For those of you keeping score at home, here are some interesting stats pulled from the start up folks I've been meeting with under the no harm/no foul rule.
- Total 'no harm/no foul' meetings to date: 93
- Percentage of .net vs. java based solutions: 40% .net 60% Java
- Number of presentations/demos done on a Mac: 21
- Number of NDA requests: 18
- Number of NDAs signed: 0
- Number of Presentations done anyway without the NDA: 18
The average seed ask was 2.7 million dollars designed to get the company an average of 20 months, product beta/launch, WoM marketing, will the dogs eat it determination.
65% (aprox) of these no harm/no foul meetings were with people who had full time jobs and this was being done out of the basement. The others were credit cards, kids education fund, home mortgage, etc. In virtually all cases, nobody was taking a salary for the seed.
On average, co-founders showed up in the vast majority of cases, i.e. it was two (or more) and not the lone wolf being the majority of what I've been seeing.
22 women founders/co-founders, woohoo, I'm the proud Dad of two daughters and PhD wife so, this was great to see.
The call remains the same, now is a great time to work on that idea, start up that company, and take the shot.