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Interested Investor - Broke Entrepreneur
by annamarie » Thu Mar 18, 2010 9:41 am
- annamarie
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After seeing a video of my patented product, a VC sent me an (unsolicited) letter, advising me of the profit potential of my product. He essentially offered me 1M+ to get started.
He wanted me to fly to California to attend two different meetings with their investors. If all went well, I would have been approved and financed.
Unfortunately, I was broke. I tried to gain access to a credit card from my bank, but was denied. Friends and family are broke as well. As such, I had no funds for transportation and lodging, nor for any legal consult.
During our last conversation wherein he was scheduling me to come out, I told him I didn't have the means to fly out. The conversation quickly soured and the phone call abruptly ended. Needless to say, the opportunity was lost.
I didn't know quite how to handle this situation, other than to be upfront and honest. Has anyone had a similar situation happen to them? How did you handle it? In this economy, money, credit and jobs are few and far between.
Thank you for your advice.
He wanted me to fly to California to attend two different meetings with their investors. If all went well, I would have been approved and financed.
Unfortunately, I was broke. I tried to gain access to a credit card from my bank, but was denied. Friends and family are broke as well. As such, I had no funds for transportation and lodging, nor for any legal consult.
During our last conversation wherein he was scheduling me to come out, I told him I didn't have the means to fly out. The conversation quickly soured and the phone call abruptly ended. Needless to say, the opportunity was lost.
I didn't know quite how to handle this situation, other than to be upfront and honest. Has anyone had a similar situation happen to them? How did you handle it? In this economy, money, credit and jobs are few and far between.
Thank you for your advice.
Re: Interested Investor - Broke Entrepreneur
by apapage » Thu Mar 18, 2010 7:14 pm
- apapage
- Green Belt
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That seems short sighted on their end. They can easily understand your invention from your video and the patent. What was the name of this firm?
A Papageorgiou
http://www.patentlawforinventors.com
http://www.patentlawforinventors.com
Re: Interested Investor - Broke Entrepreneur
by jackbnimble56 » Fri Mar 19, 2010 5:50 pm
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jackbnimble56 - Brown Belt
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- Joined: Thu Mar 26, 2009 11:28 am
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Anna
Something doesn't add up there. First, I find it REALLY hard to imagine that a genuine venture capitalist would throw out a number that big based solely on seeing a video of your product. Second, if they thought the product was so attractive that they would throw out such a number they should have been more than willing to fly you out on their dime and have a limo pick you up!
I think if you asked almost anyone here with experience they would tell you it's NEVER that easy! Can you please post a link to your video and tell us the name of this alleged VC person? If we put our heads together I'm sure we can get to the bottom of this. If it looks as though this person bailed on what could have been a great opportunity for a product with a lot of potential, I'm willing to bet that I could find you a REAL venture capitalist!
Jack
Something doesn't add up there. First, I find it REALLY hard to imagine that a genuine venture capitalist would throw out a number that big based solely on seeing a video of your product. Second, if they thought the product was so attractive that they would throw out such a number they should have been more than willing to fly you out on their dime and have a limo pick you up!
I think if you asked almost anyone here with experience they would tell you it's NEVER that easy! Can you please post a link to your video and tell us the name of this alleged VC person? If we put our heads together I'm sure we can get to the bottom of this. If it looks as though this person bailed on what could have been a great opportunity for a product with a lot of potential, I'm willing to bet that I could find you a REAL venture capitalist!
Jack
Nimble Jack Enterprises - Innovative Solutions to Everyday Problems
To purchase the Magic Toob product visit: http://www.magictoob.com/
To purchase the Magic Toob product visit: http://www.magictoob.com/
Re: Interested Investor - Broke Entrepreneur
by MississippiInventor » Fri May 21, 2010 3:48 pm
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I agree with the other posts.
This doesn't make sense.
They shouldn't have cared about how much money you do or don't have. If they were interested in licensing it they should be interested in how much money invention might make them, not the number of dollars in your wallet.
1) Anna, what was this person's name, and who were they with?
2) Have you worked with a fraudulent invention promotion company in the past? (Sometimes if you have, their schill companies (http://en.wikipedia.org/wiki/Shill) will send the inventors letters to make the inventors feel like the original company has done something good. But nothing good ever materializes from these letters.)
This doesn't make sense.
They shouldn't have cared about how much money you do or don't have. If they were interested in licensing it they should be interested in how much money invention might make them, not the number of dollars in your wallet.
1) Anna, what was this person's name, and who were they with?
2) Have you worked with a fraudulent invention promotion company in the past? (Sometimes if you have, their schill companies (http://en.wikipedia.org/wiki/Shill) will send the inventors letters to make the inventors feel like the original company has done something good. But nothing good ever materializes from these letters.)
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