Hi RoR developers

I am interested in hearing your thoughts on this. I will very shortly
develop a web application for the eLearning industry in a SaaS model. I
have a good idea and some very good contacts in the industry. I am more
of a .NET person but decided to make it in Ruby in order to have the
capability to adapt the product more rapidly and let’s face it, the
starting cost with the technology are much more attractive.

Now, I could do it on my own over time but I would like to have 2 or 3
experienced RoR devs with me in this endeavor.  Their expertise would
speed up the development, complement my own skills in product and
software development and make it much more fun and interesting. The
issue I am facing right now is that at this point, I don’t want to give
away any equity in the project and I am not a startup with a cashflow
where I can pay developers an hourly rate. What I am, is a father of two
with a day job and an entrepreneurial spirit whose take on software
development and life is very similar to the folks at 37Signals (now
Basecamp).

What I want is to have an amazing life-work balance and work on
something I love. I am committed to build a great team of dedicated
individuals who will also have an amazing life-work balance, where every
member will have a say in the direction of the product and where money
will not be a preoccupation (meaning that they will earn much more than
any other place for the same type of job). I will always remain private
and never seek public or VC funds so don’t expect a Cinderella story. I
have been exposed too much to a public company modus operandi to know
that I don’t want this model.

Now, my question to you is what business model would make it interesting
for experienced devs to share the risks? Beside eventually be part of a
company with the aforementioned description, what would you consider an
interesting proposition to develop the product on your spare time (a few
hours per week) until it takes off? Although I am not opened to give
away equity (for the moment at least), I am more than willing to share
the profits for a certain amount of time or up to a specific amount.
What would make it interesting to take on the risks? What would you
consider a win-win business model?

Looking forward to hearing your thoughts on this

Yves

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