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Good entrepreneurs can admit when their course of action was wrong and learn from it. I spent nearly a decade building software for large companies and then advising companies on the same. He would have found somebody technical and inspired that individual to work for equity or deferred payment.
This is why investors really like SaaS software companies where you have recurring revenue and your largest customer accounts for < 5% of your revenue and your renewals rates are > 90%. Many software companies have > 80% gross margins which is why they are more valuable than say traditional retailers or consumer product companies.
Yet, despite his exceptional courtroom theatrics, you would be foolhardy to hire good old Johnnie to review your software cross-licensing agreement. Your lawyer is a trusted advisor, but in the end, you run your business, your lawyer does not. If taking part-time evening courses is not possible, seek out an online curriculum.
StrongMail Systems (Digital Messsaging Infrastructure Software) Status: VC-backed (Sequoia Capital, Globespan and Evercore) Lesson: Trust your gut. Wireless & Voice Application Software) Exit: technology acquired Lesson: Timing is critical. If so, buy them (at a reasonable price, of course). Visit StrongMail Website Startup 4.0:
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