- They are a conservative company
- Diverse team with very different, non-overlapping skill sets
- Started doing consulting work with hobby projects on the side
- Found a partner that:
- Had many years experience and successful offline business
- Had a strong need for technical expertise
- Visionary
- Great with sales
- They don't own the product, but they have a revenue sharing agreement
- They do own 100% of their company
- Goals are aligned
- They put 100% of their passion into their client's product
- Advice: Don't go cheap on lawyers -- good agreements are gold
- What might they do different next time?
- Take an equity stake? (Additional potential reward for taking on more risk)
And a few of my thoughts:
- They have a really great agreement that seems to work very well aligning goals
- A partner like this is probably exceedingly difficult to find
- This arrangement came out of a failed project
- Should you chase failed projects for opportunities like this?
- What do you do if the client is a control freak?
Great job guys, and looking forward to the next case study!
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