Launch Chat: Recent Episodes
Jake Hare
Want to start a startup? Launch Chat is daily 15 minute episodes answering all of your burning startup questions. If you're an entrepreneur or startup founder trying to build the next big thing, then listen as we dish out answers on how to raise angel investment, build an app, get traction, and everything in between. Hosted by Jake Hare of Launchpeer, the show combines his (and his team's) experience working with hundreds of startups around the world.
In this episode, we talk about how a pre-product startup can compete for investors when they're up against other startups who have already built and launched their app.
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In this episode, we talk about how you should structure equity agreements with your earliest employees, contractors, advisors, and cofounders.
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In today's episode, we talk about what's going on with the startup funding market and why (most) startups shouldn't be worried about it.
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In today's episode, we talk about whether entrepreneurs should put a valuation on their early-stage startup, and what investors expect from you in relation to that valuation.
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In this episode, we talk about the different types of business models startups can choose to generate revenue, and rank them from easiest to hardest to implement.
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In today's episode, we talk about how long a founder should wait it out before calling it quits on their startup idea.
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In today's episode, we talk about the current state of the economy and how it's impacting fundraising for startups at every stage.
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In this episode, we talk about whether startups need a technical cofounder in 2022, especially when it comes time to talk to their first investors.
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In today's episode, we talk about what startup founders should do when they stumble upon a competitor doing the exact same thing as them.
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In today's episode, we talk about the importance of raising funding from friends and family and how to do it without being or feeling sleazy.
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In today's episode, we talk about how you should handle discussing your idea with non-cofounders, specifically those who you've been bouncing ideas off of and interacting with at the start of your startup journey.
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In this episode, we talk about whether startups should bootstrap or raise capital for their startup in 2022, and depending on the choice what they should think about doing differently as they startup.
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In this episode, I break down why financial projections (spoiler) are important for pre-seed stage startups, BUT the reasons why may not be what you think...
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In this episode, I run down the top tools I'd recommend to new startups in 2022 ranging from domain names and website builders to legal and finance tools.
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In today's episode, I talk about whether startup investors will have a problem if a founder is working on more than one startup at a time.
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Did you miss us? Well, we're back and well-rested after a 2-year break from the show ready to answer your startup's burning questions. A lot has changed in the startup landscape since we left which means new topics to cover, and we can't wait to help you get your startup built, launched, and funded through daily answers to your burning questions. Have a question you want answered on the show? Just head to launchchat.com!
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In this episode Jake talks about ways to handle investor objections that ensure you get a 'yes' at the end of your pitch.
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In this episode we field a question from someone who has a ton of 'startup skills' but can't seem to find an idea to work on. Jake breaks down the methods he uses to find great ideas and how to use them.
Join our free Idea Program at https://launchpeer.com/idea
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In today's episode Jake talks about the number one skill he wish he'd mastered at the beginning of his startup journey, and why it's probably not what you think...
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In this episode Jake talks about what it's been like being married for 12 years and building his business for 6, and 12 specific tips that entrepreneurs should take in order to make life easier for themselves and their families during startup life.
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In this episode we talk about what factors you should consider when trying to decide between building a B2B or a B2C startups, and what Jake's preference would be if starting up.
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In this episode we talk about why competition for your startup doesn't matter, and how to turn competition into your best friend.
Want to ask a question? Go to LaunchChat.com and post it there.
Want to join our free community? Go to Launchpeer.com/join and request an invite.
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In this episode we talk about whether it's best to rebuild your app to go faster, or just stick with what you got.
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In this episode we talk about how your startup should handle the competition (or if you should even care about them in the first place).
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In this episode we talk about whether or not PR distribution services work, and also whether PR is even worth your time as a startup founder.
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In this episode we talk about whether you should build your startup 'in stealth mode' or tell everyone you can about your idea.
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In this episode we talk about whether or not you can have too many cofounders, and what you should do to ensure your team is set up for success (and you're protected).
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In this episode we break down some strategies entrepreneurs can use to beat perfectionism and keep pushing toward their goals.
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Today's question comes from Pete. If I were to use a Facebook or WordPress page to test the validity of my idea, would this be enough to act as an MVP?
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Today's question comes from Josh. I was recently contacted by an investor online and I am wondering which elements of my startup I should emphasize on the phone, as my previous investor pitches haven't amounted to anything. How can I spark excitement about my startup over the phone?
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Today's question comes from an anonymous listener. I've been working on my startup for about 18 months, but I feel like it's been forever. I don't like the industry I'm in due to regulations and there's no grand vision for the product - I'm only doing it to make money. How do you know when to keep going or when to walk away from your startup?
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Today's question comes from Ben. How can you stop someone from copying your web-based startup idea? What do I do if someone copies what I've done and try to launch it?
