From my experience founding companies, you've gotta commit 100% to it to have any chance of success. That doesn't mean working on an idea in your free time. Consider the fact that someone, or even a funded team of someones, are out there putting in 100% effort to solve the same problem. How are you going to outcompete if you're working on this problem in your spare time (which I imagine is quite limited having a wife and kids)?
You should also consider what success looks like for you. Do you want to start a company to gain creative freedom? Do you want a better lifestyle for your family? Are you prepared to spend the next 7 years on this endeavor? How will you balance the high workload (I'm talking non-stop work for a month at a time) with spending quality time with your family?
You should think through all of these questions, then have an honest conversation about it with your wife, and don't sugar-coat it. She might surprise you.
As far as funding goes... You'll want to put away a fund to pay your salary for at least the first 6 months. Your goal in those first 6 months will be to create a believable story you can sell to investors about your vision. If they like it, you'll be able to raise funds to continue working on it and to deliver that vision.
You should also consider what success looks like for you. Do you want to start a company to gain creative freedom? Do you want a better lifestyle for your family? Are you prepared to spend the next 7 years on this endeavor? How will you balance the high workload (I'm talking non-stop work for a month at a time) with spending quality time with your family?
You should think through all of these questions, then have an honest conversation about it with your wife, and don't sugar-coat it. She might surprise you.
As far as funding goes... You'll want to put away a fund to pay your salary for at least the first 6 months. Your goal in those first 6 months will be to create a believable story you can sell to investors about your vision. If they like it, you'll be able to raise funds to continue working on it and to deliver that vision.