The idea that fundraising now is easy is a myth. I'll give you that it's as easy as it's ever been but it's not easy. It requires a lot of prep work, time, and full time dedication. And unlike 10 years ago, it now requires a prototype of some sort.
If he was going around with an idea asking for money, that would be a tough sell. If you're going around asking for him, that's an impossible sell.
Here are some red flags for investors:
- Do I want to invest in someone who's risk averse and will likely give up when things get tough? (and things will get tough)
- What's his track record for product execution and how can he prove he can build a product in a reasonable amount of time? (i.e. not two years)
- What's his team or reference that can confirm the genius behind the man?
It sounds like your friend is more of an employee #1 person than a founder, which is fine. Maybe instead of looking for money you should be looking for someone who can kick off the prototype and can later help with the fundraising process. In any case, your friend needs to be the one speaking.
If he was going around with an idea asking for money, that would be a tough sell. If you're going around asking for him, that's an impossible sell.
Here are some red flags for investors: - Do I want to invest in someone who's risk averse and will likely give up when things get tough? (and things will get tough) - What's his track record for product execution and how can he prove he can build a product in a reasonable amount of time? (i.e. not two years) - What's his team or reference that can confirm the genius behind the man?
It sounds like your friend is more of an employee #1 person than a founder, which is fine. Maybe instead of looking for money you should be looking for someone who can kick off the prototype and can later help with the fundraising process. In any case, your friend needs to be the one speaking.
Good luck!