I just wanted you guys to become rich!
After a little break, I would like to share the story of my side. This is all about working with a fake investor. He also have a bogus company sounds like a venture capital firm.
I missed few points in my previous post, which are the MOU, marketing plan, time frame, estimated budget and how we survived between on and off season.
The soon after we got the NDA and Agreement, I had few concerns and I escalated to my colleague who is the mobile app developer. My main points was the budget is too low, I didn’t care the time frame which was mentioned as just one month. We took this issue to our investor and he mentioned, just sign off and send, then will discuss with CEO of the company which was in charge of the Back end Development. Yet this answer didn’t satisfy me, but just signed off the agreement and the NDA, all because we already quit the job’s and we had no option left.
Then again we went to meet the investor to discus the marketing plans, indeed we both not a marketers and we wasn’t even have a reputation to approach the top business directly. Investor said, don’t worry about the marketing part I can help you guys. Then he started saying he knows most of the High profile in the Galle road, Colombo 3 are friends of him. We believed him and did’t have a doubt during the initial month.
We continued to development without any issue, and as typical distributed teams and “Sri Lankan” way of development “Perfection” we had to be little late than the original scheduled time. I am mostly in to lean development approach and if I managed the project the story would’ve been different. But really enjoyed working with the great designers of Sri Lanka and learned some interesting things from them.
Soon after completing the Driver App, We got the initial payments, we didn't have any issue on the first month. Which was the first and the last time happened as that way.
Soon after completing the Driver App we had some free time and the passenger app wasnt designed and approved, then the investor came toward us and ask us to come for a meeting, I went there with little excitement, which I though he is going to give complements for what we achieved for this far and to discus about the future. But I was totally wrong, he just wanted to say, that we have to make our own salaries form this month on. Which I found as a bullshit, it wasnt even in the MOU that we signed (My self and the mobile developer, the investor didn't sign at all).
Then we got approached by a company to develop two apps for Sri Lanka’s Leading mobile network’s Roaming app and an App with little gamification, for the Sports lovers. Before proceeding with the project we mentioned that we are going to work with specific company as sub contractors. Then the investor started saying “Guys, I don’t you guys to work for a another company, I just wanted you guys to work only with direct clients” as if he brought us some interesting clients to us. He also said “I want you guys to become rich” which is the word he always used to say.
Usually, my parents, my fiancé or grand parents used to say something like “I want you guys to become rich” but never an investor, If an investor says that to you, you got to make sure they are trying to win you emotionally.
From second month on we didn't get the payments on time. The payments we received based on how much we are depositing to the Bank account of the investor’s bogus company. Now hope you could have the whole idea on how we got an investment and how we’ve had pressure in our heads.
The rest of the story will be published in up coming weeks.
I help Startups and Brands specifically to design and develop MVP products. If you need to talk, please contact me via http://yoosuf.me.