(I didn’t have permission to tape the video. It has been deleted by YouTube. I probably would have been able to record it if it wasn’t over 10 minutes. Sorry!)
Many DigiDame readers have children, grandchildren, or both, who one day will be raising money for a business they want to start. I think I have enough experience to say they shouldn’t take money from folks who are not passionate about them and the project they are working on.
Most entrepreneurs will take money from anyone they can get it from. I have been involved with those deals. Many times they don’t work out well because the minute something goes wrong, the investor pulls.
I encourage you to watch the segment of Shark Tank I taped off the air. You want an investor like Barbara Corcoran for the Fidget pitch in the video. She will not let this inventor fail. She won’t run away when the big challenges present themselves. I’m not saying that Barbara is always the right investor. I’m saying that she is just as enthusiastic about the Fidget as the inventor.
My last advice is that if you don’t find a passionate investor, you need to find several deep pockets so that you have plenty to replace the ones you lose. Investing is a fickle business.