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Thread: Using LinkedIn and AngelList for investors?

  1. #1
    Discount Prodigy Array Owen's Avatar
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    Mar 2014
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    Default Using LinkedIn and AngelList for investors?

    Hello, everyone! The long-awaited (to the SBF veterans @harold) 18th birthday of mine is coming up in only a couple months and it's time to start looking for some startup money for my startup. I've been working on this company for about 5 months now developing plans, a prototype, etc. and I'd like to take this thing full time with my business partner, who is a 21-year-old banker. Point is, my wealthy awesome business partner has covered the cost of hiring the accountant, and we're in the process of registering an S-Corp in Delaware and operating in New Hampshire (most likely).

    Here's the tricky part: we need to start developing. The product is incredibly complicated and is going to require a pretty smart Javascript developer with extensive knowledge in Node.js and other APIs and frameworks. Obviously, this person would be expensive and we need some financial help in getting this off the ground. My partner and I made the decision to stay away from banks for the time being as we both don't have a ton of collateral to back the investment and no one will give us an unsecured investment. I do own a car (2004 Honda Civic) and he leases a Volkswagon, but obviously, that's not enough to collateral to back up a loan.

    We are looking for some sort of angel investment (as venture capitalists won't touch us yet) and I am stuck. I was thinking about looking via LinkedIn by messaging some investors and AngelList by doing the same and then maybe getting some sort of meeting with one of them. My family isn't going to invest. I'm putting $5k into the startup, however, the problem is I'm also doing a lot of the work in developing the company and would most likely take a higher position as I know a lot more about the industry than my partner does. He's putting about $10k in. Is this a good idea to use LinkedIn or AngelList for this? For a minute I was thinking I'd message a couple people here but I honestly don't know anyone that would listen to my pitch to invest... but you know how to private message me

  2. #2
    Member Needs New Keyboard Array
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    Feb 2013
    Ontario, Canada
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    You need to approach this from the position of not being able to get financing. Get some Javascript and Node.js for dummies books and start teaching yourself how to code. Welcome to the world of owning a business where you get to wear all the hats (some of which don't exist yet) and often at the same time.

    $15K should get you someone for 3-4 months (45-60K/year). Work your 9-5 and throw as much of your earnings into the startup and as much of your free as you can (sleep is overrated anyhow). Go on a cash preservation kick (do you really need an accountant or a corporate body at this time?).
    Brad Miedema
    Fulcrum Saw & Tool

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