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when not to raise money May 4, 2007

Posted by Timothy Li in Entrepreneurship, Venture Capital.
3 comments

stop sign

I had a chat with person A from a local VC firm two weeks ago regarding my B-mote project. I received the following comments towards the end of the chat:

“Do not raise money right now, even if you manage to raise money, you will waste it”

“Before you do anything else, go to your customers directly and pitch them. when they want your product and you need money to make it, that’s when you raise money”

What person A said made a lot of sense. lesson learned.

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Paid By An Angel May 18, 2006

Posted by Timothy Li in angel, college, Entrepreneurship, Funding, university, Venture Capital, waterloo.
1 comment so far

I attended an information session "Paid By An Angel" today, well I did a little more than that but it's quite embarrassing so I won't….. OK.. I pitched again, a little better than last time =).

The session was hosted by Gregory Brill from infusion development. I first met Greg at CUTC in January 2006 and I still vividly remember how he passionately encouraged students to make things happen – "guys, shut up and do something!" Now four months later he comes back as an angel, i'm totally convinced now that he means business – he wants to encourage innovation.
The session was very rewarding. Greg taught the other students (I learnt second hand) that Angels care about these things in this specific order:

  1. exit option
  2. capital allocation
  3. revenue model
  4. protection
  5. competition

And alarmingly enough I did not hit most of these during my pitch again. This got me thinking hard, and the buzz begins…