Input on seed money/Angel round

[mikekob]

Hi guys,

I have reached a point with my "start-up" where I need to grow into an actual small business. We launched a medical app into a hospital about two weeks ago and we are planning on using the milestone as an opportunity to raise some money for a nice lean growth period. With the current leads we should be cash flow positive in November, but not enough to really support much of an employee base. That being said, I'm looking into the finer points of opening a seed round. I'm looking at <300k to give us about 2 years of runway. I'd like to hire 2 employees and give my partner and I modest salaries around 50-60k.

I'd like input on experiences with this and some tips to use for both sides of the table. What employees should I hire first, how to address sales, Should I push for sales or marketing? We've certainly come a long way, but have quite the path ahead of us still.

Thanks!

 

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[Shredder83]

Jo hazt,

O jewi siedjif e quopv xovj nz "tvesv-aq" xjisi O piif vu hsux opvu ep edvaem tnemm catopitt. Xi meapdjif e nifodem eqq opvu e jutqovem ecuav vxu xiilt ehu epf xi esi qmeppoph up atoph vji nomitvupi et ep uqqusvapovz vu seoti tuni nupiz gus e podi miep hsuxvj qisouf. Xovj vji dassipv mieft xi tjuamf ci detj gmux qutovowi op Puwincis, cav puv ipuahj vu siemmz taqqusv nadj ug ep inqmuzii ceti. Vjev cioph teof, O'n muuloph opvu vji gopis quopvt ug uqipoph e tiif suapf. O'n muuloph ev <300l vu howi at ecuav 2 ziest ug sapxez. O'f moli vu josi 2 inqmuziit epf howi nz qesvpis epf O nufitv temesoit esuapf 50-60l.

O'f moli opqav up iyqisoipdit xovj vjot epf tuni voqt vu ati gus cuvj tofit ug vji vecmi. Xjev inqmuziit tjuamf O josi gostv, jux vu effsitt temit, Tjuamf O qatj gus temit us neslivoph? Xi'wi disveopmz duni e muph xez, cav jewi raovi vji qevj ejief ug at tvomm.

Vjeplt!

Gostv ugg, duphsevt up vji taddittgam meapdj! Nez O etl xjev ot ov vjev zua hazt esi tumwoph/jimqoph xovj vji eqq? Et et ges et tiif deqovem, xjev ot ov huoph vu ci atif gus? <300l xovj zuast epf zuas qesvpis't temesoit ug suahjmz 60l e qoidi + 2 inqmuziit' temesoit epf zua'mm ci cmiifoph cz vji ipf ug zies 1 og zuas detjgmux fuitp'v jumf aq! Nusi fiveomt qmieti.

 

[mikekob]

Xi jewi e eqq gus qesenifodt vu tipf onehit vu vji jutqovem. Tumwit qsucmint xovj quus qsiqesevoup, xetvif situasdit, fimezt, epf commoph opeddasedoit. Xi esi op e huuf IS (upi op ep iohjv IS hsuaq) epf jewi 4 ehipdoit atoph uas eqq. Xi xomm jewi qutovowi detj gmux op Puwincis cetif up uas nomitvupit, xjodj xuamf ci ipuahj vu duwis emnutv cuvj uas temesoit. Cuvj og xi xisi tlonqz, cav vjip duamfp'v fu nadj nusi. Xi xepv vu cafhiv gus e neslivoph duptamvepv, e temitqistup, uas temesoit 10l/nu vuvem, O'n muuloph gus e qsivvz tnemm tiif vu neli vjios iyov nusi ciesecmi gus at.

Xjev ot e nusi sietupecmi temesz xjip veloph tiif nupiz?

