Two of us came together to work on an idea for a web startup. We end up killing the initial product and a third person joined. A new product is built and launched.
It happens that I'm the technical cofounder and coded 80-100 hr/week building the product. The other two handle marketing and running the company but dont seem to be doing any real work, goes on trips and does not work on weekends.
We have neither incorporated the company nor had any formal legal agreements, just a casual agreement of 33% equity each.
Would you be concerned under such a situation, and what measures will you take to protect yourselves if your other cofounders are more involved in their marriage and daytime job?
There are few points you should always remember:
(e.g) I was a operation manager in xys and i was the founder too , later i included 3 partners A,B,C. Mr.A deals with clients and other third party people involved with the company. When there was a problem in the organization , Everyone pointed out Mr.A as hard worker and deserves more equity and that was a mistake since nobody knows who is working what and why ?!.
Alternatively, only pick people as cofounders based on how much you trust them.
This is the biggest downside of being the only technical co-founder that you feel like you are the only one who is working even if the others are contributing as much as you are.
Now that you are working 80/100 hours a week so i can assume that you don't have a day job as them so it would be fair if you ask them for some compensation for your work by increasing your equity. Yes , that would be a bit harsh and it could even lead them to pulling out of the idea as they don't have put a lot of work in it so they wont hesitate even a single bit before ending the company.
OR you could take matters in your own hands and you can tell them that how much you are working for this idea because you are really passionate about it and you want it to be really successful and now you want them to push for it to make this successful and for that you can tell them different ideas that what should they do in order for the marketing of the idea.
Yes it will increase your work load as you will be doing their supervision too but well if you are passionate about it , you will have to do it.
And if they still don't seem to listen , than sorry but you are in their with wrong guys.