Ask HN: How to handle the first round of funding?

[mariust]

Hi. We got rejected in YC this year, and we are motivated to move on, but we have a huge problem, we will soon run out of cash, we are now working on this project and we don't have the time for anything else right now.

Let me get to the point. We get the product up and running and we receive some funding (Seed or Series A funding whatever you would like to call it), we don't know if is appropriate to discuss with the investor a minimum salary for us (2 developers / funders) ?

If so we are thinking to ask as little as possible at start in order just to cover our expenses.

And one more thing, once we have an offer from a VC that would like to invest in our project how can we get some help from a lawyer? Keep in mind that by then we will 80% run out of cash.

We could start taking in some projects but this will result in a delay in our development and we are trying to avoid that as much as possible.

Thank you

[minalecs]

sounds like your burn rate is relatively high. If you can't get funding you need to think of other ways to make money, contracting or work part time. Any startup that is willing to give because of money, is not trying hard enough. Read Fred Wilsons post on Airbnb and how they sold boxes of cereal to keep it going.

[mariust → minalecs]

thanks for your reply, however I don't think that our burn rate is high, it's just that we did not had to many savings. But your are right about the part time we will look into that even if that means that it will delay our lunch date by a couple of weeks.