What are your expectations for what happens after the weekend?
Am I expected to make a commitment to pursue this new "startup"?
If I take seed funding, what am I agreeing to do?
What if 2 weeks later I discover that the market for the product doesn't exist?
Can I instead build out the product and then sell the intellectual property to the pitch company?
Who owns the intellectual property & code at the end of the weekend if no deal is agreed to?
Are the funders and the pitchers one and the same or different companies?
You've piqued my interest, but there are a lot of details I'd like filled in. Thanks!
If you pique whomever pitches the initial problem they agree to mentor your team over three months of building out the product. It would be good to go in with the expectation of starting a real company from this.
If you take seed funding, you and the Band of Angels work out terms. It will probably include setting up a Delaware C corp, equity splits, etc. (I do not speak for them though). Basically, it's figured out as you're taking the seed prize and after the event.
"What if 2 weeks later I discover that the market for the product doesn't exist? Can I instead build out the product and then sell the intellectual property to the pitch company?"
-You're welcome to do that. I won't stop you.
"IP ownership"
-We're not directly linked here, but we've been very clear that in the spirit of the event teams should have all IP ownership. My take is it's equivalent to going into the doctor's office saying "my food hurts" and the doctor analyzing, designing, and building a special shoe that fixes your pain. You wouldn't have IP ownership of the shoe, because all you did was say that your foot hurts. I can make no promises except that we'll be very clear and are partners understand this.
-Ok I read that wrong, though the above is a good thing to include. IP ownership would be the team's and within the team it's up to all of you to figure it out.
"Are the funders and the pitchers one and the same or different companies?"
Primary funders are the Band of Angels, who are not pitching at this one. Funders at the 3 month mark might be the same as the pitchers (that was always the point). You're not committed to take anything, even if you worked on their problem. Given that those pitching are agreeing to help take your company off the ground after the hackathon, hopefully you'd consider their investment.
Let me know if you need more clarification - I'll be adding your questions to the FAQ this weekend. And thanks!
And for the record, this was inspired in part by PG's RFSs.