Showing posts with label flightwish. Show all posts
Showing posts with label flightwish. Show all posts

23 February 2007

Old New Venture

Sometimes you just plain run out of energy.

That's what happened to us last year.  Bruised and sore from the sheer amount of energy we put into Flightwish, only to be repeatedly turned down, we gave up.  I even contemplated selling our domain names – a nice block of four closely-related names – on eBay.

But, as renewal date for the domains approaches, we have decided to give it a go once more.  After all, before we got involved with business plans, venture capital companies, bullshit artists, prototypes and minds-games, the idea really was cool, and targets a real need.  After all, the concept originated with my Dad -- a total non-techie, which gives it a lot more credibility than most of the web startups out there.

So we've started kicking the tyres again, and lo and behold! The fun is creeping back into it!  We've no idea whether we can make any money out of this, now or ever.  We don't care, right now.  We have a cool idea for a web community that we want to put together with some help from our friends, and we're going to have some fun doing it for as long as we can keep the lights on.  Drop me a line if you're at all interested...

We've put up a fun front-page so far, where we can drop a few hints as we work on the software.

19 July 2006

When Funding Falls Through

Just received email to the effect that the funding deal we were hoping for has fallen through.  Again.

I confess I'm rapidly losing faith - not to mention running out of money to keep the roof overhead.

We've been trying to get funded for about six months now, with a conspicuous lack of success.  I freely admit that for part of the time we were simply not trying very hard: the deal on the table was too tempting for us.  We were close enough to the investor that we had no need to draw up a very formal business plan for pitching (though we certainly did have an internal operational/development business plan) so we were pretty lackadaisical about the whole thing.

A couple of months into the negotiation it became apparent that the amount of money we were negotiating would be insufficient to get the business as far as "revenue generating", and the amount we would really require was more than the angel-group were willing to invest; "Too rich for our blood!"  Fair and reasonable; indeed the right decision for all concerned, since we would otherwise be throwing money at a venture doomed before it started.

So we then had to spend considerable time working up a reasonable (I think!) "pitch" business plan for another angel investor.  They're the ones who have turned us down this morning, and I can understand and sympathise with their reasons - essentially they feel that the market we wish to tackle is just too tough, and we are neophytes in the space.  We agree.  We've known it all along, and addressed those problems in our business plan, but evidently it wasn't enough to convince them to part with (about) USD 1million.  That amount will get us about to public-Beta in a timespan of about 4 months.

So.  Anybody know of an angel/venture group wanting to get into the social-web space in a venture that has real-world revenue streams (i.e. We're not planning on ad-revenue) in a USD45billion/year industry? (And Yes, that's a "b", not an "m".)
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