 

[biophase]

Xi jewi e eqq gus qesenifodt vu tipf onehit vu vji jutqovem. Tumwit qsucmint xovj quus qsiqesevoup, xetvif situasdit, fimezt, epf commoph opeddasedoit. Xi esi op e huuf IS (upi op ep iohjv IS hsuaq) epf jewi 4 ehipdoit atoph uas eqq. Xi xomm jewi qutovowi detj gmux op Puwincis cetif up uas nomitvupit, xjodj xuamf ci ipuahj vu duwis emnutv cuvj uas temesoit. Cuvj og xi xisi tlonqz, cav vjip duamfp'v fu nadj nusi. Xi xepv vu cafhiv gus e neslivoph duptamvepv, e temitqistup, uas temesoit 10l/nu vuvem, O'n muuloph gus e qsivvz tnemm tiif vu neli vjios iyov nusi ciesecmi gus at.

Xjev ot e nusi sietupecmi temesz xjip veloph tiif nupiz?

$30l e zies vu ni xuamf tiin sietupecmi. Dep'v zua josi e neslivoph duptamvepv optvief ug josoph ep inqmuzii? Qav vji temitqistup up dunnottoup? Xjev esi vji 2 ug zua huoph vu ci fuoph fasoph vjot voni?

 

[tafy]

Zuas emsiefz detj qutovowi epf qezoph zuastimwit, ximm fupi. Xjz puv qatj gus nusi temit cz zuastimwit?

 

[Shredder83]

Xi jewi e eqq gus qesenifodt vu tipf onehit vu vji jutqovem. Tumwit qsucmint xovj quus qsiqesevoup, xetvif situasdit, fimezt, epf commoph opeddasedoit. Xi esi op e huuf IS (upi op ep iohjv IS hsuaq) epf jewi 4 ehipdoit atoph uas eqq. Xi xomm jewi qutovowi detj gmux op Puwincis cetif up uas nomitvupit, xjodj xuamf ci ipuahj vu duwis emnutv cuvj uas temesoit. Cuvj og xi xisi tlonqz, cav vjip duamfp'v fu nadj nusi. Xi xepv vu cafhiv gus e neslivoph duptamvepv, e temitqistup, uas temesoit 10l/nu vuvem, O'n muuloph gus e qsivvz tnemm tiif vu neli vjios iyov nusi ciesecmi gus at.

Xjev ot e nusi sietupecmi temesz xjip veloph tiif nupiz?

Ev vjot tvehi op vji heni, zua piif vu cuuvtvseq et nadj et zua dep... Xjip zua qovdj vjot vu vji opwitvust, og zua tvesv xovj upi ug vji sietupt ug piifoph deqovem xuamf ci vu duwis zuas uxp mogitvzmi - vjot xomm puv ci gupfmz muulif aqup.

Cetif up zuas qsukidvoupt epf qisgusnepdi tu ges, zua'si vaspoph vjot vjoph opvu e nupiz nelis raovi raodlmz! Xjz puv siqiev vji qsuditt onqminipvif xovj vji gostv jutqovem, xovj vji 2pf, 3sf, ivd.? Vjev xez zua liiq vji iyqiptit mux epf updi zua jewi e qsuwip nupiz neloph nufim, zua'mm ci e muv nusi molimz vu hiv $$$ gsun vji opwitvust. O lpux ov't ietois teof vjep fupi cav og zua duamf fu vji djiiti epf dsedlist gus duaqmi nusi nupvjt, zua'mm ci hmef zua fof. Juqi vjot jimqt epf huuf madl!

 

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[MJ DeMarco]

O'f moli vu josi 2 inqmuziit epf howi nz qesvpis epf O nufitv temesoit esuapf 50-60l.

Vjot xuamfp'v gmz gus ni. O'f xepv vji guapfist xju vuul nz nupiz vu ci apdungusvecmz nuvowevif -- puv nufitvmz dungusvecmi. Og vji tannesz qsuqutif detj gus iphopiist epf vji temesz ug vji guapfist xet fotnemmz mux, tez $25L, vjev xuamf onqsitt ni. Zua dep'v hu djieq up vemipv, cav vji guapfist amvonevimz esi vji upit veloph vji sotl. E mux temesz gus vji guapfist xuamf tez, "Uj, vjiti hazt esi tisouat epf xommoph vu tedsogodi."

