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I'm managing the development of software with my business partner. We were seeking seed funding and did find an investor through a middleman. However, the middleman is related to the investor and basically only told him that we have an idea (which we are grateful for anyway). We ended up doing the presentation ourselves though. We feel it would have been different if the middleman had gone out and procured the funding on his own with little help for us and would help obtain funding in the future. That is not the case though and the middleman would not be doing any future work. The seed funding is not even a done deal, yet the middleman is requesting a 10% finder's fee which we feel is too high in this early stage for something as simple as a handshake. Regardless, we are grateful for this and it has put us in the position to potentially receive funding and open some doors for us.
No money has been dealt and no contracts with the investor have been signed. The investor could still back out if he wishes. If this situation seems too complicated we can always search for funding again elsewhere.
What options should we look at dealing with this middleman? Are there any good resources out there that explain how to deal with these situations?
No money has been dealt and no contracts with the investor have been signed. The investor could still back out if he wishes. If this situation seems too complicated we can always search for funding again elsewhere.
What options should we look at dealing with this middleman? Are there any good resources out there that explain how to deal with these situations?
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