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Marley T

Contributor
Read Millionaire Fastlane
Mar 5, 2018
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35
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England
Hello,

I started reading the fast lane book last year and the best way I can explain what it did for me is that it just put everything into prospective. I already had that fast lane mind set from the age of 15 but never knew how to actually Pursue it or wasn't sure if I was just bieng a Naive teenager. The fast lane book proved my instincts correct.

I'm 18 years old and I have just started talking to an angel investor about my app idea, I found their website last month sent them an email just to say I had an idea and see if they had any intrigue, sure enough they got back to me asking to explain it in more detail, I did then I was told to book a Skype appointment to discuss it with him or his co-worker. They then sent me a business template which I filled and emailed to them they got back to me a few weeks later sending another template on how each user would use the app, Raj (the founder) then sent me and his tech team an email asking us both to touch base with each other so I can discuss details of how the app would work so the tech team can get a gist of the functions of the app and the costs of making it. I have scechuled a Skype call with the tech team next week.

Now sorry if that was long winded but I just want some advice off of people that have maybe had expirence with angel investor company's before or if there are better ways to develop my app etc...

I just want someone to discuss things with since there's not really anyone I know like family or friends that I would trust asking either because they wouldn't really have anything to say other than that's cool or tell me I'm wasting my time and living in dream land.

So literally any advice from anyone about getting this idea created, or if you think I'm heading in the wrong or right direction with this investment company, only worry I have is they said they expect people with concepts like me to help with 30% of the start up if they decide to invest maybe I'm getting ahead of myself but I almost definitely will not have that kind of money so what happens then? Do I go to another private investor to raise the money?

Again anything is appreciated,

Thanks for reading.
 

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JScott

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EPIC CONTRIBUTOR
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Aug 24, 2007
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First, an angel investor is typically someone who just hands you money (after doing a lot of due diligence) and let's you handle the details. They may be available to bounce ideas off of or to help with roadblocks/issues, but an angel investor won't typically build the product for you. Not sure that's what you're saying, but sounds like that's what this person is looking to do.

Second, you can't expect someone else to give you 100% of the money to build your product (unless it's friends and family who are just trying to help you out). What's to stop you from waking up one day and deciding you don't feel like working on this idea any longer, and just walking away. Without "skin in the game," their is little motivation for you not to give up should things get tough.

My recommendation would be to:

- Borrow money from friends/family/credit card so you can hire someone to build you a prototype;
- Learn to code so you can create a prototype on your own; or
- Find someone who will create a prototype for an equity stake in the company.

Once you have a prototype, work on getting some initial users, get some feedback and if you still think you have potential to create a business around the app, then you can start talking to investors about putting in money.

Btw, I don't know how much money you're looking to raise, but if you can't get a prototype built for less than $10K, this probably isn't the right idea for someone in your position.
 
OP
OP
Marley T

Marley T

Contributor
Read Millionaire Fastlane
Mar 5, 2018
28
35
25
20
England
First, an angel investor is typically someone who just hands you money (after doing a lot of due diligence) and let's you handle the details. They may be available to bounce ideas off of or to help with roadblocks/issues, but an angel investor won't typically build the product for you. Not sure that's what you're saying, but sounds like that's what this person is looking to do.

Second, you can't expect someone else to give you 100% of the money to build your product (unless it's friends and family who are just trying to help you out). What's to stop you from waking up one day and deciding you don't feel like working on this idea any longer, and just walking away. Without "skin in the game," their is little motivation for you not to give up should things get tough.

My recommendation would be to:

- Borrow money from friends/family/credit card so you can hire someone to build you a prototype;
- Learn to code so you can create a prototype on your own; or
- Find someone who will create a prototype for an equity stake in the company.

Once you have a prototype, work on getting some initial users, get some feedback and if you still think you have potential to create a business around the app, then you can start talking to investors about putting in money.

Btw, I don't know how much money you're looking to raise, but if you can't get a prototype built for less than $10K, this probably isn't the right idea for someone in your position.
Hi Scott, thanks for the reply.

Wasn't that clear on the investors they are actually a investor company and they apparently specialise in concept ideas wich Is why I took a liking to them, I did say to one of the team from what I have read on your website it seems you want to be much more involved in people's concept rather than just investing money it seems you also invest time and help. And he agreed. Check out their website if you get the time it's Ihttps://www.rdinvestments.co think you will get where I'm coming from.

Also about the proto type, I am going to see if the app coding course at my college takes concepts from people for the students to creat apparently someone has done this before it's worth a try right.

And yea I definitely understand the whole I need to invest a % too but I think that's my biggest problem, my mum is in a terrible position and my dad who I live with only really has money to feed us both and isn't the most "traditional" dad. And I myself only have a 0 hour contract job but I do my best to save up. I have thought about who I may go to if I mange to get to that position and there may be some friends of friends or friends parents who might be interested but it's deffenately something I would struggle with because I don't really like owing people.

I don't really know what my point is, from what I've said I guess the obvious path is to learn coding myself is this something you have done? Or do you have any advice on how to find a possible partner who has the coding skills?

Thanks man
 

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