View Full Version : Kevin Rose Business/Personal Relationships
cybertron
03-18-2008, 01:19 AM
Hello people. First off, I'd much rather email this question to Kevin, but I dont have his email address and one that I would have would more than likely not get read(over spammed/emailed?) Anyways, I'm just curious if Kevin was friends with his current business partners (ceo of rev3, etc) or if they were new relationships he formed after the dawn of digg, etc.
I ask this because I may, at some point in my life, be in a position to start a business, but have no desire or skill at the business side of things, and I wonder how you find the person to run a business you basically created w/ your great ideas, and how do you trust them. Not just simply how, but what is the dynamic of that relationship. I doubt Kevin will chime in on this, nor do i think he really wants to air this information in the detail that i'm probably asking, but maybe someone has a bit of insight into my question. And heck, maybe Kevin has already talked on this subject in the past.
Thanks in advance...
ps. you guys should redo the emoticons so they look better on this dark(and most awesome) vB theme you all have so(greatly) created.
ariastar
03-18-2008, 01:36 AM
If I recall correctly, he and Jay were already well acquainted.
lordbyron
03-18-2008, 02:21 AM
but have no desire or skill at the business side of things, and I wonder how you find the person to run a business you basically created w/ your great ideas, and how do you trust them. Not just simply how, but what is the dynamic of that relationship.
I have my own business with a business partner. We were friends before starting the business, but neither of us knew how to start a business, first thing you need is an attorney to help you decide the type of corp. you need. We are a S corp. Also he will file all of the required paperwork to establish the corp. Next you should hire an accountant.
Depending on the type of business you are going to start you may need to secure more resources than that. But for us the were the top of our list. Because you need an FIN # before you can start doing much else, even getting a business bank account. Our next priority was liability insurance, remember everyone love to sue everyone.
This was my experience yours may vary.....
cybertron
03-18-2008, 02:45 AM
Cool, thanks for that lordbyron. And AriaStar as well.
lordbyron
03-18-2008, 02:47 AM
Cool, thanks for that lordbyron. And AriaStar as well.
No problem...If you have any more questions, I will try to answer them.
ariastar
03-18-2008, 03:07 AM
I have my own business with a business partner. We were friends before starting the business, but neither of us knew how to start a business, first thing you need is an attorney to help you decide the type of corp. you need. We are a S corp. Also he will file all of the required paperwork to establish the corp. Next you should hire an accountant.
Depending on the type of business you are going to start you may need to secure more resources than that. But for us the were the top of our list. Because you need an FIN # before you can start doing much else, even getting a business bank account. Our next priority was liability insurance, remember everyone love to sue everyone.
This was my experience yours may vary.....
When John and I started our business (has since gone under), we also incorporated and an S-corp, Nevada. We did all that stuff ourself. It was an overwhelming process, but we did it. Filed out trademarks as well, and were even sued by BuySafe because they wanted one of our trademarks. So it was in dispute before being assigned, and we won it. Not bad for a couple 20-somethings against a team of attorneys retained by a company that had just received several million in funding. We bootstrapped it because all those small payouts of stock can mean millions later, and we didn't feel certain things were beyond our ability.
I wouldn't suggest going this route unless you were into taking big risks and are capable of extremely in-depth law research at the federal level as well as state level. I'm still amazed to some extent that we actually did it.
FIN and business bank accounts are VERY important. Liability insurance is pretty important too.
lordbyron
03-18-2008, 03:55 AM
The incorporation only cost us around $1000 for the whole ball of wax. This is in the state of Illinois.
Oh yea don't forget to get a D&B (Dunn and Bradstreet) number. It helps with the business getting credit. But at first you will have to co-sign for the business.
cybertron
03-18-2008, 05:13 AM
Are you two the partners?
ariastar
03-18-2008, 05:46 AM
I forgot about D&B. I don't know why, but after all the other money we put out, I had the hardest time with wanting to shell out for that, but did anyway.
Using the FIN, we started out getting cell phones and had a $250-deposit without co-signing. Built up fairly gradually.
lordbyron
03-18-2008, 01:40 PM
Are you two the partners?
No we are not.
lordbyron
03-18-2008, 01:42 PM
AriaStar, what type of business did you have?
When John and I started our business (has since gone under), we also incorporated and an S-corp, Nevada. We did all that stuff ourself. It was an overwhelming process, but we did it. Filed out trademarks as well, and were even sued by BuySafe because they wanted one of our trademarks. So it was in dispute before being assigned, and we won it. Not bad for a couple 20-somethings against a team of attorneys retained by a company that had just received several million in funding. We bootstrapped it because all those small payouts of stock can mean millions later, and we didn't feel certain things were beyond our ability.
I wouldn't suggest going this route unless you were into taking big risks and are capable of extremely in-depth law research at the federal level as well as state level. I'm still amazed to some extent that we actually did it.
that is admirable :cool: i know what you mean i am sometimes amazed at things i have done while 'inspired'
but i have decided i am more than willing to invest in legal 'talent' and plan to find a really good lawyer
i know one but she does not want to practice but she could help me find her equal or maybe i can persuade her to work as a consultant
i'll pay for it by letting someone invest in me :)
i am going to sell a 10% interest in my business for start up capital