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Today's question comes from Michaela. I am currently experimenting with ideas and exploring product market fit for one of them. I'm reading and listening to a lot of material on how to build my business, but how much time should I spend learning versus implementing the material?
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Today's question comes from anonymous. I recently incorporated my startup in Delaware to release apps on the app store, but since I live in California, my CPA told me that I have to pay a franchise tax in addition to my regular taxes and fees. Should I reincorporate in California or just continue to pay the franchise tax?
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Today's question comes from Chris. I have a year left in college and I had an idea for a startup so I created an MVP. I'm at a crossroads, should I pursue the startup idea further or use my school to get an internship data science and AI, which is something I'm interested in?
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Today's question comes from Sonny. I have an idea for a company that could really take off and we've done some market research but the product is only half done. When is the right time to get investors?
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Today's question comes from Abe. I currently don't have enough connections to be able to get a warm introduction to an investor. Since the barrier to entry of sending an email is so low, most investors must get hundreds of emails per day of people trying to pitch their startup. Is high-quality direct mail a possible solution?
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Today's question comes from Decker. We developed a platform where users can add reviews based on personal experience of a local place, but we can't expect people the one side to use it when we're not able to get enough users acquired on the other side of the application to make it valuable. How can we overcome this chicken and egg problem?
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Today's question comes from Byron. The product I'm working on had a successful pilot, but it still has a long way to go before it's fully ready for the market. Should I keep going and try to build this organically or should I start looking for VC money? What kinds of factors go into how I make this decision?
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Today's question comes from Jim. We're launching a dating app, but our .com domain is taken. What is our next best option?
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Today's question comes from Neil. How does compensation work in early team formation at a startup? I'm coming in as a partner so I want to make sure my value is compensated appropriately.
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Today's question comes from Bruce. What are the things I should be looking for when trying to bring on my first co-founder?
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Today's question comes from Lucien. I have a prototype built for a B2C app but I'm trying to decide what my focus should be in the MVP phase. How should I think about the next stages of my business development?
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Today's question comes from Christopher. I have a product I want to import and sell in my country. I setup a pre-launch page with an email signup and have done some paid ads. How do I know when my idea is valid?
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Today's question comes from Gloria. I'm trying to start a new startup, but I'm not sure where to focus on my attention. A lot of it feels like I can't focus on one thing without focusing on another and it makes me feel lost.
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Today's question comes from Dan. I want to start an ecommerce business where I purchase products overseas and then rebrand them as my own. What are the possible implications of this route?
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Today's question comes from Colton. I won a $1000 at a hackathon to use on my idea, but I have no idea what to do with the money. I've built a prototype on my own already but am not sure if it's something I can scale to take to investors. Where is the money I won best spent at this stage?
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Today's question comes from an anonymous listener. One of our startup's founding members is not pulling his weight. He did not commit full-time and I do not enjoy working with him. Should I communicate these concerns to him now or should I want until funding is secured and we can find a replacement for him?
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Today's question comes from Jolin. I want to approach strategic investors before launch, because we have enough to show. How can we best take this next step? Thoughts on how we should approach the initial email?
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Today's question comes from Chris. What's a business that's not that obvious and wouldn't necessarily make money today, but would payoff big in the long-term?
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Today's question comes from Louis. What are the ways people look to exit? I am not looking for the quick exit — I want to build and grow a business that I care about. How should I think about exit strategies along the way?
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Today's question comes from Greg. I've been thinking about an accelerator for my startup, but most require that you relocate for at least three months. I have many responsibilities at home that I can't just walk away from without a plan. What is your opinion on these types of programs?
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Today's question comes from Mike. My business has substantial revenue ($650k this year) and I'm starting to think about raising capital. How do I best estimate the value of my company?
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Today's question comes from Joe. I'm wondering how companies such as Tesla survive before Series A funding. How can you produce big, expensive products without having funding first?
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Today's question comes from Anthony. I used to be pretty good at sales, but lately I'm not keen on it and I don't have a partner to offload it on. I don't think I'll be good at closing the deal and the money I'd like to offer to a freelancer to do sales calls isn't enough. Where do I go from here?
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Today's question comes from Joe. I am a former game developer turned social app development. It wasn't uncommon for a game to take up to four years to build, but now I'm reading that six months to a year is too long for a social app build. Are there exceptions?
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Today's question comes from Javier. My startup offers services at lower prices than my competition and are generally more in depth than what they offer as well. How can I set myself apart from firms with huge client lists and established reputations?
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Today's question comes from Max. I work for a niche software platform and we're struggling with offering a trial period for a host of reasons. I would like to move away from trials completely, but some prospects insist on one. Do you know of any strategies that move away from offering a trial period?
