Finding angels isn’t easy for startups
Pity the poor startup.
Scores of technology startup companies in the Mid-Atlantic region have pitched their ideas to
investors over the past year, only to come away with little or no funding. By many accounts, the recession and stock market losses have turned swashbuckling early-stage investors into penny-counting worrywarts.
As a result, more entrepreneurs have relied on so-called bootstrapping – launching a business by funding it themselves along with help from friends and family, and keeping it as lean as possible until they can attract venture capital investment. The few who can lure investors today are regarded as having won a lottery of sorts – one made possible by their own sweat equity, and not by chance.
“It’s tough to get funding right now, so we’re keeping our day jobs and working on it on nights and weekends,” said Brian Tomasette of Baltimore, co-founder of SocialRoster.com, a networking Web site for athletic leagues. “Essentially, we found that VCs [venture capital firms] just aren’t investing.” Read full story:
