I NEED ADVICE FROM EVERYONE - HUGE IDEA - SHOULD I SEEK VC FUNDING
- Thread starter katoved
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You are going to give up way more that 30% if you have nothing but a great concept and a great domain name. If the idea is that good, you should get it rolling on your own dime.
Alright, my cousin has a 130mm VC fund; anything on the scale of text-link-ads (TLA) is not going to need VC. TLA is a VERY small company. Look for angel investing, beg your family, hit up a local venture group and ask for $100K and mentors.
Also, unless your idea is really remarkable competing with other business in the billion dollar market share, you aren't getting VC unless you have a great leadership team or prior success, as people have said.
Name of the game dude. 99% of VC funded crap isn't novel ideas, its improvements in management, efficiency, slight twists, etc.
Also, unless your idea is really remarkable competing with other business in the billion dollar market share, you aren't getting VC unless you have a great leadership team or prior success, as people have said.
Name of the game dude. 99% of VC funded crap isn't novel ideas, its improvements in management, efficiency, slight twists, etc.
Yeah, that idea is not bad. However, it would take too much follow-up with potential recruits. It wouldnt be a problem, if the system allowed me to input more then 15 people at a time. If I could just throw their info into the database that would be the end of it and fine. But you would constantly have to swap out leads.
I have to disagree with you. I think that a VC firm when presented with a interesting offer will consider some type of financing for ownership.
That is a confidence instiller, by the way. Anyone not willing to risk their own money for an idea is likely to have a harder time convincing other people to invest in it.
To be quite honest, your chances of getting any kind of real financing outside of family members, and based on what you have posted here, is non-existant.
Your best case scenario is to get the idea down and protected in a way to prove you had it, then when someone takes it from you, you might have a small chance of making some money suing them.
Have you ever written a real business plan, let alone one that is intended to attract significant financial backing? I have, and you can't do it in a day, nor anywhere close to a day. If you did, your chances would go from zero to negative one million. Anyone investing in your idea would also be investing in you, and it does not seem like you are quite ready to be taking this step.
Do you have a strong relationship with someone who might be a bit more business savvy that could be the front person for this whole plan?
Honestly you don't just come up with an idea, then decide you are going to run out and attract major financing with a one day business plan, unless you have the cure for cancer and can prove it.
Katoved - you need to find a VC that will believe anything. the nice thing about numbers is you can have them say anything you want! well if you are creative enough you can!
I think to find the programmer to do the work, the designer to make the site look awesome, would cost me around 10K. Then additional financial outlays for advertising and maitenance costs.
What you need are seed/angel investors. VC is more for companies that need a few million to take it to the next level.
It sounds like you're hoping to have someone fund an idea. Ideas are generally worthless unless you can personally implement it. If you created a prototype and showed investors that it works, you should be fine getting initial seed money.
Good luck!
It sounds like you're hoping to have someone fund an idea. Ideas are generally worthless unless you can personally implement it. If you created a prototype and showed investors that it works, you should be fine getting initial seed money.
Good luck!
Thanks, I think Im going to put in a thousand of my own money, then go from there. If WickedFire.com members are interested in investing, please PM with your email. When the site is in Beta, I will be glad to show you the domain and see if you are interested in ownership.
You are 100% wrong. They've seen it all. Any big VC like Kleiner, Polaris, etc. isn't going to invest crap into a 1 man team and an idea.
Like I said, family is in VC with a lot of succesfull liquidation events, you are wrong, not to mention your biz is probably too small for VC.
Good luck, but you need to listen to advice when it comes from someone who knows. I'm even agreeing with Shoemoney, come on, it's confirmed, this is angel level investing.
Fine, I agree with you. But it still cant hurt meeting with them. Im sure they have a list of angel investors that would love to meet with me. Dont be so negative man. I should be getting mad props for just having the balls to walk into a VC firm and asking for money. But seriously, thanks for your opinion it helped.
I'm not negative, I'm being real. There are also some books written by some pretty big name VCs that may help you present your idea. And you may need some connections just to get a 5 minute meeting. These guys get lots of ideas.
In Chicago I don't really know of any big VCs, not familiar with the area, but I imagine there are some. But I did do present to Tribune's Biz development unit once and although they didn't invest, they offered a job in biz dev on the spot just for getting through the bureaucracy and getting a meeting.
Interesting. I could use a job; hahaha. I guess you never know where things will go once you meet people face to face. Networking really is the quickest and most powerful way to advance your direct/in-direct goals. It would be awesome to work for a VC firm.
That's my goal. Applying to HBS this year, if I get in I should be good to go with my cousin's connections.
Good luck. Maybe I should put my concept on Prosper.com or something. Anyone ever try to get financing for a web concept?
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