Archive for February 2007

Collecting investor checks…

So we’ve started collecting investor checks this week after two months of following up with prospective investors with our business plan and legal documents. This is a grueling process. Our first investor was actually a family member and our second was a family friend of my parents. There are a couple other checks from family members in the mail we should received shortly. We are so happy that they have put their trust and confidence in us to protect their investment. We will do everything we can no to let them down! As corporate treasurer, book-keeper, and CFO (among other less glamorous titles), I deposited the checks into our Citibusiness bank account proudly and am excited to see our account balances shoot up when we get our bank statement at the end of this month.Raising money is the least fun activity we’ve had to go through. I’ve been leading the charge on this, given my background in investment banking and general understand of the legal documentation and financing jargon. It is definitely humbling to ask the people around you to invest in your new business. At this point, I realize they are investing in us; my contacts are investing in me, and Seth’s are investing in him. I guess this is what I’m hearing about VCs investing in the management teams of start-ups. It’s just because there’s nothing else to invest in at this point. However, friends and family know me personally and are much more likely (hopefully!) to put their faith and their money in me and our company. I can tell already that it will be challenging to convince complete strangers (VCs and Angels) to take a ride on our stock until we can show them business progress as a grounds for making an investment. We’ll just have to keep pounding the pavement… JT