As has been noted in previous posts, I’ve been working on funding Textfyre through angel investors. In order to facilitate this endeavor, I’ve spent a great deal of time on developing a rock solid business plan. In February I had meetings with two potential investors and have been in touch with a third. These meetings were informal and not meant to be full blown presentations. They both worked out perfectly in that I received exactly the type of feedback I needed to fill in the gaps in my business plan.
One of the gaps included the financials, which I had worked on last summer, but so many things have changed since then that I needed to completely redo them from scratch. I worked with my business plan advisor, April Lane from the Coleman Entrepreneurship Center at DePaul University in Chicago, to rework the financial projections and come up with a target funding amount.
Outside of one more meeting with a marketing firm, all of the gaps have been addressed and the plan is 99% complete. The next step is to develop and practice the ten to fifteen minute investor presentation and then setup final meetings with investors. This all should happen in the coming weeks and we should know more about our funding situation by the end of April.
Based on the outcome of these meetings and the always continuing internal work, Textfyre will launch in either June or September. We’re confident we can launch by September, but we’re hoping to launch by June.