Our nascent startup in something of a desperate situation. We received a term sheet from an accelerator yesterday requiring us to colocate in NYC for the summer to work on the project in exchange for funding.
Today, our CTO (and only technical cofounder) informed us that he is unable to participate in the program in person for more than 2 weeks, which based on the contract could be a dealbreaker. He will continue to manage our tech outsourcing and help us find a senior developer to grow into the role. Meanwhile, the term sheet is due, signed, by tomorrow.
we are very nearly complete with the prototype application we are building, but even when that is done, we will need an in-house rails developer.
It's negative no matter what, i think, since we were funded as a team, but i think the best circumstance would involve us being able to say we had a new in-house tech person. We have some cash we could use to pay from the accelerator, and obviously would offer equity.
Any suggestions would be greatly appreciated.