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BaileyBladeBaileyBlade subscriber Posts: 2
edited October 2008 in Startup Funding


Hello Everyone…





 





I am looking for suggestions for building up capital, private funding, sponsorship or anything that may help further my dream…





 





First let me give you a few details about my project… Last year I decided to build a concept sports car and let’s just say that pretty much everyone I knew thought I had officially hit my midlife crisis stage. Now I am not denying it… but I am one of those people that when an idea hits I tend to go full force until completion.





 





Anyway… I spent several months learning CAD and doing tons of research in the field of designing concept cars. I recognized many issues with various projects that have attempted to do the same and failed. Noticing these issues I decided to approach the idea in a different way in order to increase my chances for success. I have been working on the first prototype for at least eight months now and the response to this project has been extremely overwhelming. My car has been in several magazines in many counties and there are tons of articles on the internet now, I can’t even keep up.





 





Up until this point I have been spending my own money to build this car… but with all the different opportunities presenting them selves I want to look at getting additional funding that would allow me to work full time on the project and support a new facility for manufacturing and prototyping. I have a small team now and we are looking at producing and electric version as well as a special Hydrogen Hybrid. I have people asking me all the time when and where they can purchase one and if that can give a down payment to hold there spot. As of now I have not accepted any cash from anyone… But I am beginning to think maybe I should as this could serve as the initial investment without having to hand over a percentage of my company. I hope this makes sense…





 





Tom dePont of dePont Register has contacted me as they want to be the first to reveal it at the end of the year. This is huge news, same as Robb Report which I have an article coming out in soon.





 





I guess my main questions are…





 






-         What would be the best course of action?





-         Should I look at taking money upfront for a product that still has 9 months to go?





-         Would Angel Investors or VCs be interested in a project like this?





-         I am seeking $250K to $500K to get started and grow. I have already dumped 150K into everything…





-         What should be my first order of focus?





-         I am working on an Executive Summery and Business plan. (Yes I am doing it backwards.)





 





With all the attention and press I feel like I am missing opportunities by the minute because I cannot focus on it full time as I have to work. I was expected to make it to SEMA next month but will be able to do to my job… Ugh!.





 





Any guidance and help would be appreciated…





 





Thank you,





 





Neal Bailey



www.BaileyBlade.com

Comments

  • StartUpSmartStartUpSmart subscriber Posts: 0
    Hi,
    Interesting project, Neal! I think you have some great options. We started working with an entrepreneur in March that is trying to launch his business with pre-paid customers. It is a completely different type of product but a very similar start-up approach. Additionally, his last name happens to be Bailey as well. Strange!
    At any rate, I`d love to talk with you about the project and may be able to answer some of your questions above and provide some guidance.
    Please shoot me an email directly: [email protected]
  • robertjrobertj Tampa Bay, Floridasubscriber Posts: 0 Member
    Neal,
    Sounds like you have made some great progress since you previous post in March.
    There are also a number of options and possibilities that have opened up for you.
    I know it`s hard to stay focused when there are some many opportunities. If you like to discuss your specific situation please send me a pm or you can reach me directly using
    robert(at)bizgrowthmasters(dot)com
     
  • BaileyBladeBaileyBlade subscriber Posts: 2


    Hi Mark thanks for the comments…


     


    I am very familiar with Tesla motors and many of the other startups that are out there trying to get established. I have watched Tesla with great interest but I believe they are moving too fast before they have established there product in the market. I believe this is starting to show since they have only release a few of the 600 cars that they promised for delivery this year. Also they had a major lay off of more than 100 people including the Co Founder and CEO. This all happened before the economy crash too.
     


    As for a business plan, we have been working on one but it’s an ever changing plan since so many things have evolved since the beginning of the project. When I started this, the economy seemed fine… but as I watch the news everyday and see the stocks freak out and watch GM, Chrysler and Ford lay off people by the thousands I can’t help but think that this is my chance to step in and make a difference.




    I already have patents in the works and working on a LLC and getting legal consulting for the project. My only real problem is that I am running out of money fast, and need more and would like to find the best way to get funds without handing over a huge percentage of my company to VCs or Angels investors.




    I would like to look at Boot-Strapping methods as I believe I can get 10% down on pre orders. If I could pre sell 50 to 100 cars then that would cover what I need to develop this though prototyping to manufacturing. I am just not familiar with all the legal issues and methods on how to go about doing this.






    - Neal




    -

    www.BaileyBlade.com
  • st8icst8ic subscriber Posts: 11
    That`s pretty damned cool. The car looks an awful lot like a dodge viper though?
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