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Today's question comes from Preston. My co-founder and I were a couple months in to pursuing an idea before he decided to quit, however I still like the idea and would like to continue without him. If I change some of the details am I at risk for a lawsuit?
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Today's question comes from Christopher. I have a product I want to import and sell in my country. I setup a pre-launch page with an email signup and have done some paid ads. How do I know when my idea is valid?
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Today's question comes from Tom. What are some things you hate about being a startup founder? What should new founders be aware of to get a real picture of what startup life is like or how the things you hate change as it grows?
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Today's question comes from Permal. My co-founder and I are at an impasse. My co-founder thinks we should build our product fully and then seek customers and I think we need customers to sign up before we build it out. What's the best approach?
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Today's question comes from Phillip. Would it affect a startup's ability to fundraise or sell the company if a co-founder with substantial equity leaves?
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Today's question comes from Bernard. I found a co-founder who has hinted that a 60/40 equity split works for him. However, I will be self-funding the startup and I'm not sure that equity split covers my costs. How should I proceed?
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Today's question comes from Lucien. I have a prototype built for a B2C app but I'm trying to decide what my focus should be in the MVP phase. How should I think about the next stages of my business development?
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Today's question comes from Miguel. I have a great product in mind but I'm hung up on how I can fund the development in order to bring the product to investors. What do you recommend?
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Today's question comes from Kristin. When should you pursue venture capital and when should you avoid it?
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Today's question comes from Jim. We're launching a dating app, but our .com domain is taken. What is our next best option?
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Today's question comes from Kristoff. I'm working with large manufacturers and I ensure that they sign an NDA. They almost always want me to use theirs, which I do - does this give me any protection?
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Today's question comes from Bruce. What are the things I should be looking for when trying to bring on my first co-founder?
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Today's question comes from Marcus. I'd like to move to Silicon Valley to build and launch my startup. I have the money to get things started, but do you think I should look for a co-founder in my current location, look for one somewhere else, or move to Silicon Valley to increase my chances of getting things off the ground faster?
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Today's question comes from Will. What do you do when you get exciting new ideas when you're already deep into working on another product? How do you prioritize your ideas?
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Today's question comes from Michael. What are your thoughts on monetization for social media startups? What should be the primary focus for an early-stage social media startup?
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Today's question comes from Neil. How does compensation work in early team formation at a startup? I'm coming in as a partner so I want to make sure my value is compensated appropriately.
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We're doing something a little different today. Instead of our normal Q&A, we're going to talk about the top two traits our most successful customers all have in common. And it's probably not what you think.
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Today's question comes from an anonymous listener. I am a founder of a startup and I am planning to work 80 hour work weeks, but my co-founders think 40 hour work weeks are enough and if they do work more hours they want to be paid more. What should I do?
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Today's question comes from Jim. It's taking me longer to build my app than I planned, and with only about half the features I wanted to build, I'm hesitant to launch. Most of my competitors have more features than I do and I can't seem to find a reason why a customer should use my app instead of my competitor's. What should I do?
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Today's question comes from Carlos. What's the best practice for sharing an app with people? It seems like things change all the time, so I'm wondering if there are good examples of apps that make organic sharing easy but not too intrusive?
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Today's question comes from an anonymous listener. We've been running our company for five years and we've been given three months to reverse our revenue trend or the money will stop flowing. Could other co-founders take the idea and start a new business? What should an exit strategy be for a technical co-founder?
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Today's question comes from Joe. I don't have any marketable skills that would be attractive to a startup. What are skills that you need to work at any startup and how do you market yourself specifically to startups?
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This week we're doing something different. Instead of our normal daily Q&A, we're releasing a longer coaching call focused on the four main beliefs that hold most startup founders back from raising money.
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Today’s question comes from Linda. I’m curious how to manage time off at a startup. Are there certain days I have to give off for my employees? Should I set out expectations so people know they should take time off and how much?
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Today’s question comes from Chris. I have an idea for an app but I’m not sure where to start. What are the best validation methods for today’s market?
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Today’s question comes from Bill. I have a large potential customer who would pilot our software if we can integrate with their time-tracking platform, however, it doesn’t have an open API. What are your recommendations for managing integrations and partnerships?
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Today’s question comes from Lucas. How do you find your initial users outside of using social media? What offline methods would you recommend?
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Today’s question comes from Kristoff. I am familiar with how to leverage SEO and ads, but how do you bring in traffic for a product you don’t have ready yet? Where and how can I get backers who will support my dream without a finished product?
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Today’s question comes from Jeffrey. The implications of sales tax on SaaS products for startups are tremendous and could present hurdles for many. Are there resources keeping records of the sales tax laws by state so that we don’t have to research state-by-state?
