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May 30th, 2007
by NathanVenture Capital

ben franklinA venture capital firm called today. It turns out that we’re not quite hot enough for VC investment yet.

VC: “So we typically invest in companies with at least $500,000 in quarterly revenues…”

Me: “HA!”

Though I won’t be buying a Porche and an eight ball tonight, the call was productive. The partner I talked to was friendly and informative. He said that we should get seed or angel rounds of funding then talk to VCs.

It was nice of them to call though. We must be doing something right if we look expensive enough for a reasonably well known VC to call us up unsolicited.

I do feel like it might be time for us to seek investment to take us to the next level. Having to worry about consulting and day jobs is like driving around with your parking brake on.

This entry was posted by Nathan on Wednesday, May 30th, 2007 at 5:08 pm and is filed under Development, Behind the Scenes. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

5 Responses to “Venture Capital”

  1. Duff OMelia Says:
    May 31st, 2007 at 5:09 am

    Nathan,

    Perhaps Paul Graham’s Y Combinator ( http://ycombinator.com/ ) might be a fit.

  2. Nathan Says:
    May 31st, 2007 at 11:29 am

    Duff, maybe so. We’re not too old to sleep on futons and live on ramen.

  3. Kyle Says:
    May 31st, 2007 at 12:17 pm

    What on earth kind of business model could you possibly be pitching to a VC?

    You’re last blog post was asking how best to place ads. This means your business plan consists of “somehow sell ad space.” A VC probably won’t take that seriously.

    BTW, I love newshutch :) Hope you guys can figure out a way to monetize it and get VC, if that’s what you need…oh, and keep it free for me :)

  4. Matt Says:
    June 1st, 2007 at 2:04 pm

    Speaking from personal experience (i.e. YMMV), I found that as I monetized my online ventures, I began to see my day job as less of an essential part of my life. Once I was comfortable with the income from my businesses, I quit my job. There wasn’t a sudden switchover - more of a steady fading of one income to the other.

    Monetize Newshutch first, then one you are stable, fade your less desirable commitments out. The feeling of relief was awesome!

  5. Nathan Says:
    June 1st, 2007 at 11:00 pm

    That’s the plan so far Matt. I quit my job in April 06 to work on Newshutch and consult. We’ve just kicked things into high gear, we’ll announce more soon.

    Bouldr is really cool btw :)