What would you do?

So someone (we'll call him Bob) brought me an idea for a business that involves a physical product coupled with an online subscription service. I loved the idea and immediately was able to help iterate on it to add more value to the end product and push the offering to a higher price point.

I've since prototyped the physical product and created an initial design for the online portion. I've also done a cost analysis on materials to help set pricing.

I'm a Software Engineer and have the capability to build out the entire thing including the physical product as I have great connections locally.

Bob says he has the experience and claims to have sole founded a business in the past that did over $1M in sales on its best year(no proof was provided). He also wants to take on 2 additional cofounders. 1 more business cofounder and another technical cofounder.

I discussed the idea with one of my connections (we'll call him Joe) that has a proven track record of sales experience. He's actively been communicating with me to help determine a price point and provides additional connections that would contribute to a cost reduction of the physical product and would pioneer the sales side of the business.

Neither Joe nor I have signed any non-compete or partnership agreement.

Given ideas are worth nothing and execution is everything, we're considering cutting Bob out and moving forward without him.

What would you do?