If you want to start, and do not know how to, then on signing up with us, we will be your co-founder. We work as a co-founder till your start up come to a point where it can scale. Post that, we will be a mentor.
In a sense this is similar to partnership. In India, it is common to have partnership firms. Many of these have a concept called working partner and sleeping partner. Working partner works, contributes with sweat equity. Sleeping partner invests money initially. Based on the understanding between people, this percentage can be 50-50, 60-40, 30-70 etc. Finally, when working partner takes money from company in the form of salary or benefits then sleeping partner gets it too in their agreed share.
In our case, it will be a 95-5 partnership. I get 5%. Initially, while you are having your full time job, and are working on the startup part time, then both of us will be working partners though I have only 5%. After we generate enough profits, that is typically 12-18 months, when the startup can pay you a minimum salary, from then on, I will be mentor and a sleeping partner.
While as a working partner, I will take up all the “unknowns”, “manage fire” and “complement your skills”. Typically, if there is an “unknown” i.e there is a task that you don’t know how to do, then I do it for the first time, enable you so that from next time onward, you can do it on your own.
In the working-partner, sleeping-partner model, the sleeping partner invests cash where as I invest time in the first 12–18 months. Here in this time, using our XP model, we will generate revenues and profits that will be equivalent of investing cash by the sleeping partner.
Zilch. Nothing. We do not charge you anything upfront. Peer-Mentor is structured in such a way that we earn when you earn.
So, you do not pay anything from your pocket. We earn exactly 5% of what you earn from this start-up.
Yes, you can sign up and start. What ever you do not know, we will do it for you until you can manage on your own.
This is the situation most of the time. Either people know the business and do not know how to build technology or vice-versa. In either case, fret not. We will fill in the blanks and help you until you can run the show on your own.
In our model, we use pretotypes and prototypes to pitch to clients. Do read about them in “Our Approach“. So we do not build anything until we have paying customers ready. So no worries. We will need tech only after sometime. By then, we will build it.
If you are a domain expert, then you already know the problems. It is just that you have not articulated them. So a little bit of teasing and using our thinking models ( read”Our Approach“) and you will soon be a fountain of ideas : )
As 5% owner of the company, I will take 5% of losses, 5% of profits and 5% of your take home/salary.
We are evolving. So if you have better thoughts on how to go about it or if you have any queries, then please give us a call.
You will decide on the tasks that you want to pick up. You will also decide on the milestones.
Either of the parties will not be liable to any damages caused directly or indirectly by each other, each others company/this venture, vendors or partners to each other, each others company/this venture, others customers, consumers, vendors or partners or anybody directly or indirectly associated with this venture
When getting into related party transaction, we will let each other know, and get a go-ahead in writing.
If we have to add any more clause, we will discuss, concur and add.