It’s been two months since I received the email from Google and read that invigorating line: “Congratulations! After carefully reviewing your application to the DNI Innovation Fund, the DNI Innovation Fund team and Council are delighted to inform you that you have been selected for funding”.
Then four weeks of silence.
Then another email came through to announce the successful projects would be made public on the DNI blog, with our blessings.
Another two weeks of silence.
Then another, asking me to fill in a Google form with a few basic demographic details.
Two more weeks pass by.
Clearly the Bank of Google has a lot of hoops to make, so we can jump through them before getting our hands on the cash. I do understand why these things take time, I really do. But that doesn’t mean it’s easy!
I feel like a three-year old who discovers what happens on their birthday, 11 months before their birthday.
So while the Bank of Google gets around to administering whatever needs administering to its 128 selected projects (the last email mentioned a “VC” coming up where we would need to sign the funding agreement, agree on milestones and future reporting etc), I’ve been thinking about a few things.
1. Recruiting a co-founder. I saw a video clip a few months ago where investors, among many useful tips, said they far preferred to invest in projects that had two to three co-founders in place. There were several reasons, but the one I remember clearest was that it meant you had convinced at least one or two other people that your idea had merit.
I’ve already chatted to a few people I’ve worked with previously here in Hong Kong who have the technical knowledge I need in my co-founder, and one stands out. Mainly because he was the only one who showed genuine enthusiasm for getting involved.
So as soon as the big G hits me with some cash, or, more likely, an agreement to hit me with some cash pending certain further agreements, contracts, milestones etc, I’m going to give him a call and get the tech side of this thing moving.
2. Recruiting potential partners. It may be too early for this, considering I have a small, skinny zero of anything to show anyone right now, but I have some ideas about reaching out to some of the other ‘independent’ (small size) projects in this first funding round and seeing if there are any possibilities for collaboration.
I noticed at least a dozen or so other single names in Google's list of successful projects (as opposed to corporation names or larger entity names) and I'm guessing many of them will be just like me, amazed to have been chosen and now wondering how they hell they go about making the most of this Google-backed opportunity. Two brains are better than one in my view, three better than two and so on. No harm in starting some conversations anyway.
3. Continue spreading the word. Basically, this is a waiting game right now, as Google has said nothing spent before the funding agreement is signed will be covered by the funding. So instead of sitting around gazing out the window, I may as well continue to drum up awareness, even when there's very little to show.
That's what this newsletter and the blog are designed to do. And just to prove I am committed to this, I've also cut down the hours at my day job for a part-time role, so I can spend more time on personal projects like this one.
2. Recruiting potential partners. It may be too early for this, considering I have a small, skinny zero of anything to show anyone right now, but I have some ideas about reaching out to some of the other ‘independent’ (small size) projects in this first funding round and seeing if there are any possibilities for collaboration.
I noticed at least a dozen or so other single names in Google's list of successful projects (as opposed to corporation names or larger entity names) and I'm guessing many of them will be just like me, amazed to have been chosen and now wondering how they hell they go about making the most of this Google-backed opportunity. Two brains are better than one in my view, three better than two and so on. No harm in starting some conversations anyway.
3. Continue spreading the word. Basically, this is a waiting game right now, as Google has said nothing spent before the funding agreement is signed will be covered by the funding. So instead of sitting around gazing out the window, I may as well continue to drum up awareness, even when there's very little to show.
That's what this newsletter and the blog are designed to do. And just to prove I am committed to this, I've also cut down the hours at my day job for a part-time role, so I can spend more time on personal projects like this one.
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Till the next time.
PS Anyone in the same boat, entering startup land with no real knowledge of how it works, especially the funding side of things, I found this piece really interesting and informative: http://fundersandfounders.com/how-funding-works-splitting-equity/
PPS If you think this newsletter and blog may be of interest to someone you know, please do pass it on.
JD
