2 ms·

Thanks for the insight. What was the average amount of money you raised from your friends? What was the largest and the smallest?

• smoody 18y ago
  We didn't take anything too small because we were trying to keep the number of formal investors to a minimum. For smaller amounts, in the $1000 to $2000 range, I asked my friends to loan me the money. When friends of invested in a formal round, the sums were higher than that. I don't remember the exact numbers, but probably in the $5000 to $10,000 range -- and, at that, I only asked a few friends. Basically, I asked them to come up with an amount to where, if they lost it all, they wouldn't hate me. :-) But, remember, if you're going to keep everything clean from a legal perspective, anyone who invests who is not an employee has to be an "accredited investor." See: http://news.ycombinator.com/item?id=373366 http://news.ycombinator.com/item?id=373366