Keeping it short – I’m a “co-founder/friend” who wants to leave a 50/50 relationship (really a handshake). I tried to get the other co-founder to sign a simple collaboration agreement before he put in any amount of work (but he put the work in anyway without signing), and now we’ve both put in a significant amount of “sweat equity” into the project. No funding, no personal capital invested, just time, and the project was my idea. I’ve built-out the proof of concept cloud-software even though it’s based on an existing excel app, and he was working on the business plan.
Question is: would I be entitled to any equity when there’s literally nothing but an idea, proof of concept and invested time? I was considering asking for the right of first refusal, a small percentage of future sale price, and I want the rights to work on the project if there’s more than 18 months of dormancy (he has a tendency to not follow through).
That all being said can I just work on the project on my own as a competitor and walk away from the collaboration entirely?
Any advice seriously appreciated!