As many of you know I am bootstrapping my app development costs by hustling on Craigslist and soon to be Ebay. I don't have a huge problem doing this, but it is really difficult, I can not buy motorcycles, cars, guns, jewelry, and a whole list of other things to sell on craigslist so I am limited to a smaller category of items, I really want to take my 2k and hustle and low-ball and hustle some more and turn it into 4k, and so on... but it's not as easy as it sounds, and I don't feel like bootstrapping is the most productive way to spend my time.
I am fine bootstrapping for the app, no problem, but once the app contract is signed, there's the development period and then it has to gain traction in the market and begin selling quite a bit before I will ever see that investment back, that could be 6 months, I cant sit idly by for six months and twiddle my thumbs and I certainly cant bootstrap for another X amount of months to begin my next project. The question of investors came into my mind today and its the first time I have ever really considered the idea. Not investors for the app, while I have been learning mountains of information about the app industry the past couple of months, I have spotted a real need and a huge hole in the market for a service related to apps, it fits all of the CENTS requirements or I wouldn't even mention it on this forum (haha) and I know it could be lots bigger than my app itself, only problem, it needs capital to start. More than I have or can bootstrap, I'd say 50k would allow me to get everything developed including a marketing budget (rough, rough estimate). I am interested in finding an investor but I would that because of my age, getting 50k from anyone would be like finding a needle in a group of 100 haystacks. Questions I have:
1) Could someone invest in a company owned by a minor or would it have to go through my parents?
2) What are the chances of a 16 year old getting 50k for a business idea? (I'd say slim to none)
3) If I do get an investor interested, what do you think he would ask in equity?
4) Parents are not an option, friends and family are not viable, bootstrapping is next to impossible on this one, any ideas?
Also, if anyone wants to hear out my idea that is either running a large web based/real world business or involved or familiar with the app market, I would be fine spilling my guts out, (possibly a signed NDA on this one 🙄) but you could let me know if this sounds viable or if it needs tweaking, feel free to PM me (not just your every day joe, I need advice from guys who are living life on the greener side of the fence)
All the best,
Mike
I am fine bootstrapping for the app, no problem, but once the app contract is signed, there's the development period and then it has to gain traction in the market and begin selling quite a bit before I will ever see that investment back, that could be 6 months, I cant sit idly by for six months and twiddle my thumbs and I certainly cant bootstrap for another X amount of months to begin my next project. The question of investors came into my mind today and its the first time I have ever really considered the idea. Not investors for the app, while I have been learning mountains of information about the app industry the past couple of months, I have spotted a real need and a huge hole in the market for a service related to apps, it fits all of the CENTS requirements or I wouldn't even mention it on this forum (haha) and I know it could be lots bigger than my app itself, only problem, it needs capital to start. More than I have or can bootstrap, I'd say 50k would allow me to get everything developed including a marketing budget (rough, rough estimate). I am interested in finding an investor but I would that because of my age, getting 50k from anyone would be like finding a needle in a group of 100 haystacks. Questions I have:
1) Could someone invest in a company owned by a minor or would it have to go through my parents?
2) What are the chances of a 16 year old getting 50k for a business idea? (I'd say slim to none)
3) If I do get an investor interested, what do you think he would ask in equity?
4) Parents are not an option, friends and family are not viable, bootstrapping is next to impossible on this one, any ideas?
Also, if anyone wants to hear out my idea that is either running a large web based/real world business or involved or familiar with the app market, I would be fine spilling my guts out, (possibly a signed NDA on this one 🙄) but you could let me know if this sounds viable or if it needs tweaking, feel free to PM me (not just your every day joe, I need advice from guys who are living life on the greener side of the fence)
All the best,
Mike
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