Tuesday, February 03, 2004
Dealing with Investors
I´ve started to code an application driven by passion and an idea I thought was good. A year after starting I shared it with a very specific beta tester that succeeded using it in his very competitive field of work. Mine is a sports video analysis product and he won a Bronze Panamerican medal saying "half of it is yours". I also showed it to big players in several sports and a few ones asked to buy when it was at sub-alfa stages showing a lot of interest. So, to make it short, yesterday came a guy that knew about my work asking about partnering to create a firm to market this seriously. I really need some advice in what to be alert of. In the past I told someone to try to seek investors to do the selling while I coded and it was a nightmare I had to cut before all my prospects wanted to kill him (and me...).
How much is worth someone´s work 3 years from starting with a product? How have you dealt with this kind of situation?"
JOS Thread: Dealing with Investors
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I asked LBT for some references and whether they would execute a "real" lease assumption (i.e., through the bank or leasing company). Answers: yes, they would (and did) provide four references (!) and no, they won't assume a lease at this time. My response:
[Sir], thanks for the note. At this time I'd feel most comfortable having a lease assumption through [Bank]. One reason for this is that there are no references to your company on Google (i.e., no links to your site). That would indicate to me your business is somewhat young. While you are performing a valuable service, given my unfamiliarity with your organization, I would probably only proceed based upon a "true" lease assumption.
If that becomes possible, just let me know.
You, my dear reader, will be the first to hear any news on this front.
at 9:54 PM