Some years ago, I partnered with a couple other local software devs to create a startup around casual games for the newly introduced iPhone. We had good reviews from our players, a few nice press mentions, downloads around the world and even a brief email of potential investment interest from a billionaire that would later become a “Shark” on ABC. A few months later, the partnership ended. I got hit with an enormous tax bill and went back to the drawing board.
A few startups later, and now a few years out of the startup world, I thought I might pass along some advice on how to avoid the partnership, accounting, and legal fiascos I’ve waded through in the past six or so years. But rather than offering a prescription, I’ve instead collected the questions I wish my potential partners and I had discussed.
Money, Power, and Fame is a planning guide for those hoping to take an idea and turn it into a successful product or business.