> 2 Founders both have strong backgrounds. They have industry experience & professional history, one being a bit more technical and one a bit more business. Both contribute to product immensely.
> 50/50 cap table split
> First hire(me) helping out ~6 months. Small salary 0 equity.
> Trajectory- Space is very slow moving due to regulatory inertia. Product is in "prototype"/concept stage. Underlying models/engine built out and design mocked up. Integration risk is such that a partnership needs to be struck for technical & economic reasons.
> 100% bootstrapped by founders.
> last stage of accelerator app process
> contract close with a U.K. based company for building a similar component. e.g. We could keep IP but get paid to develop and integrate a component that is 25-33% of the value prop.
> "Close"(ambiguous) to closing an industry partner in the space. Talks & relationship with them has been ongoing ~8 months & they are an advisor type capacity to company.
Problem: At the final stage of the interview process at an accelerator. We have to bring on a near C level employee/partner/founder. She is known by the founders like a friendly acquaintance, so some relationship but 6mos-1year occasional professional overlap. She has a Medical degree and excellent technical skillset and a seemingly good fit/value add. It is possible 1 cofounder may need to take time off from the venture although it is unknown if/how long this would be. Due to the technical skills required the company is predicated on leveraging the professional experience here.
o essentially, the risk is that if a founder has to step away for some time, we will have someone who can execute. However, due to timing we have to put this in motion in the span of days, then try and get accepted as it is likely the linchpin of the companies success.
How can we derisk this?
