As the Startup Evolves
We are slowly solidifying out prototype of our startup and as we make it things are evolving and changing. We are creating our platform on Balsamiq which is an online platform where we can create a dummy platform for our product. We will be sending out a survey and we will be receiving feedback so we could adjust our product to be more appealing to the public.
It will be good to see what obstacles come up when we start adjusting our product. We haven’t gotten much feedback so far so we are not sure what exactly to change yet. But as we change the product we will explain the different obstacles we encountered. We can try to convince the Board of Directors and other people the process of coming up with our most updated model. Everything updates and adjusts slightly. The iteration will help sell our product more because people will see the different paths our product has faced and it will show them how the variations we will make are positive changes.
The term sheets are more extensive than I imagines but it makes sense why they must be so extensive. The legal process of a startup is very important because it could be the make or break of any startup. A company could have a great idea that would do great in the market, but it could go horribly wrong if the term sheets aren’t clearly written out. The company could go to the wrong person and could be held in an improper way. Especially with the legal process being so expensive a whole company could drown in legal fees.
With our product we will need to be very thorough with our term sheets because our product could result in a lot of lawsuits. I think the term sheets are probably a part of creating a company that isn’t considered to be as important as it should be.