Cofounders of a startup. Split profits?
I met a person a couple of days ago who seems to think exactly like me. Extremely open minded, etc.
Now I have question.
We're starting to make a app for iPhone/Android.
We think it has a real shot at being successful (Just being hopeful)… If it DOES I want to know how should we split the profits?
He is a senior in my college and I'm a freshmen.
Here are important key points -
- Before I meant him I did not have hope anymore of making my own business etc just wanted to take the easy way out and work for somebody make a healthy 70k+
- How we met was pretty interesting - he like walking up to people in the dining halls and being friends (Awesome).
- He started planting ideas in my head.
-He suggested we do something else.
-I didn't think that idea was going to work. It took me a while but I thought of something that we both think is incredible.
- In essence I guess you can say it is entirely my idea, but if it wasn't for him, I would not have come up with it.
Biggest thing is I'M THE PROGRAMMER and he's the BUSINESS GUY.
I don't know but I just don't think 50/50 is fair here. What do you guys think? I think 60/40 is fair.
I'm saying this because many people have ideas but just can't make them or don't have the funds to pay for them.
In this case it was my idea and I'm making it. He just planted the 'seed' but it was me who thought of the crucial concepts to make this work.
Anyways not trying to be greedy, just want to be as fair as possible to myself and to my business partner.
Well 50/50 may nit be fair but you won't hear him complain about it but you could lie and say that 40% cut is 50 and don't let him know that he is getting 40% I mean its your call
Be careful you say your the PROGRAMMER hes the BUSINESS GUY, make sure he actually does more than just suggestions etc as otherwise before you known it you'd have spent days or weeks developing the app and then hell want 50% cut for just giving you some ideas or advise. Have been caught out by this before. So i would recommend unless he does alot more than just give you ideas like find investors, promotion, website etc then i'd go 70/30 coz the programming is the hard slog, and to be fair anyone can just submit something to the app store once done.
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