iFund

[dwp1975]

Are any developers here applying for funding thru the iFund? I reviewed the application yesterday and it doesn't require an exorbant amount of information.

[fury]

I applied. I'm probably not what they're looking for (I'm just mainly interested in creating a couple of community networking apps that won't amount to much more than about 20k people at best), but it's free to apply so I figured it couldn't hurt.

[jlhollander]

yeah, it doesnt hurt. but with the minimum funding set at $100,000, i think they are looking for the next Google. I applied as well, but im not holding my breath.

[fury]

The minimum funding is $100,000? I didn't catch that. Dang.

(I was mainly just looking for like, $2,000 so I could buy the hardware to develop stuff...lol)

Well, if it's that much, what if we got a group of people together to form a makeshift iPhone dev company, and applied to the iFund as a whole?

[dwp1975]

Originally Posted by fury

Well, if it's that much, what if we got a group of people together to form a makeshift iPhone dev company, and applied to the iFund as a whole?

That isn't a bad idea at all...

[fury]

Anyone here with experience or knowledge on how to start a company?

[patrick_83]

Originally Posted by fury

Anyone here with experience or knowledge on how to start a company?

I got a D in a business class in Highschool, does that count?!?

[fury]

I didn't even get a grade, does that make me better or worse? :P

As I kind of half-expected after reading this thread, I got rejected.

Dear Dennis Field,

Kleiner Perkins Caufield & Byers would like to thank you again for submitting an iFund Application; we appreciate the time that you spent sharing your ideas with us.

After carefully evaluating the description of your venture, we have concluded that it is not an opportunity that we are prepared to pursue at this time. That said, we wish you the best of luck with your endeavor and hope that you continue to innovate on this exciting new platform.

Sincerely,

The Partners of KPCB

So, what are the basics of forming an LLC and becoming a unit worth lending business capital to?

In one of the other community circles I'm involved in, there are 4 high school kids that formed an LLC with an online game they created. They said they'd hired lawyers to do it for them, but that all it took was some form signing & a filing fee. I take it it depends on where it's getting filed...

edit: In Indiana, the fee is $25 for a non-profit and $85 for a for-profit organization. If rejected, it's refunded.

[termleech]

Originally Posted by fury

I didn't even get a grade, does that make me better or worse? :P

As I kind of half-expected after reading this thread, I got rejected.



So, what are the basics of forming an LLC and becoming a unit worth lending business capital to?

In one of the other community circles I'm involved in, there are 4 high school kids that formed an LLC with an online game they created. They said they'd hired lawyers to do it for them, but that all it took was some form signing & a filing fee. I take it it depends on where it's getting filed...

edit: In Indiana, the fee is $25 for a non-profit and $85 for a for-profit organization. If rejected, it's refunded.

The forming of the LLC is really easy depending on who is involved. If it's a sole proprietorship then you won't need lawyers since it's just you. You just have to register yourself as a DBA (doing business as) which the price varies from place to place. However if there is a group of people who are owning the company you definitely want lawyers involved to draw up the paperwork. This makes sure that all parties involved get the fair share and prevents any problems that should arise in the future. For example, someone wanting to sell their part of the company, not doing their part, etc.

[fury]

Hm. What are lawyer fees like for that kind of thing?