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$1Mill Challenge

By June 21, 2006No Comments1 min read

So lately I’ve been pondering a challenge of sorts. I want to see if small teams of developers/designers/marketers can turn $500 into a million. Originally I thought $100 would be a challenge, but with everything getting more expensive, I think $500 is a better number.Here is the concept: You and your partner put up the $500 and cannot take any more money out of your pockets to fund the idea. All subsequent expenses past the $500 must be paid for by the INCOME your project is generating. There are several “exits” allowed in this plan: 1. have a million in gross receipts, 2. have a million in the bank at the end of the year (much better), 3. you get 1 mil in vc funding at the end of the year, 4. you sell the company for $1mil +.So do you think you are up for it?Here are the unofficial rules of the challenge:

  1. Only $500 can be invested at the beginning
  2. Team can be no more than 2 + programmer (if using outsourcing, the outsourcer counts as 1 person)
  3. Activities must be LEGAL
  4. Concept must be hatched in 1 weekend, product built in 1 week. Basically that entails starting friday evening, and you have till the following sunday at midnight to launch your product.
  5. All subsequent expenses of the business must be covered by revenue, no outside funding