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:
- Only $500 can be invested at the beginning
- Team can be no more than 2 + programmer (if using outsourcing, the outsourcer counts as 1 person)
- Activities must be LEGAL
- 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.
- All subsequent expenses of the business must be covered by revenue, no outside funding
