Over the years I’ve founded a few startups.Some failed, some made money, some made lots of money, and some just never even got started. This is a breakdown of what went right, what went wrong, and what I learned from each one.
LikeUs Network is a mobile payment hardware device for vending machines. When our hardware is plugged into vending machines, it enables them to accept payments from paypal, google wallet, saved credit cards, and other payment solutions. Mark Cuban was an investor in the company, giving us a seed amount of $75,000.
The whole Food Truck scene was really hot at this point, and we were in the mecca living in San Francisco (Walnut Creek). So my brain started churning: How much does a machine to make this cost? how much can we get a truck for? how much to renovate the truck? how much are licenses? how much could we charge per shaved ice?
In 2011 we had just left Hawaii and were living in Austin. Our friend Kris, who is ex-military, worked on the side for this little photobooth company doing weddings & other events. One day he needed help, and asked my wife if she could come to a wedding and help him out. She agreed, went to this wedding, and came back that night screaming at me “WE HAVE TO DO A PHOTOBOOTH! THERE WAS A CRAZY LONG LINE FOR PEOPLE WANTING TO GET IN THIS BOOTH!”