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What I'm trying to say is: If anyone imagines that a bond/share could purchased, it's more that the shares in the company represent a share of a company hosting thousands of communities. So you'd be buying into golf forums, fishing forums, knitting forums, little village forums. Not just LFGSS.
But please promise us no Nodder forums
;o)
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Actually that gives a false impression...
It will be FREE to start your own online community/forum.
And when we get to the point that it's possible to make money and that works, then we'll even profit share or do the equivalent of a charity tithe with some of the profits from a community going to causes that community cares about.
The specifics are a long way off, but be sure that I do not seek to compromise any community at all. It's what I love, these strong clusters of people with their own cultures around their interests. It's good shit.
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What I'm trying to say is: If anyone imagines that a bond/share could purchased, it's more that the shares in the company represent a share of a company hosting thousands of communities. So you'd be buying into golf forums, fishing forums, knitting forums, little village forums. Not just LFGSS.
As an early adopter of the platform LFGSS get all the focus, our problems get solved first and we get the greatest ability to steer direction. Eventually though, and hopefully, LFGSS will be just one of many communities in a large network of interest based communities.
If you were looking for an initial source of financing before you took VC investment it may be very effective and powerful to sell shares to the LFGSS community, irrespective of future horizontal expansion into other communities.
For example, if you issued shares at £50 and could sell circa 400 you could raise £20k, (greater than the average sum invested by Y Combinator). Assuming that:
- the initial LFGSS member shareholding was dilutable down to around 10% as you took further VC investment, and;
- You could scale the business and generate net operating profit after tax in five figures over a five year horizon,
This would be a potentially attractive investment for LFGSS community shareholders, on the basis of the net present value of the investment.
Moreover, as the community which stood most to gain from the initial development of the business and the concurrent improvements to the functionality, it would be a sound way for many members of the community to spend £50, irrespective of the investment case. And by keeping a majority stake and making the LFGSS community shareholding dilutable you could ensure that you retained strategic direction of the business whilst retaining the on-going engagement and input of the core community.
- the initial LFGSS member shareholding was dilutable down to around 10% as you took further VC investment, and;
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Good luck!
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Also...
I just handed my notice in.
Good work, sir!
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You're supposed to be moving south!
Seriously though good luck, this sounds awesome and exactly the kind of thing you should be doing.
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Good luck Dave! Abraco amigo! cc
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Dave, well done with your decision and good luck.
This has made me think again about starting a thread called Hard Times. Where we can all help / offer members simple stuff even exchanges, eg. 'sharing a meal = fixing a bike' or 'help on an allotment = share some of the bounty'.
Not really sure how practical it would be posting and no doubt some of this already happens, but I'd like to think that we are a caring bunch on this forum.
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Go Velocio you are without question doing the right thing, we hope to be in a similar situation in a years time with our own venture, what you're doing now is pretty inspiring.
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Good times ahead Veebs - there'll be a few hiccups along the way, but i'm sure we would all like a job that reminds us that we are living, and i firmly believe that we pass up on so many lost opportunities, just to conform to the 9-5 mentality....
The very best of luck mate, you have a massive community here that will support you through thick and thin.....
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LFGSS: Turning a hobby into a technology startup
Posted by
@Velocio
Best of luck with this David.
Sounds amazing and terrifying. Inspiring too.