Application deadline: 13th October 2020
Are you looking for a technical cofounder, a tech partner or a technical development team for your startup? Tech Cofounder promises to help, learn more below!
About Tech Cofounder
Tech Cofounder help non-technical entrepreneurs build a successful technical start-up, thereby allowing the start-ups founders to focus on other key areas, such as refining their products/services, focusing on business development, sales and other important non-technical aspects. They will become the technical cofounder and their internal team will be responsible for building the whole product from A to Z.
FasterCapital is ready to invest 50% of the funding you need and up to $2M. We might invest more than 50% but never 100%. So FasterCapital will become the first investor in your startup and will act as a cofounder.
Technical development nowadays is more complicated than ever with multiple platforms to be supported and the introduction of clouding, etc. which makes things a little bit complicated for a small team of developers to tackle the challenge on their own. Things would be much more challenging if the founders don’t have technical knowledge and can’t easily judge the capacity of a technical cofounder or an outsourcing team! FasterCapital comes to rescue in this case as it is going to be the technical cofounder and will help also in business plan and product refinement. We can help in the development of your tech start-up. We will start from requirement gathering stage up to the development stage. We can develop web service, website and mobile application. You no longer need to search for a developer for your startup. FasterCapital will become your startup developer and tech partner, saving you the troubles and challenges in getting the development team, follow up with them and ensure they are working according to the plan.
Develop your Startup
FasterCapital will provide technical development through its internal team. We don’t outsource. Your startup will be using insourcing. FasterCapital will provide software developers, designers to develop your startup. Our technical team has more than 200 software developers, engineers, full stack developers and designers. Once FasterCapital becomes the technical partner, we will have to come with a full project plan for the development of your startup from A to Z with clear milestones such as:
Alpha version release: to present to investors, Venture capitalist.
A beta version release: to show to potential clients and maybe strike B2B partnerships.
A final version release: to use it to attract users and start generating income.
Finding your first investor
FasterCapital is willing to be the first investor in your startup and will invest 50% of the money you need in technical development in each round of funding. It will be much easier to raise capital through another investor because the risk is mitigated and any angel investor will feel that the risk is shared with another party. FasterCapital will be ready to invest in your startup for multiple rounds of funding and you can check our startup investment.
Raise capital for startup
FasterCapital will also feature your startup on its website and help connect you to potential angel investors or Venture Capitalist that we have in our network. FasterCapital has also partnered with lot of incubators worldwide and through its partnership, we can provide discounted offers for coworking spaces.
Find a mentor
FasterCapital will be giving you access to its network of Mentors. FasterCapital will help find the right mentor for you who can save you from making a lot of unnecessary mistakes. If you know a mentor and you want them to join our network then please ask them to fill also in become a mentor.
Grow your Startup
FasterCapital will help beyond being just a technical partner responsible for software development for your startup. As a technical cofounder, FasterCapital will use its knowledge and expertise in business development, sales and marketing. FasterCapital’s role as a technical cofounder implies that we have to challenge the written business plan, come with more ideas for monetization, validate the financial forecast and reprioritize features of the product development. FasterCapital can also help in growing your startup, opening new markets, strengthen your brand and build a referral network.
Improve your sales and marketing
FasterCapital has a strong network of more than 2000 Regional Partners, Representatives and Mentors. FasterCapital can help the startup explore new markets through its network. The network can help find potential clients, buyers or strike strategic partnerships. This service is provided for free to startups that are accepted in the tech cofounder program.
FasterCapital has four rounds of funding per year. Application is available for everyone. As a virtual incubator (and investor) we are not limited to geographical area. Any entrepreneur can apply by filling the form for the startup. The entrepreneur(s) can contact the closest Regional Partners.
Tech cofounder acceptance criteria
In order to join the tech cofounder program, an entrepreneur should have a concise executive summary, a clear business plan and should be able to pitch their business idea to us in a 10 minutes presentation.
The following criteria are required for acceptance in the tech cofounder program:
- Co-Founding Principle: FasterCapital becomes Technical cofounder: The entrepreneur is willing to allow FasterCapital to develop the whole technical product through its internal development team.
- No-Cash principle: Our incubator (co-investor) company will not give entrepreneurs cash funding. Instead, we will provide technical development needed for the startup in exchange of equity.
- Co-Funding principle: We will invest usually 50% and we can increase it but never 100%. The entrepreneur should secure the other 50% either through angel investors, government funds or from savings. We can invest more than 50% but never the full amount.
- Fair equity principle: FasterCapital would like to receive a fair equity for the investment that is providing based on a fair valuation of the startup. FasterCapital will be providing 50% of the money needed in technical development. FasterCapital will also provide other free services like market study, feasibility study and other legal services for free! Those services amount to usd 75k – usd 125k per startup! FasterCapital will use its network of more than 2000 representatives, regional partners and mentors (available worldwide) to help sell your product and open new doors for you!