Idea to development as a teen (angel and funding)
4 comments
Honest Answer: Nobody is going to fund a 15-year-old for a lot of reasons. Don't waste your time going down that path when you can get started on your own. If that won't work, your idea won't work.
Maybe, possibly, you can prove me wrong. But the odds are terrible.
Maybe, possibly, you can prove me wrong. But the odds are terrible.
Devil's advocate win. I think your right, nobody is going
to fund a 15 year for a lot reasons. I'll just have to find a reason that beats all the odds against me. :)
Fully though, I understand, but I'm still going to try my best. Hey, the worst that happens is they say no.
Fully though, I understand, but I'm still going to try my best. Hey, the worst that happens is they say no.
Absolutely - I'm the last person to say you can't do something. What I will do is suggest that you find a different route that allows you a higher chance of success. You're a few years away from being realistically fundable. Put your effort into getting there. Don't jump ahead - this is a LONG road.
You do have advantages - food, shelter, free time, support, enthusiasm, a lack of experience to cloud your thoughts. Use them.
A common mistake you'll see over and over again in business that people tend to focus on what isn't working. Don't do that. Focus your efforts where you are strong, not where you are weak. And right now, your fundability is very, very weak.
Best of luck!
You do have advantages - food, shelter, free time, support, enthusiasm, a lack of experience to cloud your thoughts. Use them.
A common mistake you'll see over and over again in business that people tend to focus on what isn't working. Don't do that. Focus your efforts where you are strong, not where you are weak. And right now, your fundability is very, very weak.
Best of luck!
Thanks!
Angels are likely to want to see a prototype, market research, and some proof of traction if possible. Particularly since you're abnormally young.
Ideas get stolen all the time, but it's statistically unlikely (if you find that reassuring).
Ideas get stolen all the time, but it's statistically unlikely (if you find that reassuring).
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You could start small, reiterate and improve. Bootstrap/family-fund it with some money.
If they say that it's not possible to patent this idea (I don't see how age should stop you, I don't believe there's an age restriction on applications), it sounds like going the reiteration route is better.
Supporting glimcat's statement; there's also a lot of 'status' or reputation that investors love. It is presumed a large amount of Color's large investment was due to being backed by veteran entrepreneurs in addition to a 'cool idea'.
I also disagree that 'ideas' get stolen all the time. PG(?) or someone said that reputable VCs will not steal your idea. Their reputation is more important than your idea.
Your ideas, may however be copied. Even Hipmunk, backed by Reddit's former staff is somewhat in trouble if Google search copies their features. But, the great thing about ideas being stolen is validation. Those people went through the expense and you can see your idea for what it is.
Google Search wasn't first, Facebook Social Network wasn't first, maybe your first competitor will follow you and outperform you. Also something to consider.
If they say that it's not possible to patent this idea (I don't see how age should stop you, I don't believe there's an age restriction on applications), it sounds like going the reiteration route is better.
Supporting glimcat's statement; there's also a lot of 'status' or reputation that investors love. It is presumed a large amount of Color's large investment was due to being backed by veteran entrepreneurs in addition to a 'cool idea'.
I also disagree that 'ideas' get stolen all the time. PG(?) or someone said that reputable VCs will not steal your idea. Their reputation is more important than your idea.
Your ideas, may however be copied. Even Hipmunk, backed by Reddit's former staff is somewhat in trouble if Google search copies their features. But, the great thing about ideas being stolen is validation. Those people went through the expense and you can see your idea for what it is.
Google Search wasn't first, Facebook Social Network wasn't first, maybe your first competitor will follow you and outperform you. Also something to consider.
I can't do this without a team though, and that sucks because I don't live in a place or age group where finding people who are down to commit to working on this project for a good portion of their time for only equity. The only way for me to make a team is to hire them, and without funding that is also impossible.
I'm not so much worried about getting my idea stolen as getting this into development.
I'm not so much worried about getting my idea stolen as getting this into development.
3 people working on a project for 3 months is the same as 1 person working on a project for a year. Why do you need a team again?
I disagree, especially if its a range of talent. No one can be excellent at 3 different things, only one field.
Since you're 15 years old I assume you have free rent and free food. What else do you need money for? Would it take you so long to build this on your own that you'd lose time to market?
Money would be for creating a team of more talented individuals than myself (specifically in Node.js + server admin and design) and of course for hardware and infrastructure costs.
Info: I have this idea, that I thing is huge, and everyone that I've told it to things it has massive potential, but right now, I'm not sure what I should do. To develop this idea, I believe its important that I have capital, and a team of people working on it, rather than just myself. Finding co-founders at my age is challenging to say the least, and I cannot afford to pay people from my own fund because I do not have one.
I have heard and fully understand that an idea is nothing without an excellent execution, so I am almost positive that seeking capital is the only way for ME to make this a successful venture.
After talking to mentors and friends of mine, I have started to draft a business plan, but I'm still skeptical as to whether or not that is the correct course of action. I thought I'd reach out to an angel investor or at least to someone who could help me obtain some kind of capital. One mentor warned me that my idea, because it’s almost not possible to patent this idea (especially because of my age), approaching an angel can result in catastrophe, if only because they can “steal” the idea and develop it themselves. Is this a real issue?
Anyway, enough background. My question is, what do I do to make this as successful as possible and actually get this idea into development?
Sub-questions: How do I contact an angel? Should I create a business plan first? Should I create an excellent elevator pitch? How do I get a meeting? How do I get someone to take my seriously? Is there any angels you can put me in contact with? Any other suggestions?