Frequently Asked Questions
How does it work?
Pretty much just like any other software development agency - except with some special twists to really help founders.
How technical do I need to be in order to be considered?
We pride ourselves on a friendly yet professional approach and realise that many founders/entrepreneurs may have little or limited understanding or knowledge of technology best practices. We don’t require a technical background but do need a degree of business acumen and the commitment to work with us to shape a product. Additionally, at least one founder should have some knowledge or a background in sales.
What stage does my project need to be at to be considered?
Ideally background research done with potential target customers identified. Value will be maximised when the development of the technology is ready to add value in as short a timeframe as possible.
Do you consider student projects or University Spin-outs?
We do, but usually where there’s a mentor or industry sponsor engaged on the project.
Are there any restrictions as to the kind of project/industry you get involved in?
We’re pretty open but generally favour ventures where fast product development and iteration cycles are possible. This makes us unsuitable for projects that involve longer regulatory processes for example a business that needs FCA approval (most, if not all fintech ventures fall into this category). Additionally, we do not get involved in projects that involve betting/gambling by choice.
What does your due diligence process entail?
Our processes are geared for speed - due diligence is no exception and our approach is in no way onerous and is largely common sense. Basic things like ensuring the venture’s business plan (and any associated IP) is secure and the founders are committed.
What are the payment options?
We try to be as founder friendly as possible. We appreciate that the selection of a venture partner requires an element of courtship to begin with. Initial communication is quite consultative and ensures cultural fit. After that, we ask for a small deposit to ensure commitment to the project. This can be partially offset against project costs, but is not refundable. After that, payment can be made in cash instalments (based on project milestones), equity in your venture, or a mixture of both.
What does the equity payment model look like? Can I buy back equity in the future?
It’s a straightforward transaction of IP for equity upon project completion and sign-off. If you’d like to buy back the equity you can within 12 months in exchange for 100% of the project cost plus a fee to cover legals and no more. We have other service and maintenance offerings in place and are confident after working with us you’ll want to retain our services longer term. We feel this is fair as it’s representing our risk in working for you.
What about project IP?
Upon project completion, all IP rights transfer to your new venture.
What about the future - will you get too busy to help us out?
Like any software business, we have bills and that means we need to work on multiple projects. At present - we take on a preferred annual maximum of 2 equity based projects to ensure we have spare capacity to help. That may increase in the future as our business grows, and development capacity increases accordingly. Our ultimate plan is to work with you to build an in house development team where required - failing that where your business’ revenue permits we would look to secure a consultancy agreement going forward where we could act as a long term development partner. That’s only our preference though, whatever works best for you - you might not even know what that looks like right now, and that’s normal.
What if you go bust?
We’ve been helping technology startups since 2015 and are growing fast. Should the worst happen though, you’re covered - we give you the reigns to hosting/domains etc and set these up in your name. Source code can be placed into escrow if required for additional assurance.
Can you act as a CTO for my project?
In the beginning, yes. However, a CTO is first and foremost a business position. We’re geared to provide you with technology to take your business forward to the next stage. Our view however is that if you need an in house development team then that team needs a CTO to act as a firm rudder.
Do you outsource your development?
Generally speaking, no. However sometimes we need to handle a niche or specific request that we can’t handle in house so use UK based flex resource to do this.
