I've read through several discussions on FD and other resources online. But, I still have lingering questions and want to get perspectives from experienced entrepreneurs here, on this important step.
- A has the idea, built prototypes and sought initial validation
- A spent 3 months full-time on executing the idea and built an alpha version.
- A has built the roadmap and strategy for going to the market, by discussing with friends and entrepreneurs.
- A worked on a partnership deal that is bound to get user traction
- B met with A ~ once a week for 10 times, brainstormed ideas and discussing strategy
- B helps formalize the pitching deck with SoM, roadmap and presents to prestigious law firm. This leads to a deferred payment for incorporation.
- B has the right contacts who could lead angel rounds, series A etc.,
- A has 2nd degree connections to investors.
A continues to fully believe in the idea and continues FT to realize its full potential. B sees this as an opportunity but is risk-averse at the moment, may quit FT job on funding and has a plan B venture on mind.
So far, A has been considering B to be an advisor (and not a co-founder). It is now time to incorporate and setup business agreements with potential partners, advisors etc.,
I want to hear thoughts on how to formalize the relationship that is fair to A, B and also sets up the company for success.