Start up Capital

jordy at gundy.org jordy at gundy.org
Thu Apr 14 16:43:04 MDT 2005


> Greetings,
>   I'm starting a small business, and I have what I would think is an
> great Idea for a new Product.  Unfortunately I'm a little short on rich
> Uncles.  Anyone know of any good Venture Capital/Sponsors/People with
> Money to burn?  Also any tips on the best way to go about contacting and
> presenting your idea(s) to them?
>
> Peter

This is obvious but (judging by new venture failure rates) not obvious
enough: Starting a business is not only very hard, but very time
consuming, and very risky.  You'd better be positive that you are willing
to put the necessary time to make it work.  Even if you do put in the
time, some businesses just don't work.  Make sure that your idea doesn't
suck by bouncing it of off as many people possible.  Find people that have
gone through the hoops before and that have nothing to lose from being
brutally honest with you.  It may save you a lot of heartache.

If it really is a good idea and you're sure you want to do it, you might
consider bootstrapping it.  That way if it doesn't work, you didn't loose
very much.  If a time comes that you need outside funding in order to
grow, a profitable company will get you much better terms than a good idea
will.

If your dead set on seeking funding, you might check these guys out:
http://www.fundingutah.com/utah-investors.php
http://www.utahangels.org/

There are also venture capital firms available.  They're all down by
Walmart in Orem.  You might talk to Josh Coats about that option.  He's
very knowledgable and will give you a good reality check if you need one.

There are also quite a few entreprenurial groups around that have access
to good information.  If you want to be successful, you should consider
involvement with those kind of groups.

There's a lot of that info about those groups in Paul B. Allen's blog here:
http://www.infobaseventures.com/blog/
It should be a good place to get started.

Paul is slated to come talk to UVLUG (http://uvlug.org) about e-businesses
this summer, so watch out for that.

Other than that, good luck.

Jordan



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