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Today’s question comes from Chris. From my perspective it seems pointless to look for a great idea anymore and instead focus on executing on ideas that may not be sexy. Is this the way we should be looking at startups now?
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Today’s question comes from Broughten. I want to start measuring the data points that my company has available because everything I’ve read says data is a key component of a successful startup. My non-technical co-founder thinks it’s too early to think about those things. Is it really too early? If not, how can I convince my co-founder it’s the right thing to do?
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Today’s question comes from Mitchell. I recently started paid campaigns to drive traffic and awareness to my product website. I’ve tested different audiences and creatives but I haven’t gotten much traction so far. What else should I test?
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Today’s question comes from Cynthia. I am currently building out the MVP for my startup and every article I’m reading says the next step is to get a co-founder. Why is that?
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Today’s question comes from Jack. I am a senior in college and running a small business. I got invited to a startup accelerator program and now I’m deciding whether or not I should take a full-time job and work on my business on the side or take a side job and work on my startup full-time. What would you do?
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Today’s question comes from Robin. What’s a reasonable expenditure for computer equipment for developers in a startup with funding? Would you suggest giving them a budget and letting them buy their own or getting their preferences and purchasing for them?
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Today’s question comes from Christian. I’ve been working at a startup for the past year. My salary wasn’t very good to start with compared to market value. We are talking about a pay raise at my one year review and I want to know how I should approach this conversation.
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Today’s question comes from Julio. A few months ago I founded a C-Corp and incorporated it in Delaware. Is there a mechanism to reimburse the money that founders spend prior to creating the corporation? Do founders typically try to recoup that money?
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Today’s question comes from Jason. I have a contractor who’s building a mobile app for my startup and he’s willing to accept 50 percent equity for his work. I’m short on cash so this is an attractive offer to me. What are your thoughts?
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Today’s question comes from Dean. I’ve been working on a business plan for a while now and have been doing some business development and am just waiting for the right time to invest capital. However, my spouse recently told me she has no faith in the idea. What should I do?
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Today’s question comes from Cynthia. I have decided to start an industry-specific digital media company. I have a test client ready to go - is this the right time to start an LLC?
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Today’s question comes from Braxton. I’ve always had ideas for startups and inventions, but I’m concerned about protecting my ideas. Am I being too paranoid, or is this normal?
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Today’s question comes from Miguel. I currently sell a health product through an e-commerce store. I have an idea for a product collaboration, but how should I approach the company I want to collaborate with? How do payments for something like this typically work?
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Today’s question comes from Joel. What is the most commonly believed startup strategy that will no longer be used in 5-10 years?
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Today’s question comes from Lucas. I hired someone to build a website and app. We met a few times and I’ve seen the progress and a working app. The app was near completion but he eventually stopped communicating with me. What should I do?
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Today’s question comes from Christof. I’m working on a prototype to validate with users. Should I focus on getting feedback or monetary commitment? This is a SaaS product and it’s not built yet - how could I go about getting monetary commitment?
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Today’s question comes from Mike. Lots of famous startups have been founded during recessions. In times of economic downturn, wouldn’t starting a company be a smart thing to do since it wouldn’t face as much competition?
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Today’s question comes from Mindy. I have funding secured for an app I’m building. I haven’t validated my app yet, so I want to spend the least amount possible on an MVP. How do I determine if I should hire a development agency or a freelancer, since an agency is quite a bit more expensive?
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Today’s question comes from Benjamin. We are a fintech startup and the founders all have well-paying jobs. As a founder, do you have to give up what you’ve achieved as far as pay rate or does previous pay get taken into account when raising funds?
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Today’s question comes from Isaac. I just parted ways with a startup where I worked for two years. I managed a variety of responsibilities, projects, and tasks. How do I summarize all of my experience? Do I edit it for relevance when I apply for specific roles? How should I approach this?
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Today’s question comes from Connor. I started learning the basics of databases and programming and now I’ve got something going. I want to hire freelancers to help me with the development of an MVP. What’s the best way to do that?
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Today’s question comes from Simon. I’m running a free beta signup and my conversion rate is very low. Does this mean that if people aren’t interested in the beta, they won’t be interested in the paid product?
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Today’s question comes from Carter. I’m interested in selling a product in the fitness industry. Can I validate the product idea by building a storefront and using images of the product and packaging, and then upon checkout saying it’s out of stock and request an email address for notification?
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Today’s question comes from Phillip. I have an idea for a business that would match vetted freelancers with companies who submit their projects. I was thinking of starting with just a few pages where people can apply and submit and then use outside vendors for contracts, payments, and project management. Is this idea too stripped down to be viable?
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Today we have something special for you. To commemorate the 100th episode of Launch Chat, Adam Clark, founder of Podcast Royale interviews Jake to learn a little more about the man behind the podcast and how he has worked through the issues that so many of you ask in your daily questions.
