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San Francisco Investor: "$300k is nothing"

Yesterday I was attending a conference here in San Francisco.  This was my second conference here and was a good one.  I like to meet different people to promote my new startup product, Nimbb.

So at this conference, when was the time to socialize with others and do some networking, I wanted to talk at a few investors.  This time, I had in hand my Archos 9 PC tablet.  Why? Because I could actually show Nimbb (a video recording technology using Flash) to potential customers/investors.

Doing live demo is always great.  I noticed that using my laptop in front of the TechCrunch Disrupt conference.  With the tablet, it was even easier.

So I meet this investor which do early stage startup (something I'm currently in).  I pretty much forced the guy to look at my demo of Nimbb.  Or actually, he was quite interested.  Either way, he asked me "What do you need?"  So I explain a few things I'm looking for in an investor.  Then, he asks me "How much do you need?"

I was actually thinking quite fast and I first thought about saying a number between $200k to $250k. I decided to answer saying "$300,000".  To my surprise, his answer right away was "$300,000, this is nothing.  We have some people coming to us saying like 8 millions."

Of course, I wouldn't expect this reaction from all the investors here in the Bay.  But I had two thoughts after meeting this investor.

1) There is still a lot of money here.  For a one-man startup like mine, $300k is a lot.  But from their view, this is nothing.

2) Maybe I'm actually not asking enough.  I feel like that most startups that get media coverage on TechCrunch receive at least $1M in investment.  So what is wrong with being successful with as little investment as possible?

By the way, $300k investment in Montreal would be considered an awesome load of money :)


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