vidyaranya
New member
Hello Everyone,
I have this startup idea that I want to apply to Y combinator with. I built a basic MVP in about 3 months. After looking at YC's website, it seems like they prefer having a co-founder over being alone (I understand there reasoning behind this). I do not have a company in place and I have no board members. I just have an idea that I am working on (Nothing official). I have a few questions regarding this:
1) If I was not able to find a co-founder before the next cycle's application deadline, is it best to apply any way without a co-founder or wait for the next cycle after I find a co-founder?
2) Let us assume that I spent time interviewing and found this co-founder that I thought would be perfect to bring along. After a few months, I realized they do not do anything or they have very low quality of work.
- Can I fire them?
- If so, what gives me the right to fire them?
3) Can the co-founder that I brought in fire me instead? How can this be done? What can I do to prevent them from doing that?
4) Can they join for a few months, understand the idea well, and then quit and execute it by themselves because they believe they can do a better job while having a larger equity?
5) What is a good split to have with a co-founder. I thought 60-40 would be good because it was my idea and I have already built a prototype while 40% is still high enough to keep them motivated to work in the long run. I saw that YC recommends 50-50 but I am not sure if this is the right path at this stage. Would like to hear your thoughts on that.
6) Would it be best to have a contract that they sign when they join? If so, do I have to find a lawyer to write it for me?
Thank you all for your responses and time.
I have this startup idea that I want to apply to Y combinator with. I built a basic MVP in about 3 months. After looking at YC's website, it seems like they prefer having a co-founder over being alone (I understand there reasoning behind this). I do not have a company in place and I have no board members. I just have an idea that I am working on (Nothing official). I have a few questions regarding this:
1) If I was not able to find a co-founder before the next cycle's application deadline, is it best to apply any way without a co-founder or wait for the next cycle after I find a co-founder?
2) Let us assume that I spent time interviewing and found this co-founder that I thought would be perfect to bring along. After a few months, I realized they do not do anything or they have very low quality of work.
- Can I fire them?
- If so, what gives me the right to fire them?
3) Can the co-founder that I brought in fire me instead? How can this be done? What can I do to prevent them from doing that?
4) Can they join for a few months, understand the idea well, and then quit and execute it by themselves because they believe they can do a better job while having a larger equity?
5) What is a good split to have with a co-founder. I thought 60-40 would be good because it was my idea and I have already built a prototype while 40% is still high enough to keep them motivated to work in the long run. I saw that YC recommends 50-50 but I am not sure if this is the right path at this stage. Would like to hear your thoughts on that.
6) Would it be best to have a contract that they sign when they join? If so, do I have to find a lawyer to write it for me?
Thank you all for your responses and time.