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 That is literally less than what a team of five or six software engineers makes in any decent US based company. 
 really, no, most of that money will go to marketing and social and management

i estimate you get 5 good engineers, 3 good marketers and 2 managers for 1 million for a year 
 In the US? You would be quite lucky to get that. You can probably underpay the devs if you sell them your vision (and equity...)