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I started working with the founders of iControl at the concept stage, prior to the first $100K of angelfinancing. I am an active angel investor and on the board of Sand Hill Angels. We ended up raising $15.5M, led by John Doerr of Kleiner Perkins. This got me thinking about my role in helping companies grow up.
Your first year or two in business is where your dreams merge with reality and take a new form to guide your future efforts. Many entrepreneurs end up taking their company in a different direction after some time spent testing your initial businessmodel.
The company is about to close a $500,000 – $700,000 round of angelfinancing. Zyrra has been fortunate to make use of the campus — including interactions with diverse students, use of a venture accelerator, and participation on business plan contests ( MassChallenge ).
One truth of start-up financing is that it generally takes twice as long and twice as much money to accomplish your milestones. I took a look back at our original financial model we presented to VCs in 2004. I am an active angel investor and on the board of Sand Hill Angels.
He has veered away from angelfinancing, and has decided to bootstrap with customer money, and preserve equity ownership, foregoing any immediate dilution related to financing. Dan Stewart, President at Happy Grasshopper, has successfully generated a nice revenue stream, and is negotiating large enterprise deals.
– Mike [link] Reply Jeff Skinner , on May 24, 2010 at 9:28 am said: Steve, you don’t know me though I use your ‘Customer Development process’ video in my classes (Entrepreneurship at London Business School). Jeff skinner Faculty, London Business School. Can we touch base on this.
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