Vigilante
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I could write a book about all of the ways NOT to raise money. Having previously bootstrapped a few companies, I wanted to do this one completely differently. I know that I have something that can reach massive scale quickly, but it requires more than some fancy new business cards and a Regus virtual office.
So I set out to raise some angel money. Easier said than done. I have an ALL STAR cast (on my board of directors), a great business model. Development has been fully funded, and all of the pieces are in place. Brand is an A+ (license deal) and there are customers that are ready to buy.
So I am in dialing for dollars mode. A couple of referrals to angel investors from board members didn't pan out yet. Soliciting cash COLD by calling a whole list I received of angels has not panned out - it's not WHAT you know, it's WHO you know. I've contacted over 30 early investor funds, all with the same results. ::crickets::
So I am talking with one accelerator, and that could work if they will take me into this year's "class." Essentially they provide the angel round (enough to operate for 6 months +/-) and then they walk you through a multi-million dollar first round of financing. But, that's after they take you formally into their program.
People invest in people, not ideas. But you have to find the RIGHT investor to come in pre-revenue. I thought my all star cast would have been enough to attract the cash. It's not. I literally have one of the most impressive rosters for a startup I have ever seen, and all are willing to work for next to nothing to get it off the ground.
Most of the businesses you will read about here at the forum, including mine in the past, were bootstrappped to viability. But I am looking to create a billion dollar company, not a million dollar company. I can't do that by rubbing two nickels together.
So, I grind away until we find a way. It's NOT enjoyable. But long term, I believe in where we are going and I have to make other people believers to get the company off the ground.
So I set out to raise some angel money. Easier said than done. I have an ALL STAR cast (on my board of directors), a great business model. Development has been fully funded, and all of the pieces are in place. Brand is an A+ (license deal) and there are customers that are ready to buy.
So I am in dialing for dollars mode. A couple of referrals to angel investors from board members didn't pan out yet. Soliciting cash COLD by calling a whole list I received of angels has not panned out - it's not WHAT you know, it's WHO you know. I've contacted over 30 early investor funds, all with the same results. ::crickets::
So I am talking with one accelerator, and that could work if they will take me into this year's "class." Essentially they provide the angel round (enough to operate for 6 months +/-) and then they walk you through a multi-million dollar first round of financing. But, that's after they take you formally into their program.
People invest in people, not ideas. But you have to find the RIGHT investor to come in pre-revenue. I thought my all star cast would have been enough to attract the cash. It's not. I literally have one of the most impressive rosters for a startup I have ever seen, and all are willing to work for next to nothing to get it off the ground.
Most of the businesses you will read about here at the forum, including mine in the past, were bootstrappped to viability. But I am looking to create a billion dollar company, not a million dollar company. I can't do that by rubbing two nickels together.
So, I grind away until we find a way. It's NOT enjoyable. But long term, I believe in where we are going and I have to make other people believers to get the company off the ground.
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