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Today’s question comes from an anonymous listener. When I hit rough patches I tend to throw in the towel and indulge in escapism for days at a time. How can I develop a strategy to deal with hopelessness in my startup and keep going regardless?
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Today’s question comes from Leonard. When is the right time to approach people and businesses who could be strategic partners or investors?
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Today’s question comes from Michael. How can a company use safe notes for its pre-seed round to include non-accredited investors? Would it have to be through a crowd funding platform? How would you proceed?
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Today’s question comes from Larry. We have over $2M in revenue this year with little debt. However, we have no extra cash but needed to buy product to ship to customers. Due to credit issues, I’m unable to take out a loan. What is our best option to get cash on hand immediately?
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Today’s question comes from Adam. My business has been around for a few years now but we’ve failed to get much traction. We’ve tried content marketing, social media marketing, and many other tactics. What would you try next? When should you just decide to shut down?
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Today’s question comes from Cynthia. I started a side business and am wondering how much I should be putting into it to get it up and running. I’m low on savings but have a steady income and have paid off a lot of my debts. How should I proceed?
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Today’s question comes from Brandon. I have an idea for a real estate app but I have no tech skills, so I know I need to hire a team. How much do apps usually cost so I can start putting money aside?
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Today’s question comes from Michael. I have a hardware startup that’s been quiet for a while. I was recently approached by a potential buyer but he wants to validate the software without signing an NDA. How should I approach this situation?
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Today’s question comes from Samuel. Where can I go to find people who are buying small or medium businesses? I want to sell one of my businesses but I’m not sure where to go first.
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Today’s question comes from Thomas. If you had to choose a technical co-founder, which one would you choose? A) A “rockstar developer” that you haven’t worked with and don’t know very well, or B) A good developer with good skills, AND with whom you already have a good relationship and working history?
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Today’s question comes from Ruben. I’m working on a Slackbot that guides startups through finding product market fit. Some of my early adopters are asking for a done-for-you service that simply does the marketing tasks we recommend. I know this isn’t scalable - what should I do?
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Today’s question comes from Michael. I’m the only marketing person at an early-stage startup and I’ve been asked to submit a budget for the next few quarters. I don’t have experience putting together budgets and assumed I wouldn’t be able to spend much because we are bootstrapping. How should I approach creating a budget?
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Today’s question comes from Jordan. We’ve created a food product and need to find a way to get feedback from customers before we can raise funding. How can we do that without having to pay for a large order with a manufacturer or painstakingly doing it ourselves?
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Today’s question comes from James. I’m helping out a friend who’s working on a startup idea by doing some user interviews and architecting. How should I think about compensation? Should it just be equity or some type of salary?
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Today’s question comes from Sam. I have an idea for something I haven’t seen done yet. I’m a creative and know nothing about the coding side. How can I execute on an idea when most of my talents would be useful post-launch?
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Today’s question comes from Britton. We are building an e-commerce platform and want to make sure we cover our insurance needs before we launch. What is your recommendation?
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Today’s question comes from Kennedy. I’ve created a delivery service app (with a solid acquisition cost) but I can’t get enough return users, which we need to keep this kind of app going. What do you suggest?
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Today’s question comes from Kaitlyn. I’ve been working on a beta version of my app for a few months but recently another app came out with the same overall concept. How should I deal with this?
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Today’s question comes from Tim. I hired a team to develop my app since I don’t know much about coding. How can I protect myself from someone taking my code and building another app with it?
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Today’s question comes from Ken. As a technical founder, where do you start with marketing and sales? Should you go out and find a marketing focused co-founder?
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Today’s question comes from Eric and deals with market research. Specifically, what’s the most effective way to do market research before launching your company?
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Today’s question comes from Leroy. Leroy’s questions has to do with how to pitch a product that doesn’t exist yet. How can you pitch from just an idea without a product or prototype to back it up?
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Today’s question is from Michael. My partner and I are in pre-development for an online app. We are doing some user feedback surveys and thought about doing a prototype of the game that people could play while providing feedback. Is there anything else we should be doing to get feedback at this time?
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Today’s question comes from Thomas and he has question about technical outsourcing. I have a strong idea for an app but I’m torn between hiring a development company and bringing on a technical co-founder. What are the pros and cons of each?
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Today’s question comes from Benji. I’ve been thinking about building an app, but I’ve heard a lot about app fatigue. Do you have ideas on how we can keep people engaged?
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Today’s question comes from Steve. I want to pay my team when they are able to get me a meeting and then structure it so they get paid a higher percentage if the deal closes. How can I assure my team that they are getting paid appropriately for how they setup meetings? What are other incentives I can use?
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Today’s question comes from Tamara. What is your philosophy on how much ownership you want your sales team to have as far as the company and its goals and direction are concerned?
