Imec. Start Belgium 6% for 50k

[sweetheart1]

I am based in Belgium and since I was rejected by YC. I am considering options here. The startup is incorporated in US, they asked to transfer headquarters to BE and they only invest 50 k for 6 percent non negotiable and other 50 k in US depending on investors.

I am not sure if this too cheap

 

[delistuff]

@sweetheart1 6% for 50k is expensive. Try to get at least 100-150k for that amount.

Also, reach back out to investors who said no and let them know someone offered you money. You might find that they are now more interested.

 

[sweetheart1]

@delistuff This 50 k is non negotiable. I will see, but so far there is no so much offers.

 

[delistuff]

@sweetheart1 Everything is always negotiable. You just need to learn how to identify your leverage. At the end of the day, they just signaled that they want to work with you, and that is a ton of leverage. Don’t ignore that.

In any case, it might be expensive, but at the end of the day, money is money, so it’s up to you if you wanna take it!

 

[rachel_44]

@sweetheart1 Get your metrics up. Pre-seed or seed stage?

 

[devaofprayze]

@sweetheart1 Could you benefit from $50k?

 

[sweetheart1]

@devaofprayze In what sense, could you elaborate. I am still new and I am trying to figure things out

 

[deecruz]

@sweetheart1 They’re asking if the 50k is even worth the time, energy and giving up the 6%. Does it give you a clear advantage or are you just raising it because you think the more money you have the better?

 

[sweetheart1]

@deecruz I need money, also I am very early stage so clearly I need some help, since I have nothing in my hand, it seems to me better than nothing

 

[deecruz]

@sweetheart1 Hmmm. To me that’s the wrong way to look at it.

 

[sweetheart1]

@deecruz So what I should consider, if I want to scale the MVP

 

[deecruz]

@sweetheart1 If by scaling the MVP you mean hiring devs to help you speed up the development, I get that. If you mean spending money on marketing/acquisition/anything else, that’s the wrong way to go imo. You just need to talk to more people, get more feedback and incorporate them. That’s the “YC way”.

 

[sweetheart1]

@deecruz Yeah this one but not necessarily now, I also in a search for a job I need to dedicate time to build the hardware. I found this a solution to cover partially my living costs if it didn't find a job

 

[rosevs]

@sweetheart1 spreek je Nederlands? Indien ja, let’s connect.

 

[sweetheart1]

@rosevs Hi my Dutch isnot great at all, I used to live Enschede but no Brussels, I speak French

 

[mohit0707]

@sweetheart1 Le français vient d’entrer dans le chat

 

[dojoloach]

@sweetheart1 I am also considering on applying, but some of their requirements are absurd: you cannot pay your living expenses? If I am committed full-time, what should I eat and live? Under the bridge?

 

[sweetheart1]

@dojoloach That is exactly the same concerns until I had a call with them early Dec and I asked them you make it difficult for people, you want me full time on my own with out any financial support, besides that they want you to have a co-founder with 25 percent if I remember, and it is ok if they are not full time. All this for 100 k I think. I told them this isnot really helpful.

Oh on top of that you must have a registered startup in Belgium which is not cheap compared to Delaware, so they also asked for a branch which way more expensive even.

I needed up avoiding it. The best thing you can do is reaching angel investors on your own, grants I started to believe these accelerators are not really as it is, even some startups at YC already closed.

 

[istherehopeleft]

@sweetheart1 Otherwise you can try a free option? have a look at https://www.becentral.org/wearefounders its an incubator programme and in the middle of a tech/startup campus in brussels (above the Central Station) so it'll probably give you really good network opportunities. I think they're backed by an angel investment company but not sure!

 

[sweetheart1]

@istherehopeleft I know what you mean (Becentral) I doubt tbh, and I dont think most of the incubators are really needed.