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| Finance Our Business Plan, How To? |
Question:
We are in a rather frustrating predicament.
We have a plan for an Internet software/service
product that is quite innovative and
is honestly projected to generate
millions in return within 2 years
(We make money by the end of the first
year. The whole investment required
is about $600,000 over the first 7
months (according to a scheduled projection).
We've done our homework, spent time
on research, surveys, and brainstorming.
Our plan is impeccably perfect. But
we can't find a backer to finance
this thing, mainly because it's a
start-up. We have searched the Internet
and submitted it to about 10 different
funds (including the Java Fund) but
keep coming up dry. Any ideas where
we can go? It would be a tragedy to
lose such an idea for lack of start-up
capital.
Answer:
There is a business startup group
in Albuquerque, NM where experienced
business executives and entrepreneurs
help people with ideas connect with
venture capitalists. I believe
they modeled their group on others
that have been formed around the US.
You might contact your local
Chamber of Commerce to see if they
know of such a group. Some colleges
and universities have also developed
small business incubation centers.
And then there is always the
Small Business Administration.
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