Monetizing Oneself
So lately I have been sitting on what I see as a potential big d!ck swinging deal and idea. The only problem being lack of capital and paranoia in pitching my idea to strangers(vc). How should one go about monetizing himself and pitching his idea via email to certain tech VC´s in Silicon Valley without necessarily spilling the whole thing and hoping they will be kind enough to go along with you rather than imitate it, perhaps even further perfect it before running with it. Currently looking at 3 vc´s to be exact, one based in Germany.
What would you monkeys do to attract thei attention while at the same time not tell them everything they need to know. Let´s hear it all. Much appreciated.
get a lawyer and draft an NDA he will know more about it than we do
^^^ Still doesn't 100% protect you.
The best way to do it is to save up a hundred grand or so, flesh out the idea yourself,and make sure you've got an exit strategy if things don't work out. Applicable industry experience and knowledge is also key to being taken seriously.
The way I'm going to frame my pitch is that it's an idea that could put wall street out of business. Go through folks you know and they'll give you a fair hearing.
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Look for an angel investor / and or a VC that purely looks at start ups first to get up and running. Determine EXACTLY what you need to get your idea launched - most VC's are not going to give you the time of day @ this stage of the game unless you have the next Facebook going. Once you have angel backing, you will have two things: contacts in VC due to the angel, and your idea/product launched with capital - which is much more attractive to a VC at these times.
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Mom and Dad or an uncle or auntie often make good angel investors- ideally if they are on firm financial footing, are interested in trying something new with their career, and have some business experience.
You want somebody with a lot of business and management experience to help you out. Ideally someone who you trust to be on your side and trusts that you'll be on his or her side.
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thanks guys. I have already invested close to US$50k on perfecting this idea & even some what beta tested for three months. The result look promising. The biggest issue is tentative quotes I am getting for launching it is between 1.7-2m, an amount I cannot put together A friend who works for boutique told me not to pursue NDA as Nobama said it. They will reject it.
I was looking at this way really as I have nothing to lose, I can either sit on it for couple of years and likelihood of it being launched by than is almost certain or I can pitch it via cold calling emails. Thanks again guys and will update on how it goes.
If you require 1.7-2m forget angels, they usually put in the low hundreds.
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yes - you are correct, but this is very rare. Typical Angel investment is around 100k - but of course there are exceptions to the rule. Other option is a combination of angels, which may get you closer to the funding you need - but it sounds like you are not ready for a VC yet, unless it is a pre-seed fund (and normally they will find you).
Thanks again guys. Much appreciated.
Never ask a potential investor to sign an NDA. They will laugh and never take you seriously.
For the record, I have been successful at making top-tier VCs sign NDAs for the right opportunity. That said, don't expect it to protect you much.
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