Co-founder refuses to do an MVP, and no development until there’s funding to pay to outsource it. A few investors were interested but turned it down due to no product, users or revenue. She says hype around the business model is enough, along with entering plenty of startup competitions. Once built she says it will be a hit.
Is this really the “new Valley normal” like she says?
It’s been 16 months and I’m out of patience.
this is the biggest joke I've ever heard. Unless your partner has a stellar history of big $$ exits, she has no idea what she's talking about.
No only do you need a product, you need proven usage and ideally paying customers and a scaling strategy and a big market.
You should no this too...
Go off and pay offshore to build it for you, secure a name, trademark it and completely ignore her.
You need to dump that loser. What are you waiting for if you build nothing you get nothing. Your wasting your time. I don't think your ready to really have a startup if you never start. Ideas take execution. Once executed you can gauge the interest of consumers and once you have consumers on board seek investors. Simple,cut,and dry.
"A few investors were interested but turned it down due to no product, users or revenue."
Newsflash: they weren't interested. Here's a quick formula investors might use:
No product + no users + no revenue = no clue.
Change the left side of the equation and the right changes in lockstep.
OP="It’s been 16 months and I’m out of patience." ???
16 months of meetings at the coffee shop ?
I'm curious as well. What were you guys doing for 16 months? I guess both of you have day jobs?
Its BS to not have anything whatsoever. You don't need a fully working MVP, you at least need a prototype of some sort at the minimum.
If you've got nothing but a deck, you're what Mr. Cuban calls a Wantrepreneur.
OP here- I have a day job, she doesn't. It pivoted about 4 times since I joined, was first brought in to build/market an mvp, which changed after she wanted a complete and full product at launch. Mostly I did and redid specs for development, marketing/social, creating corporate structures, documentation, planning, financials, agreements, and legal for each new pivot.
Any discontent mentioned, there was a lot of 'never quit' culture brought up, and promises of turning a corner, so I would just stay a few more weeks to see if it happened or not.
It's actually pivoted into a space I'm no longer interested in, so I will be taking advice here and moving on. It's harsh to realize the kids selling lemonade down the street are more of a business than this, lesson learned.
Good for you, move on!
Some people get addicted to the imagination ,planning phase of a startup.
Never actually launching .
Agree ---move on.
Now investors stole your idea.