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Today’s question comes from Rocky. I’ve been following a startup for a while and there was some early traction, they seemed to be growing, and they had good press. However, it now looks like they are out of business. What would cause that?
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Today’s question comes from Gary. How do free apps that have more than 1 million users manage server costs without investors? Are there some startups that cannot handle the possibility of going viral?
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Today’s question comes from Miles. We have an app built and are focusing on sales. We’re constantly making changes to our sales pages, which requires a developer. Is it ok to build our entire site on landing page software or use a custom-built site?
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Today’s question comes from Cooper. I’m starting my degree in computer science and want to eventually work with or found a startup. Any tips or thoughts on how I should approach my education with this in mind?
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Today’s question comes from Scott. I’m planning on bringing on a CMO. What should I look for in a CMO during the interview process?
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Today’s question comes from Trey. I’m a product guy and can easily organize what customers want. How do I create a community and bring people to the app?
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Today’s question comes from Sam. I have a working product and now I’m trying to assemble a team. What people should have on your team and how big should it be?
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Today’s question is from Fred. We have a generous offer on the table from a large company. The offer seems obvious, but I’m worried about what it may do to the business. How would you decide if you should sell?
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Today’s question is from Barkley. A couple of friends and I do freelance work and are thinking of getting an office space. If we aren’t a business yet, should we go ahead and rent the space for a few months before signing a year lease?
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Today’s question is from Joseph. I’m stuck at a crossroads. Should I build a web app or native mobile app for my IoT startup - what are your thoughts?
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Today’s question is from Winston. How much does someone’s education background matter if you want to start a business or raise funds from VCs?
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Today’s question is from Troy. I’m seeing lots of engagement but minimal conversions from traffic driven from my Facebook page, so I’m wondering if I should focus on building the brand via Facebook and then worry about obtaining customers later?
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Today’s question is from Kevin. I have different ideas for businesses but I don’t know how to grade them to decide which ones to move forward with. What criteria should I use?
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Today’s question is from Pat. It’s hard to monitor financials when so much else is going on, how can I best monitor the key financial metrics for my company?
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Today’s question is from Mike. My co-founder and I have a great idea, but we aren’t sure what we need in order to pitch our idea to investors. What should we tackle now and what can we wait on?
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Today’s question comes from Thomas. I have a strong idea for an app but I’m torn between hiring a development company and bringing on a technical co-founder. What are the pros and cons of each?
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Today’s question comes from Miguel and he has a question about launching an MVP. My app is 90% done, but I’m not sure what to do next. What should I be focused on for my launch?
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Today’s question is from Michael. My partner and I are in pre-development for an online app. We are doing some user feedback surveys and thought about doing a prototype of the game that people could play while providing feedback. Is there anything else we should be doing to get feedback at this time?
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Today’s question is from Simon. I recently co-founded a startup. We’ve been passively applying to accelerators and incubators and then were planning to aggressively pursue them once the MVP is done. However, I’ve seen that a lot of early stage startups get rejected from these programs even if they are profitable. When should we apply and where should we apply?
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Today’s question is from an anonymous listener. I was approached about being the founder of a startup. We had a few great calls and set up a time to sign documents, etc. I haven’t had direct contact with the other founder aside from sending the documents (three days late). Is this an issue or something I should be leery of?
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Today’s question is from Melinda. I’m launching a startup soon and our biggest revenue model is running ads on the platform. We want to get to profit soon but we don’t want to turn off potential users by showing ads when they first join.
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Today’s question comes from from Carl, who has a question about MoviePass. How did the company take off with such a bad business model? Why were investors OK with a strategy that has consistently lost money? Was there some original plan that didn’t pan out?
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Today’s question comes from from Tanner. Imagine you found an angel investor willing to pay you $100 million, with the condition that you have to use it build your own startup. Where would you put that money to ensure success? Your goal doesn’t necessarily have to be profit maximization. For example, some may be interested in sales or growth maximization while others may be interested in social welfare. Another goal could be to sell to a large corporation. The question is, what would you do in that situation?
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Today’s question comes from from Edward. I’m close to being finished with my MVP and am ready to move on to market viability and seed round investing. I’ve got a lot of people in my network who are interested in what I’m doing and would be great additions to my team. How can I give them incentive to work with me without giving them equity deals above and beyond how much they’ll be able to put into the business? How do I manage the split?
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Today’s question comes from from Chris. I’ve seen advice that said I should find leads by cold emailing the founders or CEOs of companies that may be interested in our product. I’ve also heard that I could use LinkedIn to find leads. Is cold emailing the best or most used strategy?
