intellectual-property, employment, buy-outI’m a solopreneur with a startup that I’ve been working on for several years now. It’s mostly completed and automated. So, it’s at a point where I can set it adrift to just chug along at its current pace and go get a job, or I could try to raise venture funding and grow it. After so many years of running at full speed, a salary with benefits sounds very appealing … while having my own thing on the side. I’m also at the point where I need more money. Despite being profitable during its development, this business just hasn’t brought in enough yet. The funding route may take too long, and as a solopreneur, I may not get much traction going that route.
I recently saw a job at a competitor that received funding several years ago. They are a one-trick pony, but they do that trick very well and have grown significantly. They are looking for someone to develop new services. This is right up my alley. Many of the services I’ve created would be a nice complement for them, and would thrive in a larger organization that has capital. While I see many jobs out there, this would be the easiest to pursue … especially since I’ve not been an ‘employee’ for six years.
The problem is that I don’t want to share what I’ve already been developing for my own platform. It would be one thing if they were to buy me out, however, my business is 6-12 months away from reaching a critical mass that would provide a decent payoff. And, at that point, it would be more difficult for them to compete with me. While this discussion may seem premature as I’ve not even applied for the job, I know that a job like this won’t be available at this company 6-12 months from now.
The question is whether or not to apply, how to present my own business, or just to stay away until my business has reached a larger scale. I will not be sharing the name of my company or website here. I appreciate your thoughts.
There would be a conflict of interest between the job and your own project. When you work for a company, you almost always sign an employment agreement that says the company owns stuff that you do outside of work if that stuff is related to the business of the company.
You shouldn’t apply for the job unless you are completely up front about your own project. Before you start working at the job, you would need to come to an agreement regarding your work on your project and your work for the company.
Be patient. I’m not sure of your age but if you’re not over 65 and really done with the game, you’ve got time! Too many entrepreneurs think short term and that’s why most small businesses fail.
Now it’s hard for anyone to give advice without a whole lot of context, but, from just what you have above and without taking into account your personallity, goals, and aspirations, I would do what makes you feel good. Go with your gut. If you can stick it out another 6 months and then you “make it”, that might be great if “making it” is what you are looking for.
If you don’t want the responsibility of making money for yourself then getting a job is a great option! All you need to worry about is doing your job and the money will be there.
Just do you man. Make a decision and never look back. The only thing you should fear is regret.
I hope that helps with what’s on your mind and I wish you the best of luck!
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