#it's the ultimate frisbee 2x a week + the running thing. i think.

[bsaka7]

like. am i a jock. after literally 20yrs of sports i... think i am

[topicprinter]

I'm launching an app that pays users to play sports anywhere. Such as basketball football and soccer. I've been networking on Co-Founder and i was reached out to by app developer who has several large apps on his portfolio that are BIG on the app store. He wants to explore my app and what I already have then possibly come on as a co founder. I asked him about equity and how much is he looking for...He explained that cofounders are looking generally from 10-15%Now I assumed "Co" in Co-Founder meant closer to 50-50% 40-60% at worst, Am I mistaken in this sort of thinking? He's signed an NDA but several people in here have expressed that signing an NDA doesn't really guarantee anything. If it really is common to get 15% equity that's great because I still have room to bring along an investor without giving up control of the company. My questions are:What are some warning flags I should recognize? 2 Does anyone have any experience with Co-Founders lab?Any other helpful advice? Critique?Bonus: I've included how the app works and how we pay athletes etc in the paragraph belowHow it worksHow the app works is simple you play your favorite sports you are rewarded in credits, for wins and points scored. The credits are worth a set value. Ex. 200 credits =$5. Once you earn credits you can challenge another user 1 v 1 in your favorite sport for credits. So say you're at 190 credits. You could put 10 credits up against another user in a game of basketball to 15. Winner takes all. So win you're at 200. Lose you're back to 180There are THREE ways to earnI. Quickplay (Alone) - Head to your usual spot. (Park, Rec center or La. Fitness) Activate the app > tell us what sport you're playing > and how many people are on the court.PLAYAfter the game is finished come back to the app and tell us how many shots you made. Each shot you make is worth 1/2 a creditYou record how much you score. You have 5 quickplay games a day total. You can add another game by watching 5 video ads.Anti- Cheating1.App locks for 15 minutes once started 2. You can only start a game at a app approved location Basketball games are usually played First and Last game to 15 every other game first to 11 or 12. Those are basically the universal street ball rules from state to state in the U.S. So a user will not go over 10 baskets made in almost all cases. Once you activate quickplay the app locks for 15 minutes. This is a standard amount of time that a normal pickup game of basketball would take.II. Challenge Mode - Take the credits you earn in quickplay and challenge any user in your city 1 on 1. Put up your credits against hmanother user winner takes all. To start head over to the map screen and enter your distance your willing to travel. All you do is find a user > Select a location > Pick your sport > Select how much the wager will be (5 credits or lower) then play. Winner takes all!Anti-Cheating 1. 2 Challenges per day (Free) 3 Challenges per day (Paid) 4 Challenges per day (Subscribe) 2. You can't challenge the same person back to back in the free versionSpectator mode allows you to "sideline referee" a game while you wait to play next. Why would a user spectate?Because users earn credits for spectating as well. The more accurate you are the more you get.Monetization Model:Apparel sales, Ads, In app purchases, One time purchase of the app, Subscription to the app, Affiliate MarketingQuickplay ModelSo in the paid version of the app you earn credits at 1/2 shots made = 1 credit. So when a users makes 400 shots then he would have 200 credits which is equal to a 5$ reward. So i'll break down how that works and what that mean. When you start a quickplay match you hold your name, then you select your sport > then select 4x4 or 5x5.After you play you come back a full screen ad appears Ad 1. Let's assume a user plays one more game and repeats the process Ad 2. So at the end of the day a player would look at his app and confirm all the points that he scored Ad 3. That is three ads within a reasonable time frame that is not to annoying (Some time passes and a user has enough for his 5$ cash out. The only way he can cash out is to click our Affiliate link which will bring him to Nike etc Or Amazon Now whatever they buy we get a % of that purchaseChallenge ModeSo that would be the quickplay model. Now lets talk limits. Users get 5 quickplay games a day and 2 challenges per day. You get two of those a day and can't challenge the same person back to back. Users can earn 1 additional challenge a day by watching a few video ads. This is another way users can rack up challenges. If you want another challenge you can actually buy a pack of two challenges for .99cIn app PurchasesWhen you challenge someone and lose. You will want your revenge! You are not allowed to challenge the same person 2x in one day. This prevents a group of friends from challenging each