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Los Angeles Times

February 28, 2008

Cash to get you off the ground

By Karen E. Klein, Special to The Times

Dear Karen: We've developed an online product for six months and can demonstrate its functionality. Where do we look for the right person or entity that could partner with us to obtain capital?

Answer: You're in what investors call the seed stage of raising capital. You need to raise enough money to carry you through to product launch and signing your first customers.

If you'll need more than $250,000, focus your energies on venture capitalists, who look for early-stage companies seeking their first round of financing, said Mitch Jacobs, chief executive of On Deck Capital in New York. He suggested firms such as First Round Capital, Village Ventures and Contour Venture Partners.

If you need between $50,000 and $250,000, look for regional "angel" networks, Jacobs said. These are groups of wealthy people who invest in new companies.

"If the amount is below $50,000, then consider alternative financing channels, such as peer-to-peer lenders like Prosper.com or family and friend lending solutions like Virgin Money," Jacobs said. "Keep in mind that if you have a great product and have begun to demonstrate the opportunity, the right sources will compete to invest in your business. If investors are hesitant, you're either talking to the wrong investors or your product is not as investment-ready as you thought."

Got a question about running or starting a small enterprise? E-mail it to karen.e.klein@ latimes.com or mail it to In Box, Los Angeles Times, 202 W. 1st St., Los Angeles, CA 90012