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Where to turn next?

Quick background. Have been in the process of ironing out a business idea for about 2 years now. Yes, a long stretch, but I am doing this alone at the moment and I have zero experience (more on that in a moment). A business plan has been completed and have been in the process of looking for investors for about 4 months now. Have a business license and own the website where the future business will land. Seeking $650k to get started.

About me very quickly. 40 years old and I have never started a business. Have mostly worked in customer service fields and currently work in the transportation industry. The business will be tech-based so had to do some self-learning along the way.

The broker I have been using keeps stringing me along that he has 3 parties interested and have gone through due diligence. He is just waiting on them to submit term papers at this point. When we first started working together, he told me everything should be finished with-in a month or two at the most. That was 4 months ago.

At what point in time do I start looking for my own investors and by pass that company? Also, if I am under contract with that company for 3% of the total investment, would I have to cough up finances if I were to find investors from outside of him? Also, anyone know of a good place to start looking?

No, I do not have any family with money nor friends. I am the richest person in both circles and I only make about $40K/year. My credit went to crap during the housing market bust so I am unable to get financing from the banks either. Needing about $650K for the first year.

Will take all advice and use it to the best of my ability.

Thanks

  • Dump the broker and bootstrap. Find some offshore developer(s) or partner with someone in US who knows how to develop and/or offshore.

    Broker won’t do anything for you except sue if you do find investor on your own. Terminate contract with broker “for cause” and send him/her notice that they failed to live up to their end of the bargain and that you are terminating and owe them nothing more. Many “brokers” are like conmen with nothing to actually sell: https://en.wikipedia.org/wiki/George_C._Parker

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  • Yea so basically don’t quit your job until this new startup can pay your bills. I don’t even know any investors who invest in risk anymore, and I’m in the Bay Area. You’re probably an unknown quantity with admittedly no experience, so you’re only going to raise money from friends, family or fools at this stage.

    Find a CTO, grind it out, make it work. Do not waste your time looking for money outside of your direct network. Investors want a two hand slam dunk. Unless you can deliver that today, they are not worth your time.

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