Why risk fights? Future legal battles? Determining how equity will be split at a startup early on saves so many headaches.
Accumi provides a straightforward system for splitting equity among co-founders. It tracks what each founder contributes – time, money, tasks completed – and makes it easy to distribute equity according to accomplishments and expenses rather than guesswork and verbal agreements.
Not that team engagement should be an issue for bootstrapping founders, but the Accumi way of splitting equity offers concrete measures of how everyone is pulling their weight. Stay on task and stay friendly. Smart. Founder and CEO, Chris Pelling, tells us more:
Who are your target customers or users?
Co-founders of early stage startups.
It is especially useful for founding teams that are working on multiple projects or have day jobs, and the level of participation in the startup is difficult to predict.
Why do your target customers or users need it?
Accumi provides a mechanism for startups to split equity in real-time. Founders earn equity as they complete tasks or pay expenses. With Accumi, your equity split is based on hard data instead of gut-feel or negotiations. It helps ensure a fair split and a healthy team dynamic.
When do your best ideas come to you? In bed in the morning? During dinner? On your third beer?
Late at night.
A lot of people have big ideas. What gave you the confidence to actually go after yours?
I hate to say it, but it’s more of a fear of not going after it than it is confidence. The idea of being older and having “what if” thoughts is horrifying to me. If this fails, at least I’ll learn something and know I gave it a shot.
Got any great bootstrapping tips for the lean startups out there?
Keep your day job as long as possible. Yes, it takes longer to get your product off the ground, but it also give you an infinite runway.
What other advice do you have for other entrepreneurs struggling to get started?
Set aside time each day and start with the fun part. Starting with the fun part can help you get your momentum going.
If you’re struggling to get an idea, challenge the assumptions! Find an industry you are interested in, list out the assumptions people tend to hold in that industry, and then challenge those assumptions.
What are the websites you can’t live without and why?
- Twitter – great for building a following and promoting your product
- Hacker News – stay current on technology and the startup world
- Amazon – read all the cutting edge books on building and launching products
Top 3 mobile apps you’re in love with and why?
- Apple Podcasts – check out Stanford’s “Entrepreneurial Thought Leaders”
- Kindle App – all my reading
- Spotify – all my music
Chris Pelling, Founder of Accumi
Three people (other than you) we should follow on Twitter and why?
- @GrowthHackers – great info on growing your customer base
- @NickKellet – tweets on content marketing, branding, etc.
- @ShowHNDaily – stay on top of the trending new products.
Please share some specific numbers (funding, revenue, visitors) that highlight your growth.
60 users registered on day 1.
This is day 2, so I can’t tell you much more.
What’s the biggest lesson you’ve learned about fundraising?
I’m bootstrapping so far.
What’s your favorite productivity hack?
I like to have a movie on in the background that I have already seen. For some reason, this causes my mind to wander less and I stay focused on the work. It’s important to not use a new movie… must be one you are already familiar with so you don’t have to pay attention to it.