equity, co-founder, indiaBackground:
So we’re 4 people trying to do something of our own. The 3 are friends who look after marketing and I am the new developer addition. We met in Feb and ever since, we’ve been working together on just-for-fun projects, most of which were just their ideas to “test the depths” of the market (and make money if they turned out to be good). I was left to do the research and development.
My pay all through out this time? Zero. My work? Everything from developing, testing, and post-release maintenance.
How did we sustain so far? I got a client on my own, made something for them, and made money. This money is being used to fund the current project.
What’s their involvement in current project? Zero. (Just one of ‘em paid for a tech conference we went to to meet potential users and to forward their vision of the company. This didnt help the current project a bit.) I do everything from research, reaching out to potential users, potential investors, etc. on top of my developer responsibilities.
They want to end this as just another fun project, I see a genuine potential. So, there’s a rift. I want to part ways.
Also, they work “part-time” in this, I work full time.
Questions:
PS: I’d be happy to add more details on request.
TL;DR: Get a new cofounder who can actually get deals and investors in, and don’t give more than a moment of thought about how your current cofounders feel about it. (Tip: do get a cofounder.)
It sounds like you’re extremely irritated by the non-value of your three “idea guys” cofounders. Time to part indeed.
Give them a polite “Guys, I’ve been doing nearly everything here for the past X months. And I’ve been full time on this, while you’ve been only part-time. It’s not fair, and I’m not seeing the value you’ve been contributing to date. I’ll be happy moving forward with one or more of you if I get a full-time commitment and something useful and valuable out of it. But so far I haven’t, and if I don’t see it quickly, let’s call it a day and I’ll do it my own way. Oh, and we need to revisit the terms of our arrangement with whoever stays.” (And make sure you get something worth your time.)
Don’t worry too much about hurting feelings, and stop humping their legs. If you’re really feeling the way you seem to do right now, the main value they’re providing is bouncing ideas off of you while hoping you’ll make it happen. Ideas are a dime a dozen, and ideas without execution are simply worthless. (What’s that? Did you mention you were executing everything to date? Why are these free-riders still even around? Wake up! They should have been dumped ages ago.)
Point is, do part ways. There are multiple ways to do so. Which you can do will depend on your founder agreement - assuming you have any. If you don’t then just walk away and create a separate business with the cofounders who are willing to play on your terms. (Oh, and you most assuredly do NOT want whoever stays to hold the CEO helm. Make them CFO, Head of Sales, or Head of Marketing as relevant. And hold them accountable.) It also helps to have vested stock for cofounders. 1-year cliff minimum so as to be able to give the boot to those who don’t pull their weight worth of salt.
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