Tuesday was a “free” day during which we worked on various aspects of the demonstration. We optimistically had lunch with a Silicon Valley lawyer on the off chance we might need his help if someone were interested in funding our business.
Tuesday was also the evening of the Founders' dinner, an event where the 40 Launch! founders had dinner with 40-50 angel and VC investors. A very interesting evening where I met a number of prospective investors who seemed interested in our product. But like every investor we had spoken to up to that point, understandably, they want to see a completed product, and, ideally, a few customers. As the product goes into testing we’ll reconnect with those folks I traded cards with.
This evening resurrected my on-going question about funding. I still don’t understand the valuation disparity between an “idea” product that has no identified revenue model and its disruption value is questionable vs. a product like ours – one that is highly disruptive in a popular and huge market and includes a tightly integrated revenue model. Why are the ideas with bigger question marks generally regarded with greater interest on the west coast?
Wednesday my daughter Sarah who lives in Northern California and is a media specialist joined us to help with video and photography during our presentation. We quickly enlisted her to build the new web site instead of attending the first day of presentations.
We spent the entire day working on our presentation and the software. We didn’t make it to the event until 5:00 PM – in time to watch the day’s wrap-up discussion and attend the networking cocktail party. At that event we met a number of significant contacts including one who pointed us in the right direction for finding quality dedicated software development resources … our biggest challenge to date.
Check back in a couple of days to check out our pitch.