I am in the early stages of trying to turn my idea and business plan into something a little more..... real. I have a couple of questions as I work on my business plan and get ready to go angel hunting.
My initial thought is to contact local entrepreneurs who have made their money in the same industry. To my knowledge, my idea is pretty unique so should I be concerned about sharing it with people in the industry who would have the ability to take the idea and run. Is there anyway to protect myself from this? Obviously, it would be a great thing if my idea turns out to be good enough to steal but I`d like to come out of this with something more than a burning resentment. I realize that finding an angel is likely to be an uphill battle anyway and don`t want to come across in my initial contact as a jerk.
Somebody here suggested I think about adding people to my team to make my plan more attractive to a potential investor. Currently, my team consists of me. Adding staff - a VP Sales or Marketing - would greatly increase my capital requirements and I`m not sure I could attract good candidates to a seed stage company anyway. Do you think it would be feasible to add directors or an advisory board? If so, that brings up a couple more questions. What sort of compensation do these positions normally command? Also, good candidates for an advisory board are also likely to be suitable to be investors. Can I pitch to them as an either/or proposition? Would you like to be a board member and/or an investor?
I`d greatly appreciate your thoughts on these questions.