akrish

I haven’t really had much to write recently. I’ve been way to busy with school work to spend time on my own projects (like the startup I’m supposed to be working on). But apparently Pavan has the time to write a lot and I have a lot of opinions about the last post that he wrote. Before you read this post you should read his post.

Ok pav… I’ve thought about the same things that you’re thinking about and maybe some of my opinions will be helpful to you.

First of all. It’s awesome that you have an idea that excites you enough to write about it. That’s definitely the first step. I’m sure it’s a pretty good idea and with a little inertia I think you’d be able to capitalize on it and make it successful.

1. I think you should be talking to people about it. Obviously I wouldn’t share the idea with the world, but let some of your good (trusted) friends in on the idea. The fact that they’re trusted means that they won’t spill the beans and that they’ll be brutally honest in criticizing the idea. Talk to a few different people with different backgrounds. They’ll give you different perspectives that you don’t have and that’ll provide you insight onto whether the idea is actually good and feasible. Definitely talk to some one very technical; they’ll know approximately how hard the idea is to implement, and they’ll probably have some information on related technologies and whether anyone is already working on it. Also I would talk to some people who you expect would be users of the product. See if they actually want it and how they would want to use it.

In terms of protocol. I don’t think there is one and I don’t think there really has to be one. Talking to someone about an idea does not mean that they are involved with the idea and it does not mean that you are obligated to let the join you. You’re definitely not expected (and shouldn’t) give them a share in the idea since you came up with it and are just asking them for advice. For example, Arvind and I went to talk to the guy who’s teaching ieor 190c next semester and we were very open in sharing one of our ideas with him. He gave us criticisms and direction, but we never invited him to join us and he doesn’t expect to join us. Most people who you talk to will be too busy with their own things to really join you anyway.

2. Execution depends a lot on the project and how complicated it is. Most web ideas don’t actual require that much computer science knowledge (as in theory etc.) at first. Most of the information (languages, paradigms) can be learned online and are pretty easy to pick up. If you’re that excited about the idea you’ll probably be willing to learn a lot as you go. Another option is to hire a developer, but I wouldn’t recommend it for a couple of reasons: 1. you’ll need funding and that means you’ll dilute you’re share in the company-to-be. 2. if the idea doesn’t take off (which unfortunately has a pretty high likelihood of happening) then you’re in the hole financially. If you work on it yourself (ideally without funding) all you have to lose is time and it’s not a total loss because you’re learning as you work. As a college student you don’t really need to make money so keep it simple and don’t ask for funding. I think you should do it yourself until you have enough proof that it’ll take off, then look for funding and then hire people. Maybe get a prototype out before you look to grow because it’ll be easier to get funding and you’ll be able to estimate how popular your product is. Maybe it would be a good idea to get one friend on board who knows the ins and outs of web 2.0 with whom you can split the company but that’s up to you.

3. I hinted on this before but it’ll probably be a lot easier to get funding if you have a prototype to show to the VC. Most investors will want to see that you’ve spent considerable time at least thinking about the product so you better have at least a formal design and maybe business plan with you. I don’t know much about this, but you could also consider getting an angel investor. They’re supposed to be better for seed funding (the first stage) and they won’t take as big of a cut as a formal VC. Read up on angel investors, they may be the way to go.

Talking to EE, CS, and business professors sounds like it’d be a good idea. I don’t think any of them will jump on board unless you explicitly want them (the concern you had in 1.) but they’ll definitely be able to give you guidance and/or other resources. Again I don’t recommend thinking about VC funding this early on, but if you know anyone who would think of funding you (possible family friends) then you should talk to them about getting some seed funding (that is only if you absolutely absolutely need it)

Finally, you definitely have the skill and ability to successfully execute this (well depending on what it is) and I guess I’ve given you some of my recommendations here but definitely talk to me about questions. I actually read a lot about entrepreneurship and may be able to help you out (I haven’t actually done much though so… yeah). A lot of the stuff that I’ve mentioned here comes directly or indirectly from Paul Graham. He’s a pretty techy guy who is now a venture-capitalist working for the Y-combinator. Definitely check out his essays. I’d love to hear what you’re idea is and maybe give you another perspective on it.

Hope my advice helps. Again these are just my opinions and I don’t really know that much about anything so question me, doubt me, criticize me and ignore me if you so desire. Feel free to ask my any clarification questions.