A close relative had agreed to give me seed funding to start the company. However, when talking about the development of the product, they insisted that I write down every task that needs to get done so they know exactly where I am in the development process. In fact, they suggested that I only get 50% of the funding up front and will receive the rest of the funds pro rata as tasks are completed from this list.
We fruitlessly disagreed on this for the better part of an hour. I think planning is great, but betting the future of the company on the accuracy of the initial plan goes against most everything I know about startups.
I'm a noob, so I have no prior experience to help me here. Am I being unreasonable for not following through with the investment on these terms? How much project management materials do most angel investors require?
