The entrepreneurial inventor involved in the start-up of a company would benefit from a careful reading of the article titled “Seed Money Blossoming Again For Entrepreneurs“ (The Scientist, June 22, 1992, page 1). There are a lot of good lessons in it.
As a scientist and inventor (of a chemical calculator) I, like biotech entrepreneur Anthony Guiseppi-Elie, who was quoted in the article, have found that investors “no longer [have] an interest in funding a bright entrepreneur simply because he has a good product idea“ and that they tend to notice you only when you reach that “million dollars in sales“ level.
I am pleased that Guiseppi-Elie's persistence paid off; after numerous rejections by venture capital people, his firm was able to survive, thanks to a $150,000 investment from the Ben Franklin Partnership Program. However, while I agree with hirn that persistence is very important in attracting venture capital, persistence...