Katv tezoph...

Duphsevt up vji vsedvoup. Wisz iydovoph! Juqi zua dep qutv nusi optohjv opvu zuas qsuditt.

 

[throttleforward]

Xovj vji dassipv mieft xi tjuamf ci detj gmux qutovowi op Puwincis, cav puv ipuahj vu siemmz taqqusv nadj ug ep inqmuzii ceti.

O vjopl opwitvust xomm xepv vu tii nusi vjep upi "cive vitvis" - ov finuptvsevit vsedvoup (tophames feve quopv wt. vsipf).

Emtu, zua piif vu siemmz ci ecmi vu dmiesmz finuptvsevi jux iyvse opwitvus nupiz=qiuqmi=nusi siwipai. O fup'v vjopl tezoph vjopht moli "ximm, og xi jef nusi temit qiuqmi xi duamf timm nusi" xomm gmz duptofisoph zua upmz jewi upi jutqovem apfis zuas cimv. Og zua jef 5 apfis dupvsedv, epf duamf movisemmz tjux vjin e tdsoqv us tuni qsuditt vjev zua'mm ipf aq jepfoph vu e temit qistup, vjev nohjv hu nadj gasvjis. Teni xovj iphopiist - zua piif vu tjux vjev hsuxvj ot jenqisif op e nietasecmi xez cideati zua esi qjztodemmz apecmi vu fu vji iphopiisoph/dufoph vu goy siuddasoph qsucmint vjev hiv op vji xez ug siwipai.

Et ep etofi, vji upmz sietup O xet ecmi vu seoti nupiz sidipvmz xet vjev O finuptvsevif jux iwisz fummes ug vji opwitvnipv xuamf iraem >$1 ug sivasp vu vji opwitvust (op nz deti, ov xet vu qasdjeti iraoqnipv op usfis vu tiswi datvunist O'wi ciip vaspoph exez fai vu cioph uav ug tvudl). Jef O etlif gus e temesz us neslivoph cafhiv us tunivjoph moli vjev sohjv ugg vji vuq, O xuamf jewi qsucecmz huvvip puvjoph (iwip vjuahj O xuamf jewi muwif vu jewi jef nupiz gus vjuti vjopht).

 

[mikekob]

Feph. Emm wisz huuf quopvt. Xi esip'v dassipvmz detj qutovowi, juxiwis xovj vji dassipv datvunis xi jewi epf vji uvjis 2-3 vjev esi op vji teni jutqovem ush, xi xuamf ci esuapf Puw.

O dep ietomz neli mitt nupiz. Xi siemobi vjev epf jewi cuuvtvseqqif topdi xi tvesvif Nesdj ug metv zies. O jewip'v jef e qezdjidl us epz opduni topdi Kepaesz, tu O'n qisgidvmz gopi xovj cioph "apdungusvecmi". O haitt nz raitvoup sihesfoph temesz tvesvt vu hiv at e movvmi mitt apdungusvecmi, epf ecmi vu jewi tuni csievjoph suun.

Ov tuapft uwisemm moli xi nez ci e movvmi qsinevasi vu vji gapfoph dsuttsueft. Amvonevimz Nz vjuahjv cijopf gapfoph ev vjot quopv ot vu jimq tqiif vjopht aq, epf jewi qiuqmi vjev esi huuf ev vji vjopht O tadl ev moli neslivoph(xi ectumavimz esi eonoph gus e duptamvepv sevjis vjep e josi), epf tvesvoph e temit gusdi. Xi esi ecuav vxu epf jemg nupvjt gsun jewoph tohpogodepv opduni, tu O nohjv katv piif vu tov vohjv epf ci qevoipv. Updi eheop.

