Project Info
| Name: | Steve Richfield | |
| Email: | Steve.Richfield@gmail.com | |
| Phone: | 505-934-5200 | |
| Company: | Group Hearing Aids | |
| City, State, Zip: | I am in Edgewood Washington, but this work can be done remotely. | |
| Project Name: | Bring a prototype to funding | |
| Expertise: | Requires Multiple Disciplines | |
| Description: | The task is to bring a proof-of-principle group hearing aid prototype to funding and market. I now have an oversized group hearing aid that works well for meetings, but the market needs rugged pocket-sized units – and so does the rest of the world. To make that happen, and make lots of money in the process, I need some part-time gurus who are willing to work for significant equity, especially: 1. A CEO to bring in some money. 2. An electronics guru with active filter experience to carefully review and refine my design. 3. A patent attorney to replace Craig Stainbrook, who recently died. 4. A manufacturing engineer to rework my design for production. 5. A marketing person to market both the product and the company. A Tax Detail: If a corporation grants you some stock for your effort, you instantly owe the IRS for the value of that stock. I know a Silicon Valley consultant who lost his home to the IRS this way, by receiving stock for his consulting. The value of the stock then collapsed, while the IRS demanded taxes on the stock’s peak value when my friend received the stock. However, if you receive “founders’ stock” from the initial stock distribution, you won’t owe anything until AFTER you sell the stock. Sometimes IRS percentages exceed interest rates, so it is sometimes better to borrow on your stock, rather than sell it. My Proposal: I plan on putting together a “dream team” of PATCA consultants who are willing to briefly work part time for founders’ stock until this venture gets funded. I will obviously have to give away part of my interest in this technology to make this work. Initially we will have an agreement between us, delaying formal incorporation for as long as possible, to as much as possible pave the way to success with founders’ stock. Then, everyone becomes a VP of something and goes on the payroll. | |
| Other Info: | So, where do YOU see yourself fitting into this project? Perhaps you also know others who might be both interested and useful for this project? Also, you might have some ideas on how I might better go about getting this startup going? | |
| Name: | 3 | |
| Date: | November 18, 2024 |