Business - Written by Mike Dover on Tuesday, February 17, 2009 9:43 - 0 Comments
Open Source Venture Capital
Mark Cuban, who we’ve talked about before (see here, here, and here) has announced an open source funding model. If you want the nutty Internet billionaire (he’s the one that is still a billionaire) to fund your startup, you need to follow some simple rules including publishing your business plan on his blog for the world to see (and comment on).
Mark’s other rules of engagement are as follows:
1. It can be an existing business or a start up.
2. It can not be a business that generates any revenue from advertising. Why ? Because I want this to be a business where you sell something and get paid for it. Thats the only way to get and stay profitable in such a short period of time.
3. It MUST BE CASH FLOW BREAK EVEN within 60 days
4. It must be profitable within 90 days.
5. Funding will be on a monthly basis. If you dont make your numbers, the funding stops
6. You must demonstrate as part of your plan that you sell your product or service for more than what it costs you to produce, fully encumbered
7. Everyone must work. The organization is completely flat. There are no employees reporting to managers. There is the founder/owners and everyone else
8. You must post your business plan here, or you can post it on slideshare.com , scribd.com or google docs, all completely public for anyone to see and/or download
9. I make no promises that if your business is profitable, that I will invest more money. Once you get the initial funding you are on your own
10. I will make no promises that I will be available to offer help. If I want to , I will. If not, I wont.
11. If you do get money, it goes into a bank that I specify, and I have the ability to watch the funds flow and the opportunity to require that I cosign any outflows.
12. In your business plan , make sure to specify how much equity I will receive or how I will get a return on my money.
13. No mult-level marketing programs (added 2/10/09 1pm)
So far, he’s received more than 1,500 comments including quite a few promises of impending business plans.
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