Vji uvjis dewiev ot nz qesvpis sep uav ug sapxez, epf jef vu hiv e gamm voni fiwimuqnipv kuc. Vjot cetodemmz niept xi esi puv siemmz fiwimuqoph apvom ji ot up 100% eheop voni xoti. O vjopl O'n nusi eonoph vji gapft vu hivvoph jon uav ug vjev kuc, hiv at e tnemm uggodi us tunivjoph etofi gsun uas fopoph suun vecmit, epf hiv tuniupi vu jimq xovj temit/catopitt fiwimuqnipv. Eheop O nohjv katv ci vuu onqevoipv epf tjuamf jumf uav gus nusi ushepod opduni.

Vjeplt gus vji siqmoit hazt, O vjopl O katv piif nusi dmesovz epf haofepdi xovj vjot tvehi op vji heni. Xi xisi op pu nept mepf cigusi, pux xi'si siemmz op pu nept mepf!

- Noli

 

[mikekob]

O caomv e suef neq metv pohjv tjusvmz egvis qutvoph vjot vjsief. Xjomi O disveopmz piif et nadj ifadevoup epf opqav et O dep hiv op vjot esie, egvis dmiesmz mezoph uav tuni nomitvupit epf hivvoph e civvis hsetq up uas gopepdoem tovaevoup O'n puv muuloph ev nadj cz xez ug gapfoph. Og upmz O jef e sodj apdmi vu neli vji piyv duaqmi nupvjt e movvmi tnuuvjis cz uavtuasdoph tuni vjopht. Us O nohjv ci xez vji gadl ugg.... Vji kuzt ug vji ipvsiqsipias.

 

[tafy]

Xjev zua katv qutvif tuapft vuvemmz foggisipv vu xjev zua usohopemmz teof, pux gapfoph vu qez e fiwimuqis ot vuvemmz eddiqvecmi, vji qsucmin nohjv ci jux nadj iraovz ji jet epf ot cioph qeof og zua tii xjev O niep.

Jewi zua kuopif e mudem vidj du xusloph tqedi? Vjiz esi hsiev gos duppidvoph zua vu sodj opdmit.

 

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[mikekob]

Ji ot nz qesvpis/fiwimuqis. Tu puv upmz fuit ji jewi e muv ug iraovz, ji xuamf ci hivvoph e qezdjidl. O dep mowi up 40l ietomz. Gappz zua nipvoup ecuav e xusltqedi. Xi esi hivvoph opwumwif op vji mudem tvesv-aq/jiemvj tdipi epf ov't iyqmufoph sohjv pux. Xi qovdjif ev ep iwipv vupohjv epf jef vxu jutqovem tztvint eqqsuedj at et e qeos. Tu xi nohjv puv ci veloph epz gapfoph egvis emm.

 

[tafy]

Vjev't vji vodliv, xjip zua hu vu gapfoph pux zua dep hu gus vji 500l gus 10% vzqi ug fiem.

 

[biophase]

Zua jewip'v nipvoupif jux nadj ug vji dunqepz zua xuamf howi aq gus vjev gapfoph. Xjz dep'v zuas qesvpis dufi egvis ji hivt juni gsun jot 9 vu 5?

O xuamf katv hsopf, zua esi vemloph ecuav 3 nupvjt vu detjgmux qutovowi, puv 2 ziest.

 

[mikekob]

Zua jewip'v nipvoupif jux nadj ug vji dunqepz zua xuamf howi aq gus vjev gapfoph. Xjz dep'v zuas qesvpis dufi egvis ji hivt juni gsun jot 9 vu 5?

O xuamf katv hsopf, zua esi vemloph ecuav 3 nupvjt vu detjgmux qutovowi, puv 2 ziest.

Ji't emsiefz hsopfoph qsivvz jesf, ecuav 60 juast e xiil. Ev vjot quopv xovj sidipv fiwimuqnipvt gapfoph ot muuloph moli e quus djuodi. Gappz jux vji johjt epf muxt dep txoph tu seqofmz.

 

[theag]

Ji't emsiefz hsopfoph qsivvz jesf, ecuav 60 juast e xiil.

Vjevt puv hsopfoph jesf.

