I have a very specific situation regarding a potential cofounder, and would be really grateful for your feedback.
I'm working on a LBS mobile app for meeting new people in real-life. I'm in my 20's with several years of business experience, with some web development skills. Obviously, I needed help in the mobile space.
Now I have a 50+ year old with exceptional technical credentials:
1) Very passionate about the idea/problem, with the right drive and attitude (not in for the money)
2) IIT and MIT graduate
3) Worked for Microsoft and other big tech companies
4) Been CTO of several startups (that didn't quite take off) with a customer centric mind
Here are my concerns:
1) His age. It's great that he has a lot of experience, but atm I can't picture him being a cofounder of a social-media product targeted to young people. Is this a valid concern?
2) Incubator. Since he has a family, quitting his full-time to join an incubator before raising money would be too risky for him, but that's been my goal since day 1. Also, because of his age, I can't picture him being a part of a team that joins an incubator. Again, am I stereotyping too much?
3) Coding. He doesn't plan to do the coding himself, but rather use his team in India to do the initial development with a scalable infrastructure in mind. Since we're still validating the solution, is this even necessary? I just want to get the core features out and test the market ASAP without worrying about servers.
4) Timeframe. Using his team in India, it would take 2-3 months for a first release and cost a few thousand dollars. But he says that if we need more iterations after that, he'll make the cost almost 0. I honestly think 2-3 months is too long, since I know that with frameworks like AppMobi, JQuery mobile or Sencha you can probably bang out an MVP in a week. Am I correct in this?
Technical talent is hard to come by, so I want to make the best decision. Again, THANK you for your inputs!
Thanks a lot! Your answer was extremely insightful and gave me a totally fresh perspective :)
In response to your question about the frameworks (and to NetTecure), it's an aggressive estimate but I've been to mobile hackathons and Startup weekends, and I've seen what people are able to accomplish with those frameworks and built in geolocation APIs in just 24 hours (which I think is all we need for the MVP). In fact, I already have the Facebook login with a MySQL backend working.
I've only done basic web apps on a LAMP stack before, so I can definitely be wrong about the timeline, but I just don't see why I should invest $2000 on developing a concept that is largely unproven and risky. It would be smarter to me to spend that money on marketing, since we need a critical mass.
Thanks Ron for your input! Rightnow our models are primarily Premium Subscriptions (it will be dating focused, so upselling on premium features) and Advertising (both local and display). That's part of the reason why I don't want to spend 2-3 months building the app, but rather try to validate the concept and the corresponding business models asap, so we can iterate quickly :)
Anyhow appreciate all the response. I think I have a solid idea of how to proceed from here. Hope I can return the favor soon!