other and rewarded the same dude the winner just to build up credits.However i sell challenge for .99c if you buy a pack of challenges you are allowed to challenge the same person another time in that 24 hour time span.This is just one example of the in app purchases that I plan to monetize with the appAffiliate LinkUsers can only check out using our in app browser using our affiliate link.HoodiesOur official hoodies let you rep your city on the front and back and are highly customizable. I make a profit of about 28$ per hoodie sold.One Time PurchaseThe app is free but a lot of features such as earning twice as fast, and unlocking amazon rewards are exclusive to the paid version.Spectator ModeSpectatir mode is our bread and butter because millions of users play street ball everydayPeople watching the game spectate the game which allows them to earn credits. Using this system the app keeps the users to keep the app open and running similar to a gaming app. So that whole time their recording steals, blocks, and points, going live on Facebook and Instagram from the app...I'm running ads sometimes banner sometimes interstellar, that's more and more revenue Me vs Shark Tank Hoop Maps Similar Y/N = NThe app on Shark Tank allowed you to find and locate pickup games. My app pays users to play basketball, football, & soccer AND challenge people 1 on 1 and take what they earned. Think Pokemon Go' or Uber for athletes.Sports Basketball Only? Y/N = NWe support basketball, football, and soccer while hoping to add volleyball and ultimate frisbee soon!Free VS Paid VS SubscriptionPAID 1 /2 CREDITS PER MADE SHOTREWARDS NIKE, JORDAN, REEBOK,+ AMAZON CHIPOTLE, TROPICAL CAFE, SMOOTHIECHALLENGES 3 CHALLENGES PER DAYFREE 1/4 CREDITS PER MADE SHOTREWARDS NIKE, JORDAN, REEBOK CHIPOTLE, TROPICAL CAFE SMOOTHIECHALLENGES 2 CHALLENGES PER DAYSUBSCRIPTION 1/2 CREDITS PER MADE SHOTREWARDS ALL OF THE ABOVE + DEBIT CARDCHALLENGES 4 CHALLENGES PER DAY. EARN ANOTHER IF YOU WIN 3 OUT OF 4CHEATING = BOTSBots and cheating was the first thing we took into account. Some things we just won't know until we mass launch and see how users are going to try and cheat the system. However that being said I have implemented some unique ideas with the help of developers who were more then happy to give me advice.Captcha No need to explain this you know what it isVerify by pictureTo use Coast 2 Coast there will be a picture shown. You must match the description of this picture and take a picture just like it to have your profile confirmed for cash out. Example A generic picture shown (A man with his thumb down tongue sticking out) you will have to take a picture that matches (this picture will never be shown and only used for authentication purposes)Honey potThe honey pot method is something that I LOVE. What it does is create a hidden field when signing up that only a spam bot can see. For you the user it is a hidden field that you can't see but a spam bot will be able to find it fill it out. Therefore.....bot. A human wouldn't fill it out or touch it because they can't see it, or navigate to it with the "TAB" key, it's not detectable to anyone but a botFacebookThis one is common sense you must link your Facebook, Google+ or Instagram to the accountCHEATING = *PEOPLESpectator ModeSpectator mode allows users that are waiting to play the opportunity to keep the game honest and fair. They can take out their phones and run "Spectator Mode" which allows them to track each other shots and make sure nobody is cheating.WHY WOULD SOMEBODY SPECTATE? BECAUSE YOU EARN CREDITS WHILE YOU DO. Users take out their phones and they ref the game recording points as they see them. Once they do this this allows me to run banner ads at the bottom of the screen 24/7. Business wise I noticed that gaming apps make the most amount of money while staying free. Spectator mode allows for this to happen. Add to the fact that you will soon be able to go live on Spectator mode on both Instagram and Facebook.Common SenseThere is another way. Basketball games are played first game to 15 next game 11 or 12. You cant make 40 shots. To the average player makes 2 or 3 the elites make 8-10 that's it. You get 5 quickplay games a day 2 challenges. So the max max max you could enter is 15. 5x a day. If you tell me you score 15 out of 15 every single day for 3 weeks (Which is our limit btw.) After 3 weeks our logic reviews your point total vs hrs played vs location) then you're lying. Nobody makes 15 out of 15 I've played ball my entire life.EquityIf 10-15%* deal is not on the table and he generally or someone else wants more, what would be a good deal as far as equity? Talking to some personal people that I know in the business world they advised that if I get him under 30% that is excellent. They said start around 20% let him counter with 30% and work down to maybe 25.5 They also cautioned about going to low initially because you don't want to insult the individual. Do you agree with this sort of advice? Or does it vary from person to person