Decius wrote:

Elonka wrote:
If you want investors, you have to have a formal written business plan. Which doesn't mean a plan as in "this is what we're planning to do over the next 5 years," but a plan as in, "This is what we think the market can make, this is how much money we want for our company, and this is what kind of return our investors can expect. Do you have that? A written plan, in a language that bankers and VC can understand?

Well, we had the makings of this back when we got started, but in 2001 the idea of a consumer oriented website did the same thing to investors that soap does to water. Rattle and I talked yesterday about putting something together again.

I think you need to dust this off and quick. For one, you and I know that you have many opportunities with what you've developed but you've got to strike the iron when it's hot. Two, you and I also know that where there's one company in a space that's gotten funding, there are two or more than haven't (yet). Sometimes if a space is hot enough or strategic enough (or sometimes still, when someone has a grudge at XYZ VC firm) that copy cats will get funded. This is particularly true if the growth rate is good but the model is not clear (witness anything having to do with blogs). VC is all about spreading risk, so growth matters more than anything and we'll find the model eventually that will win.

I'd be glad to help here btw.

RE: Wired News: Digg has millions in funding