Mon, 13 September 2021
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
In running a business, it’s important to use written contracts.
It’s easy to negotiate an agreement verbally, but this often leaves loose ends that become a problem later.
A written contract makes clear the responsibilities and duties of both parties and what each owes the other.
It’s often the case that both sides make assumptions underlying the agreement and those assumptions conflict with each other.
A contract includes both the agreement and the consideration.
Consideration is some value that is paid for the services rendered or the product delivered.
If there’s no consideration, then the service is considered a gift.
Written contracts are required for any sale over $500, any lease over $1000, and anything that creates a security interest such as pledging real estate.
There are several advantages to written contracts.
It is easier to enforce a written contract.
Signing a contract indicates that both parties have agreed to it.
Verbal contracts are often nullified when one side or the other claims they didn’t agree.
Written contracts provide better recourse than verbal contracts with the courts and arbitration.
Make sure you put it in writing.
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Music courtesy of Bensound
Mon, 13 September 2021
In this episode, Hall welcomes Josh Chodniewicz, Founder and CEO at Fundify.
Headquartered in Austin, Texas, Fundify is a tech-driven equity crowdfunding marketplace that enables anyone to invest in next-gen startups alongside industry experts. They work closely with experts in a wide variety of industries to review and comment on investment opportunities. Fundify makes it simple for anyone and everyone to invest in startups and build a portfolio, with as little as $10 per investment.
Josh previously co-founded and served as CEO of Art.com/Allposters.com, where they built the world’s most successful online art retailer selling more than $3 billion in posters and framing services and satisfying more than 20 million paying customers.
The experience of co-founding Art.com showed Josh how difficult and time-consuming it can be to raise capital for a business. In fact, in the early years, he bootstrapped the business on just $35,000 and was continually told “no” by potential investors. Josh and his team went on to raise a $58M Series A for Art.com before it was acquired by Walmart.
Josh began angel investing to help other founders build their dreams. He founded his own venture company and incubator called Mach 10 Ventures and has invested in dozens of startups including Mixbook.com ($11m+ in follow-on funding), Collectrium (acquired by Christie’s), Moolala (acquired by Ncrowd), Pixowl (acquired by Animoca), True Impact Media and others.
As an early-stage investor, he once again found a time-consuming, inefficient process, especially when considering investments in industries outside of his expertise.
Josh founded Fundify to simplify startup funding and investing. Josh has won numerous awards and honors, including Ernst & Young Entrepreneur of the Year, Entrepreneurial Excellence Award, 40 Under 40, among others. While Josh was CEO of Art.com, the company earned recognition from Inc. Magazine as the 2nd fastest-growing company in the nation.
Josh lives in Austin, Texas, with his wife Natalie and three sons: Beckham, Asher, and Edison.
Josh shares with Hall what excites him now and how he sees the industry evolving. He discusses his investment thesis and some of the companies in his portfolio which fit the thesis.
Music courtesy of Bensound.