I have a friend who`s also in the startup mode producing a very popular television series. He`s got 3 angels that initially kicked in $30k and he`s been bootstrapping for the past 2 years. The product is exceptional but with the production costs and network buys he`s having a very hard time making ends meet. He`s looking to either dilute shares and give up some of his ownership, or ask the angels for more capitol. Given he`s essentially only completed round 1, I didn`t think it was out of the question for him to do this, but these angels seem reluctant to put in more money, even though this guy`s been making huge concessions at his own personal expense.
Does anyone know where there`s any public information on the typical "funding rounds" for a startup? In other words, how can this guy change the expectations of his angels that it typically takes more than one small round of seed money to get a business off the ground?
Any advice or information would be greatly appreciated.