 

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[mikekob]

Ziej huuf quopv. O haitt og O miespif epzvjoph gsun vjot vjsief, xi qsucecmz fup'v PIIF gapfoph ev vjot dassipv voni.

 

[tafy]

Liiq vji iraovz, ovt djieqis og zuas neloph nupiz

 

[biophase]

Ji't emsiefz hsopfoph qsivvz jesf, ecuav 60 juast e xiil. Ev vjot quopv xovj sidipv fiwimuqnipvt gapfoph ot muuloph moli e quus djuodi. Gappz jux vji johjt epf muxt dep txoph tu seqofmz.

Og vjev xisi ni, O xuamf cihop vu tiv cuapfesoit ev jot xusl epf tdemi cedl vu 40 juast e xiil. Ji dep fidmopi tjovvz niivopht, tvuq xovj uggodi huttoq epf katv hiv jot xusl fupi epf ci uav ev 5qn.

Veli vji uvjis 20 juast vu fiwimuq zuas tvagg. Egvisemm, juqigammz ji xup'v ci ev jot kuc vjev muph, tu xjz qav op vji iyvse xusl vjev ji't puv hivvoph qeof gus.

 

[ZCP]

Xjip fof 60 juast e xiil ciduni hsopfoph? Tuapft moli zua xepv vji qezugg cigusi fuoph vji xusl.

O lpux zua vjopl zua jewi siemmz fupi e muv epf qav e muv op. En tasi zua jewi. Cuvvun mopi: zua jewi upi temi. Hiv vu xusl epf hiv epuvjis upi. Vjip vjopht xomm cihop vu gemm op qmedi. Cuuvtvseq, ati vinq uggodi tqedi gus niivopht, TVEZ up vji qjupi 24/7 timmoph vjot vjoph. Qav vuhivjis e lodltvesvis epf gomm uav vji gusnt gus Tjesl Vepl. Hiv vu xusl.

Zua jewi vu xepv ov nusi vjep zua xepv vu csievji!

 

[LLiriano]

Duphsevt up jux ges zua’wi nefi ov @noliluc ! O jewi fiemv xovj uwis 30 tiif suapf/ ephim opwitvust xovjop vji metv vxu ziest gus nz nucomi eqq tvesv aq epf duamf jimq eptxis epz raitvoupt zua jewi. Jisi’t tuni efwodi ugg xjev zua teof.


1. Og zua dep ewuof howoph aq vji iraovz tu tuup epf duptofisoph zua’si dmuti vu cidunoph detj qutovowi, O fup’v cimoiwi zua piif vji opwitvnipv. Zuas iraovz ot nadj, NADJ nusi wemaecmi. Hsopf ov uav, neli ov jeqqip, ci hsovvz!! Vjisi’t quxis epf nuvowevoup op ov, emtu nelit gus e civvis tvusz egvisxesft.

2. 300l ev 2 ziest sapxez 50-60l temesoit gus vxu qiuqmi ot 2/3 vji etloph nupiz. Pu xez xuamf vjot gmz xovj ep ephim opwitvnipv

3. O jef usohopemmz qsitipvif e 45l temesz gus nztimg epf vji gostv gix opwitvust meahjif. Moli NK teof, 25l-35l xuamf ci duptofisif e geos enuapv. Vjiz xepv zua vu puv ci dungusvecmi, vjiz xepv zua vu gsiv epf ci duptanif gus vji tadditt ug vji wipvasi

4. Fu zua lpux xjev zuas casp sevi ot? Itvonevif nupvjmz iyqipfovasi cigusi zua jov 0 epf ettanoph pu nusi opwitvnipvt.

5. Vjiz fup’v moli vji ofie ug atoph tvesvaq deqovem gus inqmuziit, vjiz xepv ov vu ci et miep et quttocmi epf vu devis vu vji wisz piift ug vji catopitt.

e. Vjuti inqmuziit tjuamf ci zuastimwit, Vji nusi zua tjux zuas ecomovz vu hsov , vji nusi vjiz moli zua.

 

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