Brother, Can You Spare a Dime?
One of the toughest stages for an entrepreneur to find financing is during the startup phase. It’s even tougher if your startup is in the idea stage, has no revenues, and doesn’t even have a real product yet.
Although I’m not a regular viewer, I enjoy the occasional episode of the ABC TV show, Shark Tank.1 In one show, a pair of entrepreneurs excitedly pitched what they believed was a slam dunk (if only one or more of the sharks would join them). They had a working prototype, they had researched the market, and they had a fairly compelling pitch. What they didn’t have was a track record, any revenue, ...