If your Bitcoin-related startup or other business opportunity is seeking feedback on business development, or even outright investment, here’s what you should know about the process, and here’s what to do.
The Cold, Hard Truth
This page is about cold, hard truth.
It’s important to understand that nothing on this page need reflect one way or the other on you as an entrepreneur; it’s just the way it is. So, if you’re inclined to take these things personally, I’d recommend not seeking external investment or detailed feedback for your proposed business at all. Seek support from friends and family, get things ticking over nicely and establish some track record, and reconsider your position when your business is firing on all cylinders.
Here’s What You’re Asking For
Unless you’re running an already established business with revenues well into seven figures or more in dollar terms, you should expect every prospective investor you approach either to offer you significant feedback or to politely shut the door in your face. Why? Because either your proposal holds enough promise that almost any early-stage investor active in your niche is going to consider engaging with you substantively and in detail, with a view to evaluating whether to become involved, or your proposal is so lacking in one or more areas that it is not worth any further investment of their time. There’s very little in between.
Therefore, when you ask any investor whether they’d like to support your business proposal, you are, first and foremost, asking them to donate consultation time to you. You’re not offering them a once-in-a-lifetime opportunity. You’re not doing a roadshow. You’re not deigning to bestow some diamonds in the rough upon investors clever enough to share your view of them. No, you’re asking for free consultation. There’s simply no getting around that — unless you know in advance that your proposal is so lacking that they should just politely shut the door anyway, in which case, why bother?
In the Bitcoin world, the reality is that a great many of the business “opportunities” floating around fall squarely into the “don’t bother” category.
Here’s How to Do It
When reviewing any business proposal, we take the job seriously. We spend some time on it, and often we provide significant feedback that may encompass technical, financial, and strategic aspects of the business. But since the original BTC Growth hedge fund-style service launched in August 2013, the number of unsolicited business proposals we’ve received has increased significantly, to the point that we are no longer able to provide free consultation just for the asking, in the way that we did from time to time in the past.
So if you are serious about seeking external feedback on business development or direct investment from outside investors or via one of our own efforts in the Bitcoin space, you’ll need first to send a non-refundable 0.01 BTC to the following address (which will then be replaced with a fresh address):
This will cover the time involved in reading, evaluating, and potentially offering feedback on your proposal. Then send your latest details, including a summary business plan and outline of your existing capitalisation; where relevant, please include an explanation of the type of funding you’re seeking (debt vs. equity). If we need more details after taking an initial look, we’ll come back to you and ask for more.
If you’re not particularly serious about seeking detailed feedback on business development or investment from outside investors or via one of our own efforts in the Bitcoin space, then that’s OK too. Stipulating all this up front is specifically designed to save us some time by weeding out less serious enquiries, so no hard feelings either way: we wish you well with your efforts, and maybe we’ll meet again in future.
No warranty or representation, either expressed or implied, is given with respect to the accuracy, completeness, or suitability for purpose of any view or statement expressed on this site. This article was originally published by Dr Greg Mulhauser on .on and was last reviewed or updated by