Should I seek Angels or VCs?

azbusinessazbusiness subscriber Posts: 12
edited April 2011 in Startup Funding
Ive done research and unsure which route would be better, VC or Angel.
About startup: Sector: IT / Software Services Growth: High Expected Annual Gross Potential: $60 million + New Idea: No, however new way in which it will be presented and who it
will be marketed to. It will be marketed to consumers whereas most in
this industry target businesses. Average Expected sale per customer: $30/yr Recurring revenue model: Yes Cost to acquire customer: $30 "first year will be a wash"
The following has been completed: Business Plan Marketing Plan Marketing Materials Designs Mascot Creation
The initial capital needed will be used to build out the systems which
will cost around $500k between a couple employees and the licensing /
fees for the systems to be built.
Once systems have been built $10 million be needed to hire on staff, business expenses and advertising. So is it better to search for an Angel, VC or both?
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