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You can take
any word associated with entrepreneurship that excites you, like opportunity,
growth and success, and completely remove any pleasure it arouses simply by
adding the prefix “capital”.
At least,
that’s how it felt to me over the past year.
I had spent several years creating, what I considered, the perfect plan
to disrupt a high-profile, established industry with a long-term solution that
requires minimal capex, virtually no overhead and immediate start-up
viability. It was one of those “holy
moly” moments once it all came together in narrative and numbers. In fact, it was so compelling, I had friends
and family asking to invest from the moment I revealed what had just emerged
from my incubator!
But the
friends and family capital component – my first generation “Angel Investors” –
only got me a few strides into the $700,000 capital raise. I had to identify the non-related Angel
Investor prospects and $500,000-range Venture Capital/Private Equity groups to
solidify the project capital piece. I
started the canvassing full of enthusiasm and, nine months later, I’ve kicked
over every pebble on the beach without successfully finding that pot of gold.
So, here are
some thoughts and conclusions on my seemingly interminable capital raise that I
hope will help you, my fellow entrepreneur, if you’re pursuing your own raise right
now or planning one soon. And, maybe
more importantly, this might be a valuable script and Rx towards a healthy
outlook on the process from day one.
Compulsion is King
I am extremely
meticulous and thorough when it comes to business planning. I appreciate the value of the “story” as much
as the financial model that validates the plan.
Both pieces – the narrative a… Read More
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