A typical week for me is 5-10 calls with entrepreneurs with ideas at various stages. This is why I love what I do – you get to learn and discover new ideas/ people/ challenges. That’s where Appy excels and can truly help.
However, 50% of those calls go something like this:
“I have an idea, it’s like the new Facebook/ Airbnb/ Uber and will make billions. Can you do everything for me, for free, and I will give you some equity?”
The short answer is no.
The emotional answer is that my 2 little children don’t eat air, I need to feed them food – real food. That means earning money for our expertise, to get them from idea stage to prototype.
Once we’re past the prototype stage and looking at an MVP, we might consider for the right ideas discounting our costs or even co-investing but selectively.
The truth is, the real answer is if you’re not willing to invest some money in your idea, that shows how much you believe in it. Yes you might invest time but you’re being rewarded for that with learning. Putting cash on the line genuinely demonstrates that you believe in this.
I had a call this week with an entrepreneur with great drive and focus. Once we talked about costs to go through our Prototyping Workshop (£3k), he said “I need to do this, I don’t have the money now but I’ll save up for it, because I believe in my idea”.
And now I believe in him as an entrepreneur.