I have a (very) small business, and one product/service that we launched recently and are steadily growing (an assessment outcome measurement system for children with complex needs that ties in closely to my work as a clinical psychologist). However, I have another idea that I think is really commercial and I can't get it out of my head, although I'm aware I can't do both at the same time. Broadly, it is a website-based service like Just Eat or Groupon or money supermarket but in a field where marketplace reseller sites don't yet exist, with a unique hook. I also have a good name/brand/URLs.
Everyone I've spoken to about my new idea thinks that it has the potential to really take off, and I've had very positive responses to the little pitch I put together from potential investors and advisors. One seed stage investor was particularly keen, two angels loved the idea but wanted me to go back with a working website, one fund manager told me to ditch the rest of my business and jump on it as it has a limited window before someone else will think of something similar and the niche will narrow. And I've had no negative feedback or cautions raised by anyone - despite speaking to several serious business advisors, and many people in my extended network.
I am left with a tough choice:
1) follow my original idea and let the new idea go
2) follow both ideas, but do neither of them justice
3) ditch everything else and follow the new idea
So I started to wonder - is there ever a case in which it would be possible and/or make sense to sell entirely or to become a minority stakeholder at this early stage? I've got the name, URLs, some branding, the concept, an outline of how it would work (including what I believe are the unique hooks to gain market traction), the background for a simple pitch, and some financial projections. The buyer would need to make the website, and spend the money, time and effort populating it. My estimate was that 18 months and £200k will be needed to get it to a product that is up and running and more than covering its own costs, and ready for a second funding round...