My co-founder and I have invested $50k together and launched phase 1 of our social network website. We have started marketing in NY metro and have grown to 300 users in 4 weeks. We are in the process of delegating adwords, fb campaigns and twitter campaigns (this means $5k monthly cost). We are finalizing phase II requirements and that means additional $50k investment over the next 3 months. We need a 'check' at this point. Below are my questions:
- Is it wise to invest 50k, launch a phase 1, then regardless of the market response, invest ur remaining savings to phase 2? What is the maximum amount 2 co-founders should risk before seeking funding?
- We understand we cant get VC's to listen to us unless we have up to 1 million users. But what do we do if we want guidance and assurance from a tech expert that we are on the right track?
- Our product is unique and is solving a problem (everyone says that I know!). Should we just invest 100k and then reach out to people and find out our potential? What methods should we apply to get attention of Tech Gurus to look at our phase 1 and provide recommendations before we plunge into spending another $50k?