful. Many ideas occur pretty much simultaneously to more than one person although often only one gets the public accolade. Plus, of course, to succeed an idea/product/service must be acceptable/usable and needed/wanted/desired by sufficient people to maintain momentum else it simply dies out awaiting another.





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