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Today’s question comes from from Michelle. My startup involves users buying and selling items and services to each other. We would like to improve customer experience by providing customers with refunds if payment problems arise. How do we handle the compensation process? Do we need a bank account? How complex does this process need to be?
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Today’s question comes from from Kyle. I’m solving a specific problem using my background but the markets where this could be deployed are areas I’m not all that interested in. Is it OK to work on a startup you’re not passionate about?
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Today’s question comes from Peter. I’ve done some research into competitors and I have a few competitors in the US but none have expanded nationwide yet. If I place a stronghold here in London would I be able to expand to the US and immediately have a leg up on my competitors?
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Today’s question comes from Paul. I’ve spent a few days thinking of every name imaginable for my business that I’m starting. How do you come up with a unique business name? Do you go with something generic or something that is specific to what the product or service does?
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Today’s question comes from Victor. I’m wondering if you have a formula or calculation to figure out the valuation of a company. I’m looking to bring in new investors but need to know how I can determine the value of my company.
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Today’s question comes from Samuel. Can you recommend a staged roll out plan for a startup? I don’t want to activate everyone that’s signed up, but I want to test my new app with a few users first before rolling out to everyone. Is there an easy way to do this?
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Today's question comes from Mark. I am trying to figure out how many users may be needed for our first round to validate the product and validate where needed. We are looking at getting feedback that would help improve our functionality for our customers. Most of our customers are signing up and leaving, but should I continue to try to get users or should I focus on getting feedback.
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Today’s question comes from Theo. I am part of a team that just started working on our MVP for a SaaS product. I’m wondering when we should start building the marketing website? Should it be at the same time as we build the product so that we can get Alpha testers?
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Today’s question comes from Simon. 1) I see a lot of people have grown tired of Kickstarter because many products failed to deliver as promised. Do you see this as a viable option for startups? 2) Are you potentially locked into a design if you put it on Kickstarter?
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Today’s question comes from Tony. I’m working on some patent applications and I’ve narrowed it down to two lawyers: one with a big firm in Silicon Valley with lots of experience and one local guy who seemed interested in working with me and spent time explaining things to me that the other guy did not.
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Today’s question comes from Cheryl. From what I understand, a mentor should help guide growth and stop telling founders to quit their startup. What responsibility does a mentor have if they know failure is imminent?
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Today’s question comes from Miguel. Most unicorn startups seem to accept just having bad customer support during the early stages. It seems the fastest growing startups spend the least amount of time and service on customer support. Our startup wants to prioritize customer support, but what are your recommendations for different stages?
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Today's question comes from Jeremiah. I am a solo founder of my startup and I'm wondering if I should do an About Us page that just showcases me. Would you recommend having an About page in this situation? When should you have an About Us page and what should it have on it?
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Today's question comes from Jacob. I don't have a big budget to spend on ads, but I do have time to work on marketing. If you were only going to do free marketing plans, what would you spend time on?
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Today's question comes from Jimmy. I just bought a company for a few thousand dollars from Flippa. The founder didn't have time to work on it anymore, but it has potential. What are some things you would do to get it some traction?
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Today's question comes from Lindsay. What kind of benefits can I offer my earliest employees? I can't offer health care, a lot of time off, or a large salary. What are some things I can offer them on a limited budget?
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Today's question comes from Gary. I'm working with a new company and I'm trying to create an equity cliff investing schedule. I want to define criteria for what determines a cut-off for equity. If they leave or get fired, it's clear that they should lose equity, but if a company takes longer to get off the ground then they could pull back on effort, which should reduce their equity, too. How do you define these milestones?
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Today’s question comes from Dylan. I’m an iOS developer and I’ve always been interested in the startup scene but don’t know where to start. I’d like to meet someone who is passionate about their own idea and has experience on the business side - is there a place where a tech founder can find a good co-founder?
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Today’s question comes from Jason. I’m trying to test some basic ideas as fast as possible and I’d like to find the way to setup a landing page and payment form as quickly as possible. Do you have a particular process or method you like to use when testing ideas?
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Today’s question comes from Timothy. There are a lot of factors that go into conversions, but in the app marketing ecosystem, where have you found the highest returns and retention?
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Today’s question comes from Colin. I’ve been working on a mobile app that is out soon. I started with an MVP to gain traction because I’ve heard it helps with funding. However, I don’t even know where to look for funding. How can I find people who would invest to make the full version of our product and give us some runway?
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Today’s question comes from Stephanie. We have a .co domain name and want to change it to a .com, but the current owner isn’t using it for anything. We’ve heard that driving any additional traffic to a squatted domain will raise the price. What should we do?
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Today's question comes from Roy. I'm tossing a few ideas around and researching what a good new business or industry would be to go into. Do you have any recommendations on which industries are good to get into as a first-time founder, or any that you would recommend against?
