Is this a wise plan for the release of my startup?

[Lavi Fletcher]

My cofounder and I (he's technical who has started and sold his own company but he's still inexperienced as he is young, I'm the sales/business side who is younger still and still have decent technical skill) are going to attack the Payday loan (and consumer debt in general afterwards) industry in a truly different way to anything currently on the market. We are working on the prototype which will demonstrate how the service will work. Our current plan is as follows:

1. Gain traction in the form of expressions of interest and signups as well as hearing the thoughts of executives and other people in the industry (I have already talked to many people about the idea and they are confident, but this was prior to working on a prototype)
2. Approach angel investors (both my co founder and I have people we can talk to to set up meetings, and while I have business plans, mockups, etc, a working demo is infinitely better in explaining) and obtain 100-150K in exchange for equity.
3. Hire a freelancer to create the backend infrastructure and construct a fully functioning MVP.
4. Gain more traction by talking to people face to face about the service as well as developing relationships with journalists for future coverage/stories etc.
5. Release the startup and build the team up. (We'll start interviewing well before this point, I've learned that making a mediocre hire this early can lead to failure so it's better to take a ton of time to find the best people.)

Is this plan wise or destined for failure? I have no experience and I believe it's pretty good, but an objective opinion is infinitely more valuable than mine in this regard.

Thanks

 

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[Kevin Peter]

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