Investor Updates

Since I last wrote we met with the Venture Capital people. It was a really interesting meeting that went better than I thought it would. The only complaint was that I didn't tell them exactly what bodbook was (social network). I did gloss over that point b/c I assumed that they had some knowledge about what it is we were doing from the executive summary of the business plan (the main guy didn't read it). Luckily the person who convinced the main partner to meet with us did understand the opportunity and was able to pitch the finer points for us. My feeling is that we are a little early stage for these guys...but who knows.

I also had another last minute meeting with another potential investor. I felt like that meeting was much more fruitful. He is an Angel investor that puts in money at the earliest stage. He and his partner have the money we need now, and the connections we need later to grow bodbook so I see this as being a better fit. There's only one hitch and that is that we would have to move to Montreal, as that is the only place they invest. I don't consider this to be a big issue since Montreal is our second biggest market in Canada.

I also had lunch that same day with Ben Yoskovitz from Standout jobs. They had a deal with the VC that we met with in the morning, but things fell apart along the way to the cheque actually being signed. I had heard of Standout before things went south with the VC and had asked for their advice on how to approach the meeting. Ben was really generous with his time and gave me alot of really useful advice. Anyhow, we met for lunch and discussed startups, investors, and the entrepreneurial climate in Montreal. I got a really good sense that the development of the entrepreneurial community was growing by leaps and bounds. So moving bodbook to Montreal sounds like it holds alot of promise for our fledgling little company.

We are now about 5 weeks to launch and things are looking really great. I'll keep you posted.