Over the last 2 years I have been working on an application/website in my spare time, it started out as a hobby but in the last 6 months it has grown and I and some others believe there is real potential for a bit of wonga to be made. It's not live.
It basically is social networking site, very niche in functionality but with a very broad appeal, the site will be a portal to purchase items with I could gain commision from. Long term I believe that the site could be attacting up to 50 million hits a month with 100,000 registered users and I am basing that on real evidence. The long term idea is to sell it to a company that sells the items I will be fronting.
The problem is that I do not have enough time to develop this, my commute to work is nearly 4 hours and i'm usually shattered when I get home, I never feel like i'm getting a good run at coding, it's 1-2 hours here or there. I dont want to give up work because there is feck all out there if this backfires. I thikn there is about 500 hours left in development, I have put that in already and about 70% of it is open source which I had to rewrite portions of.
So i'm thinking about venture capital, Ideally I would like to be in a position to hire 3 developers for a year, get an office, a massive server and gain business experience from the VCs. What I don't want is to give up much of my idea ( really the eventual sell on value ) and basically invite in a bunch of suits to give me hassle all day. I would also worry that they would turn the idea down and then use it themselves. I have quite a bit of dosh in the bank but I don't want to risk it. I know I can't have my cake and eat it.
I have never been involved in anything more than negotiating my daily rate so I know I could get screwed over on what I believe is my last chance at the big time.
Anyone got some stories, ideas or advice on the subject. Cheers.
It basically is social networking site, very niche in functionality but with a very broad appeal, the site will be a portal to purchase items with I could gain commision from. Long term I believe that the site could be attacting up to 50 million hits a month with 100,000 registered users and I am basing that on real evidence. The long term idea is to sell it to a company that sells the items I will be fronting.
The problem is that I do not have enough time to develop this, my commute to work is nearly 4 hours and i'm usually shattered when I get home, I never feel like i'm getting a good run at coding, it's 1-2 hours here or there. I dont want to give up work because there is feck all out there if this backfires. I thikn there is about 500 hours left in development, I have put that in already and about 70% of it is open source which I had to rewrite portions of.
So i'm thinking about venture capital, Ideally I would like to be in a position to hire 3 developers for a year, get an office, a massive server and gain business experience from the VCs. What I don't want is to give up much of my idea ( really the eventual sell on value ) and basically invite in a bunch of suits to give me hassle all day. I would also worry that they would turn the idea down and then use it themselves. I have quite a bit of dosh in the bank but I don't want to risk it. I know I can't have my cake and eat it.
I have never been involved in anything more than negotiating my daily rate so I know I could get screwed over on what I believe is my last chance at the big time.
Anyone got some stories, ideas or advice on the subject. Cheers.
but I would not put it past an offshore team.
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