I have read all the streams here on this topic but didn't find an answer to the following specific concern:
I am one of two founders of a new web service of an idea I first developed months ago and brought my co-founder in more recently. My co-founder works part-time and I have a full-time job. I have self-funded our outsourced development so far, but my hope is to use the prototype to raise some funds with the ultimate hope of doing the start-up full time.
Two issues have become apparent from reading this forum over the past several weeks:
- Investors wants founders to work full time
- Investors want to pay them minimal cash -- preferring they be compensated from some exit event down the road
Neither my co-founder or I are the prototypical 26 yr olds who can drop everything to cohabitate some accelerator for 3 months. I am a single dad, and have obvious related expenses.
I would love to do this full time, but how can I get an investor to pay me enough to do that? I am assuming it we raise $500k to last 6 months, the investors are not going to want to see 20-30% of that go to pay founders salaries...
How do I solve this issue?