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  1. #1
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    Angel Investors - help!

    Hi Everybody,

    I'm a pretty active participant in online communities - I'm very active at gethighforums.com and I'm looking for some advice.

    I currently run phatstart.com (press about the company is available at http://www.phatstart.com/press.shtml) and I'm now branching off with a new and exciting project. I've already made presentations in front of some large vc firms, but they basically told me to get past the friends and family round, get the product going and see what develops from there.

    So now I'm looking for help - does anyone know where any angel investors are? Where to find them? I've read all the articles about them and feel versed in it, but after using vfinance.com and looking all around, where I live, Long Island New York, I can't seem to find any - and since most angels invest locally, I'm trying to find any national angels or ones who do long term deals - or even common people interested in an internet investment.

    Right now my goal is to try and get people to invest 5-10k each and hopefully raise 20k-100k - this would lead to the establishment of the company as well as the product's development.

    I can't divulge much info about it, unless you are interested (I can send the executive summary, our business plan is being redone). All I can say is that my business partners in it have a joint venture with one of the largest media companies in the world, in this field (this new company is going to be a media company - online and offline) and a distribution agreement with the 2nd largest.

    The product has already been picked up by one company - and the prototype isn't finished - they picked it up solely on the concept and what was presented so far.

    So if you know of anyone who specializes in these deals or you yourself may be interested, please call me at 516-536-1916 or email bencathers@yahoo.com or leave a message below.

    Any investment would be matched by stock in my partner's company, with a venture funded 2 year old media company

    thanks so much guys!!!
    Ben Cathers - Teen America Radio
    LIVE! Every Sunday 4-5pm in the NYC area on 1240am
    http://www.ultimateteenhangout.com - webcast

  2. #2
    SitePoint Zealot BoomPop's Avatar
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    FELLOW ENTREPRENEUR

    Ben,

    I am the owner of a fledgling company (much like yourself) directed toward teens. I might be interested in talking with you some more about your ventures. I've been down a number of VC and Angel "rabbit trails" myself. I have done extensive research and marketing in the demographic you are focused on, and I believe that we may each benefit from talking with one another.

    My company is called Qwacky.com. In it's prime we had over 10,000 registered members, and 2 different angel investors who supplied some much needed financial support. We also had "promises" from 2 other sources for future support, but when the bottom fell out of the internet, everyone ran for the doors. So, like many of the little (and gigantic) start-ups out there, we had to pull the plug on the operation early this year. The site will return, but it is still a little while away. Just for kicks, you might want to check out our old site mock-up (http://www.qwacky.com/newdefault.htm). Note that the site has been completely dismantled except for this page...none of the links work.

    Anyway, if you are interested in further conversation, let me know. Jason@qwacky.com.

    Thanks

  3. #3
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    Boompop,

    Thanks for the reply - I'll contact you right now
    Ben Cathers - Teen America Radio
    LIVE! Every Sunday 4-5pm in the NYC area on 1240am
    http://www.ultimateteenhangout.com - webcast

  4. #4
    SitePoint Guru prequel's Avatar
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  5. #5
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    Hi Prequel,

    Thanks for the links, I'll check em out - sorry for the fact that you and Mike have been having communication problems - have you given him a call at [advisor edit] and seen if you can get on those mailings?

    Thanks - always a finders fee, if you introduce someone to us =)
    Last edited by beley; Aug 26, 2001 at 21:29.
    Ben Cathers - Teen America Radio
    LIVE! Every Sunday 4-5pm in the NYC area on 1240am
    http://www.ultimateteenhangout.com - webcast

  6. #6
    SitePoint Wizard silver trophy
    beley's Avatar
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    Posting phone numbers is a bad idea... if you want to exchange personal information please do it privately.

  7. #7
    SitePoint Enthusiast Strider's Avatar
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    You may want to check out http://www.garage.com
    Brian Welch
    Web Design, Web Hosting and Ecommerce
    http://www.perfectpresence.com
    http://www.leadcrunch.com

  8. #8
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    Hi Guys,

    Thanks for all the links - specifically looking for the smaller round angel financing first - garage is a good startup point.

    I've already been exposed to the vc process and its not fun - we're really hoping to close the angel round first (which is open to anyone - 5-10k) and then talk to the 3 vc firms I have already made presentations in front of.

    And I don't mind about posting the phone number - its a number to my office line - I post it all over my websites and emails and such - I really don't mind having it - its not my home number or anything
    Ben Cathers - Teen America Radio
    LIVE! Every Sunday 4-5pm in the NYC area on 1240am
    http://www.ultimateteenhangout.com - webcast

  9. #9
    SitePoint Wizard silver trophy
    beley's Avatar
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    What are you willing to give for the 5-10K??? What kind of percentage or profit-sharing are you doing for that?

  10. #10
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    Hi Beley,

    Well the person would be a founding stock holder in the company - the 5-10k is really the minimum. No set percentages as we would work it out with the person we are talking about - could be a mix of direct revenue from the product and a minority ownership in the company and so fourth.

    Plus the matching stock from my partner's venture funded company. We're talking with vc firms right now and while it may be a small stake (plus direct revenue / promotion of the product) it would increase in value - but its all really how the talks go, if a person provides strategic value added capital, its a different ball game

    Obviously for 5-10k they wouldn't get majority ownership

  11. #11
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    Ben,

    I read over your site.

    Not trying to throw cold water on your venture, but I sure hope if you're serious about Angels and VC's you have all the documentation and verifications they will want (I certainly would want to see it!).

    Luck.
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  12. #12
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    Jaiem,

    Thanks for the reply - the angels / vc isn't for that current site. But to answer your question, yes, we have all documents available for any serious investor who wants to conduct due diligence on the company, as well as verify our claims.

  13. #13
    ********* Callithumpian silver trophy freakysid's Avatar
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    Hi - best of luck with it all. I've just got one experience to share. I was involved in a start-up venture about six years ago now that requred about a lot of start up capital. Several investors put in - both financially and in developing software (labour). However, one investor held out on actually coughing up the dough they had promised. Well, that changed everything and the others were not so happy with me (because I had essentially stiched together deal) when the whole thing died a premature death (would it have succeded otherwise - don't know - I doubt it actually). None the less - leason learnt. Make sure you see the colour of the invstors money and make sure that it all gets put in at the same time - one in, all in; otherwise you will end up in the mess I got myself into!

  14. #14
    SitePoint Wizard silver trophy
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    Well, with what you're talking about giving (small revenue sharing or little ownership) Angel investors wouldn't even look at you.

    We talked to angels when we were starting 2bigfeet.com and they wanted anywhere between 30-60%, mostly closer to the 60.

    It just wasn't worth it to me. We cut corners and took out an SBA loan as well as a loan from a family friend.

    Good luck though.

  15. #15
    ********* Addict jaiem's Avatar
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    Is that 30-60% revenue sharing or 30-60% ownership?
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