Below is an excerpt from this article that is helping to conceptualize a funding path for the GDF11 supplement...really need a better name. Anyway it does echo what Prof. Zak has been saying, but it's got an interesting context. Especially for Tess' CREATE lab enterprise.
WHY VENTURE CAPITAL WASN'T RIGHT FOR ME AND 15 ALTERNATIVE FUNDING SOURCES
"All this research helped me to construct a new conceptual funding path for my business. It looks something like this, from early stage through growth and then world domination:
bootstrap > grants > crowdfunding > angels > angel groups > profitable > line of credit > strategic investment > private equity > and finally acquisition
In terms of what I’ve done thus far to fund Build & Imagine: bootstrapped prototype with $15k of my own money, got a tiny private grant, engaged with NSF in a grant application and realized it wasn’t a fit, raised $30k on Kickstarter to fund product design, tried to interest angel groups and failed, and just closed $600k in individual angel investments to fund manufacturing and market entry. Hurray!"
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