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Micro funding for businesses
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Peter
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Nov 22, 2008, 07:06 PM
 
I've been working on a project for a few - six months.
It's been chugging along, slowly, watching the markets evolve - partly holding off on a launch for polishing reasons and partly to launch at the ideal moment (the start of US elections would have been a great time, but missed that window due to some complications)

Anyway. I want ~$150K of funding for my business. I have a business plan, revenue forecasts and contacts with Venture Capitalists.

But I don't want their help - I want yours.

I'd give up more of my company -- more of my profits -- to turn my business into a collaborative business. That is, where it's going, when to expand, the big overview choices the board of directors of companies typically make -- have a community that have all invested small sums of money make those choices with me.
If I had 100 people that each put in $1000 I'd have 100 great minds - who cared about the business.
Why? It'd be funnerâ„¢.

Has this been done before? I guess its a form of angel consortium funding. What'd be called? I guess the SEC/FSA would have a shitflip? Could it be done on a small enough scale they wouldn't care?
we don't have time to stop for gas
     
Phileas
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Nov 22, 2008, 07:15 PM
 
Launch your business. See what happens. Tinker. Build a customer base. Get some real revenue coming into the company. Take that money and invest it back into the company. Build partnerships. Develop a fan base and treat them well. Build. Don't take a salary, don't take holiday, work 7 days a week.

Especially in the current financial climate you'd be extremely hard pressed to find investment on the strength of revenue forecasts - the mean bugger all, they're just thin air. Build. If you have credit cards, use them. If you have rich relatives, tap them. If not, build slowly and cleverly.

Don't take on debt unless you absolutely have to. Don't take to venture capitalists until you have no other choice left. Don't dilute your capital, don't devalue your shares.

Slow. Steady. Thoughtful.

You've already missed one chance, probably due to excessive tinkering. Get used to the 'ready, fire, aim' method of running a business. Get stuff out into the market. Get feedback. Make the product or service better over time. Remember that you'll be building revenue during that time.

No debt. Be agile.
     
Peter  (op)
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Nov 22, 2008, 07:20 PM
 
Ah, probably should have explained that I deffo wanted to launch - tinker - grow - tinker -then raise funding.
Was just curious on some innovative "funding" methods.

Really like your advice - whats your background?
we don't have time to stop for gas
     
Phileas
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Nov 22, 2008, 07:35 PM
 
Starting businesses.
     
Peter  (op)
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Nov 22, 2008, 07:48 PM
 
care to elaborate? via priv msg?

Am interested in anyone in the business world, especially MacNN lurking members who give nice advice.
we don't have time to stop for gas
     
turtle777
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Nov 23, 2008, 03:30 AM
 
Originally Posted by Peter View Post
If I had 100 people that each put in $1000 I'd have 100 great minds - who cared about the business.
Why? It'd be funnerâ„¢.
Trust me, you don't want that. 100 people ? Are you absolutely nuts ?

All of them would have great ideas that will be worth their weight in sh!t. You'll get nowhere.

Sorry, that probably wasn't nice. But trust me, my advice is worth its weight in poop

-t
     
macintologist
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Nov 23, 2008, 02:22 PM
 
If you want micro loans then go to www.prosper.com
     
   
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