Should I form a company in anticipation for Startup Weekend?

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Garinold
Posts: 100
Joined: Mon May 26, 2008 6:07 pm

Should I form a company in anticipation for Startup Weekend?

Postby Garinold » Mon Jan 28, 2013 2:10 pm

I plan on attending Startup Weekend on March 15th in Madison NJ. Needless to say I have an idea for a web-based startup that I believe will be successful, that's why I'm going. In my research on startup weekend I've read some conflicting reviews as to how things go and what people expect. One person said that you shouldn't go with any expectations of starting a company whatsoever. You should go and focus wholeheartedly on the project and worry about the company later. Another person said that if you are trying to attract good team members, especially tech people (and that is what I need since I don't know jack about technology) you really need to have a good plan for establishing a company. What better way to do that than to have the company already formed.

So, for those of you that know about startup weekend or events like it, would it be a good idea to have the company already formed before I go? I know the biggest issue with the company itself is that, assuming I am successful in building a team and putting together an MVP, I'm going to need to go for funding and potential private equity guys are going to want a % share of the company's ownership. So what do you guys think I should do? A Delaware corporation? A Delaware LLC? A New Jersey LLC? Or should I worry about it later?

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thesealocust
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Joined: Mon Oct 20, 2008 8:50 pm

Re: Should I form a company in anticipation for Startup Weekend?

Postby thesealocust » Mon Jan 28, 2013 3:12 pm

By the end of your post you're basically asking for free, anonymous legal advice, which is no bueno.

Otherwise, it's impossible to say. If you have an idea for a great social network that'll totally be better than facebook which you came up with yesterday, you probably want to give up now. If it's a more fleshed out and viable idea, then precisely HOW fleshed out and HOW viable will determine the order in which you should do things.

As a general matter, focus on your business enterprise before you focus on funding, corporate structure, etc. If you can't get anything moving without incorporating that alone is a bad sign for anybody looking to sign on with you (cart before the horse, etc.)

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Garinold
Posts: 100
Joined: Mon May 26, 2008 6:07 pm

Re: Should I form a company in anticipation for Startup Weekend?

Postby Garinold » Mon Jan 28, 2013 5:57 pm

Well I finally was able to get into contact with the head of the Rothman Institute, one of the organizations doing hosting, and he said that I shouldn't bother with forming the company before hand. So I won't bother.




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