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Today's question comes from Chad. How do I know when it's time to kill my startup? I have about 20 pay customers and $1,000 in MMR, but I've failed to get my product into the hands of people not in my immediate network. Even if it's not time to kill it yet, how do you know when it's just not going to work?
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Today's question comes from Josh. I'm new to the startup space. Even though I have a lot of industry knowledge, I don't know much about building a startup. What are some good resources for getting started?
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Today's question comes from Shaheen. I'm ready to move forward with my startup idea, but I want to keep my full-time job at the same time. Should I tell my boss what I'm doing or just keep it to myself and make sure I don't work on my startup at my day job?
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Today's question comes from Bijon in Egypt. What would you do differently when beginning your startup?
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Today’s question comes from Garett. There’s not a lot of investors located in the area I live in. Is there a way for a startup in the middle of the country to attract those investors or is there a different way to go about raising money?
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Today’s question comes from Mike. I’m having a hard time justifying raising money for my startup. It seems like everything I read glorifies startups who raise money but aren’t yet profitable. Why is that?
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Today’s question comes from Gary. What does it mean to build a codeless MVP? Is this something a pre-product startup should consider?
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Today’s question comes from Paul. Is it hard to raise money as a startup if your spouse it your partner? Is this something you should think about before starting.
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Today’s question comes from Michael. What are some of the required expenses for a startup? What are unavoidable costs and what are nice-to-haves?
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Today’s question comes from Wendy. How important is it to have an attorney or accountant as an early stage startup? Is this something you should be setting money aside from the beginning, pre-revenue, to fill these roles?
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Today’s question comes from Ken. As a technical founder, where do you start with marketing and sales? Should you go out and find a marketing focused co-founder?
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Today’s question comes from Cindy. Is there a place to find impartial testers to Beta test an app? Are there any resources or tools that can help perform those types of tests?
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Today’s question comes from Charlie. Is it worth it to pay to attend or sponsor a conference? As a startup, should you pay for the travel costs associated with going to events?
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Today’s question comes from Michael. Michael asks, what tactics should I use to grow my early stage startup? How do I know what tactics to use when we don’t have a lot of capital to run ads and don’t have time to wait for results from content marketing?
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Today’s question comes from Kim. The question deals with how you can tell if you are going to be a good startup founder or just a startup employee, as well as if startup life is right for you.
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Today’s question comes from Ehud. His question goes back to a classic chicken and egg problem. It deals with needing money to build a product but feeling as though he needs a product before he can raise money.
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Today's question comes from Leroy. Leroy's questions has to do with how to pitch a product that doesn't exist yet. How can you pitch from just an idea without a product or prototype to back it up?
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Today’s question comes from Diego. It’s a two-parter today. 1) When building a startup, specifically on the user side, where should I draw the line between aesthetics and functionality? 2) On the startup side, what’s the best way to balance between extreme bootstrapping and necessary purchases?
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Today's question comes from John. John's question can really be broken down into two parts: 1) How do I know what my startup is worth before launching it? 2) Are there some general rules about how much money I should raise or what my valuation should be if I haven't launched a product or done any marketing yet.
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Today’s question comes from Jim and deals with launching an MVP in a crowded market. Specifically, if you MVP is something that already exists, wouldn’t it better to launch with more features that might set you apart?
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Today's question comes from Matt and deals with creating an MVP and how to avoid the temptation to make it too big.
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Today's question comes from Adam and deals with market penetration and gaining traction. Specifically, how do you break into a market with a really high barrier to entry?
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Today's question comes from Shawn and deals with scaling as a solopreneur. Specifically, how do you scale when you're on your own and have a full-time day job?
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Today's question comes from Vinay and deals with funding. Specifically, where do you get the money to build your app if it's still in the idea phase?
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Today’s question comes from Eric and deals with market research. Specifically, what’s the most effective way to do market research before launching your company?
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Today’s question comes from Chandler and relates to coding and languages. What programming language would you recommend learning when developing an idea that could be app-based? Also, what language is best for building your website (especially considering UX/UI)?
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Today’s question comes from Ian at The Mission. Ian wants to know what are the most popular website themes or templates for startups, and does it matter if your website looks the same as other websites using the same template?
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Today’s question comes from Dave and relates to B2B sales and, specifically, follow-up. Once you’ve planted the seed, how often (and how many times) do you follow up without being annoying?
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Today’s question comes from AJ and he asks about two parts of fundraising. First, are investors understanding of the fact that fundraising is hard and difficult to do while also trying to run your startup, especially in the early stages when you’re trying to get everything up and running? Two, what are some tips for keeping the momentum going while you’re constantly on the road fundraising and feeling overwhelmed from all the travel and meetings?
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In this introductory episode, Jake talks briefly about Launch Chat and why he created it.
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