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Business definition and milestones

Defining the potential venture of the company is very important – if a co-founder leaves, there may be conditions in the agreement to prevent him from engaging in ‘competing’ businesses for some point of time (may be a few months or a couple of years), and that they cannot use the brand name of the business. Therefore, objectively defining the ‘business terms’ of the startup is important.

The co-founders agreement will be for a specific duration – a timeline can be specified or specific milestones can be specified for taking decisions on whether there is future business potential in the idea - for example, building a prototype and receiving feedback from 100 users.

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