A couple progress points from the past week:
- The sowedu landing page is live at http://www.sowedu.com/. It's very skeletal now, but connects to the MailChimp listserv I'm using to send development updates. Sign up if you want to see where sowedu goes.
- I setup the big three social media accounts for sowedu, but they are nothing more than names and logos at this point. I'll add stuff on a couple of them this week.
- Sowedu started the incorporation process and all the fun stuff that goes along with that. To be honest, it feels too early to incorporate. We have nothing more than an idea and some branding. I start the fun part (coding!) this week, but I expected to be further along before incorporation. As best as I can tell, here are the reasons the Founder Institute wants incorporate pre-product development:
- First, a lot of their post-institute engagement revolves around the warrant. It encourages continued collaboration among founders in a specific cohort. You can't have a warrant without a company.
- Second, early stage, one-founder startups need a lot of help, especially if they are bootstrapping like I am. Having some level of equity to compensate early mentors and other substantive contributions is beneficial.
- Third, the program's structure gives a relatively safe place to learn the nuts-and-bolts of being a CEO of a tech startup (e.g. how to run a board meeting and submit all the necessary reporting paperwork).
I hope this helps someone else working through the FI program sometime in the future. The incorporation piece of the program caused a lot of angst for me personally and a couple others in my cohort. I hope this helps explain why I ultimately chose to incorporate and keep going in the program