I have what I think is a really good idea for a product/business. I don't have time to develop it so I'm thinking of sharing the idea with some entrepreneurship students at a local university.
I realize the idea itself has little value alone. However, I can bring "to the table" :
- 17 years of experience running a software company.
- A close family member of mine is very knowledgeable about (and highly respected in) the market for this idea.
- I can provide funding for hosting etc. (but that should not be too expensive).
Obviously, we can have whatever arrangement that everyone agrees to. But I'd like suggestions.
I want to keep this simple b/c we don't even know how (or if) successful this will be. I'd love some way to have an option to renegotiate at a later point once we see how it's doing and/or if how much effort we need to put into it changes.
Maybe one idea is that I get X% to start. After we assess the business potential I have the option of providing $FundingInjection to get another y%. And/or Maybe I get right of first refusal for their first round (or two) of funding. (Or ability to match that valuation and buy up to Z%.