Do you have a great idea for a business? Sure you do, who doesn’t, but the question is how do you raise the capital to start this great business or fund your new invention. Perhaps it is a technology device or perhaps it is a simple solution that is needed and you intend to fulfill that niche?
Hey, let’s face it there have been some wacky inventions or ideas, which have made millions right? Indeed, the Hoola Hoop for instance, but that is just one idea of 1000’s, which have retired their creators rich.
Okay so you have a perfect invention and for the sake of argument let us say it is a Automatic Dog Frisbee Thrower Machine. The Frisbee fires off and spins some 100 feet and the dog runs and gets it. Then the dog returns the Frisbee and puts it into the shoot like the hopper of a Tennis Ball Machine, again away goes the Frisbee. After 3-times it gives the dog a treat and after ten times it fills the water bowl up; great invention right?
Yes, smart thinking, now you need funding, perhaps 500,000 to a million dollars to make the machine, market it and start your company. Now they you design a perfect business plan and start submitting it to venture capitalists. But wait, you see they do not want you business plan, they want only an executive summary.
So be smart and save the trees, send them two-pages of summary and call them back in a week. They are interested in maximizing return on investment. They want all their money back in times ten in 3-years and then perhaps sell the whole company out or take it public. So if you want VC money, you need to know that up front first off. Consider this in 2006
