I was participating in a hackathon last weekend (Startup Weekend @ Sherbrooke) and we won second place.
We are invited to pitch to FounderFuel, which is kind of like YC (A startup accelerator/incubator in Montreal, Canada).
There are two problems:
1) We're a team of 8 people, and some of them won't be really useful until the product is launched.
2) Some of them would like to work part-time on the project until they finish uni or decide it's a good enough move to quit their job.
That leaves 3-4 of us, mostly developers, working full-time on it if we get into FounderFuel.
We don't want to lose the talented team we have, even though some of the team members will be doing part-time work or will come into play once we launch.
How should we handle the shares within the team and the money coming from FounderFuel? I was thinking we could give a smaller part of the company to those working part-time, paying them for their work with the money we're getting to get started and giving shares on a promise-to-work basis to those who will come into play once we launch.
What do you think?
