Fundraising from... you - Need $5,000 from 500 people, each giving us $10. • Hacker News Board

Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

#1

Post by leolin » Wed, Dec 19, 2007, 11:08 PM UTC

https://www.fundable.com/groupactions/groupaction.2007-12-19.5536225936

We really need to finish this project and we need $5K from 500 people total, each giving us $10.

We're a 2 man startup in Palo Alto. We're looking for angel investors for a while but can't really get connected or referred. It's been more than 8 months since we started working on it. We're close to a private beta, but we can no longer work full-time on it. We just need to get a day time job again to pay rent and food.

With $5k we can go full-time again for 2~3 months and finish beta much, much faster.

Since we're asking money from you, we have our executive summary, resumes, and a 5-min presentation movie available for download.

- Presentation Movie

http://bookvair.com/pitch-qt.html

- Executive Summary and resumes

http://bookvair.com/bookviar_files.zip

- Project Page

http://bookvair.com

We'd also like to invite contributors to be our first group of users, and give them special deals when we roll out book swapping features.

I understand it's not the "normal" way to ask money but we're willing to try every way possible to make our website go live.

If you have any comments, critics, feel free to post. They are as valuable as money donated.

Thank you very much.

Merry Christmas!

Leo & Jason

sayaww@gmail.com

Re: Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

#2

Post by jakewolf » Wed, Dec 19, 2007, 11:10 PM UTC

I'll give you $100 if you give me $200 first.

Re: Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

#3

Post by ph0rque » Wed, Dec 19, 2007, 11:28 PM UTC

Hmmm... this might become a good way to raise money. I wonder if it's possible to make it tax deductible unless the company becomes successful and pays "dividends"?

Re: Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

#4

Post by rms » Thu, Dec 20, 2007, 12:10 AM UTC

ph0rque wrote: post #3

Hmmm... this might become a good way to raise money. I wonder if it's possible to make it tax deductible unless the company becomes successful and pays "dividends"?

I once considered selling equity like this as a kind of micro-IPO but it gets messy with non-accredited investors and all that.

Re: Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

#5

Post by leolin » Thu, Dec 20, 2007, 12:18 AM UTC

rms wrote: post #4

ph0rque wrote: post #3

Hmmm... this might become a good way to raise money. I wonder if it's possible to make it tax deductible unless the company becomes successful and pays "dividends"?

I once considered selling equity like this as a kind of micro-IPO but it gets messy with non-accredited investors and all that.

What happened then? Some thing went wrong?

Re: Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

#6

Post by rms » Thu, Dec 20, 2007, 12:22 AM UTC

leolin wrote: post #5

rms wrote: post #4

Earlier quoted context omitted.

I once considered selling equity like this as a kind of micro-IPO but it gets messy with non-accredited investors and all that.

What happened then? Some thing went wrong?

It was impossible to do it in a way I was sure was legal without any legal budget. If it wasn't for that, I think it would be a great way to raise money.

Re: Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

#7

Post by edw519 » Thu, Dec 20, 2007, 1:09 AM UTC

Only $5000? Why not use a credit card and keep all your equity?

Re: Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

#8

Post by rms » Thu, Dec 20, 2007, 1:24 AM UTC

OK... I read your executive summary and I think $3.99 is way too much to pay to swap a book. $3.99 can get you a book at a used bookstore.

I understand that you are trying to make the best site for book lovers, but then the real challenge for all social sites is getting users. How do you get users?

Re: Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

#9

Post by leolin » Thu, Dec 20, 2007, 3:45 AM UTC

rms wrote: post #8

OK... I read your executive summary and I think $3.99 is way too much to pay to swap a book. $3.99 can get you a book at a used bookstore. I understand that you are trying to make the best site for book lovers, but then the real challenge for all social sites is getting users. How do you get users?

Yes indeed. $3.99 can get you a book at a used bookstore. But you might not be able to find the one you want immediately. Used bookstores are for explorers, not buyers.

Besides, $3.99 isn't enough for a popular title or a hardcover. However you can get them through swapping with a flat fee.

--

We'll focus on one thing and make it work. In our case it's book swapping. If our service is good then we'll have users. I don't think there's other way.

Re: Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

#10

Post by rms » Thu, Dec 20, 2007, 3:48 AM UTC

leolin wrote: post #9

rms wrote: post #8

OK... I read your executive summary and I think $3.99 is way too much to pay to swap a book. $3.99 can get you a book at a used bookstore. I understand that you are trying to make the best site for book lovers, but then the real challenge for all social sites is getting users. How do you get users?

Yes indeed. $3.99 can get you a book at a used bookstore. But you might not be able to find the one you want immediately. Used bookstores are for explorers, not buyers. Besides, $3.99 isn't enough for a popular title or a hardcover. However you can get them through swapping with a flat fee. -- We'll focus on one thing and make it work. In our case it's book swapping. If our service is good then we'll have users. I do…

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