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Internet Start Up Advice

 
#1 Internet Start Up Advice
22/09/2003 00:00

Hi. About six months ago I came up with what I believe is a great concept for a profitable website. I have done a lot of work to develop this concept in order to make it ready for the next stage of development. I am a bit stuck as I really need advice about how to continue but I don't have the funds to pay for this advice. I am hoping to try and get a Business Angel but am unsure of how to go about this. Any advice/help?

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#2 Re: Internet Start Up Advice
23/09/2003 00:00

Ed

You should go to the Association of Buisness Angels. However, watch out!, they will probably try and charge you £500+ to write the business plan in the format that their investors like and expect.

In my limited experience of dealing with business angels, you may be better off networking and finding a high net worth individual to back you initially. Not only is this cheaper - it is often quicker. Although I am sure many people do have success with business angels.

Alternatively you could go to a corporate finance broker. However, it is unlikely that you will get one to produce a business plan and market it to potential investors for less than £1000+ upfront plus a large success fee (ie £20,000+) if they succeed in raising finance for you. A good broker will charge more.

Be suspicious of anyone offering to work for you for free or on a 100% success fee basis.

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#3 Re: Internet Start Up Advice
24/09/2003 00:00

Thanks for your advice! After posting my original message, I have recieved interest from some high net worth individuals. Assuming they are interested in my proposal and wish to go ahead and invest, would you be able to advise how I would protect my intrests from theirs etc

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#4 Re: Internet Start Up Advice
25/09/2003 00:00

Ashley Smith

You could try www.firsttuesday.com

The purpose of their organisation is to introduce people with ideas to people with money. They meet every month on the first tuesday (hence the name). Good Luck

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#5 Re: Internet Start Up Advice
25/09/2003 00:00

Ashley Smith

Don't even think of short-cutting on deal-making. You need a good lawyer and accountant (make sure they are from reputable firms). There have been occasions where the lawyer or accountant has made all the money.

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#6 Re: Internet Start Up Advice
25/09/2003 00:00

Johnny Carew Pole

I have a background in strategy consulting, and am interested in investing in ventures such as this. If you are still looking for potential backers, send me an email (johnnycarewpole@yahoo.co.uk) and give me some further details.

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#7 Re: Internet Start Up Advice
26/09/2003 00:00

Nigel Haskins

Hi.

If you're serious, try getting hold of Lucius Carey and the details of Venture Capital Report which is the standard mag for business angels and venture capitalists. If you want to try to speak with Lucius, mail me at nhpublic@btopenworld.com and I'll see what I can do.

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#8 Re: Internet Start Up Advice
26/09/2003 00:00

Thanks for your post. I have mailed you and am looking forward to hearing from you.

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