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See my prior post for background.

Today I had a long call with a highly experienced investor who asked to hear the idea I talked about -- but didn't describe -- in my prior post. He agreed that the idea is new - as far as we both know - but he will do some research to be sure. He also agreed that if it were implemented correctly it has the potential to be transformative to the entire world, economically and otherwise. Apparently I did not exaggerate its potential size. It also sounds, at least on the surface, to be doable.

Like anything, the hard part is in the details. All of the technology for this idea exists off the shelf, but nailing the user experience would be key, and not easy.

There was much discussion about how an investor could guarantee me an undiluted 5% equity position into the future when that sort of arrangement might handcuff future funding options. We reached an understanding on how to deal with that risk, but I won't go into it here.

The potential investor will do some thinking and digesting and get back to me in a few days. If he passes, I will go to the next person who emailed and asked to hear it. If everyone passes, I'll describe it in a future post.

Are you curious yet?

 
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-4 Rank Up Rank Down
Oct 4, 2012
I can't believe these idiots suggesting that a 5% cut is excessive for the idea which gets the project off the ground. Presumably they think the ten-a-penny, glorified secretary deserves the pie in the sky for making a few phonecalls...whereas the one-in-a-hundred-million innovator who has something fundamentally new to contribute deserves a sliver or a few crumbs.

It goes to show the hypocrisy and unbelievable sense of entitlement of these good-for-nothing parasites. One of the main selling points of their free-market philosophy is the alleged "innovation" of private entrepreneurs. Generally they think the question of who "deserves" what is a meaningless question and value is set only by free enterprise. Yet here they reject the premise that innovators should be rewarded, and turn their back on free enterprise as well. (Nobody is *forcing* venture capitalists to make a bargain with Scott.)
 
 
-7 Rank Up Rank Down
Oct 4, 2012
Nope, no one is interested. We'll just be standing over here ignoring you.
 
 
-3 Rank Up Rank Down
Oct 4, 2012
Nope, no one is interested. We'll just be standing over here ignoring you.
 
 
-5 Rank Up Rank Down
Oct 3, 2012
CodeJammer wrote, "Do you think it would be feasible for a nobody to do the same?"

No. This is another example of the rich getting richer and excluding anyone not already in the club.

And if Scott really cared about the world he would give the idea away for free. It'd only be "fair." :-)
 
 
-4 Rank Up Rank Down
Oct 3, 2012
interactive Pron on a touchscreen device?
 
 
Oct 3, 2012
This is the wind tunnel idea is it?
 
 
Oct 3, 2012
I already wet my pants out of curiousity.
 
 
Oct 3, 2012
This isn't the floating island / country thing again is it?
 
 
Oct 3, 2012
Good luck with 5%.
Anyone who comes up with a great patentable idea often has to put in lots of man-years and do a lot of proving of product and market to be able to argue for a decent percentage. You want 5% for just the idea. I would not presume that you are greedy or niave, so I can't see why you would suggest this.

Good luck with undiluted.
I guess he did a good job of explaining why undiluted does not work with future funding rounds.

Why don't you ask for profit share instead? You are asking for 5%, so the kind VC who throws in 10million on day one is handing you 500,000 with nothing but vapourware. If you ask to share the profits, it shows you believe it will be profitable, and on day one, VC owns 100% of his nice new shiny, empty 10million company.

I am curious and I do believe you have a good idea. You are realisitic enough to recognise that 95% of your own ideas are bad. (Unlike the crazy people who pursue theri one idea with no point of reference.) You also understand the implementation is crucial, the experience is what counts, you get it. So good luck with it.
 
 
+2 Rank Up Rank Down
Oct 3, 2012
Contest! First person to post a comment guessing Scott's idea gets 0.5% of the action.

I'm guessing the integration of Newspapers and Friendship Bracelets

https://www.youtube.com/watch?v=I6IQ_FOCE6I
 
 
Oct 3, 2012
I thought you'd get a response!

I'm curious about how many legitimate responses you've gotten. Fess up!
 
 
-1 Rank Up Rank Down
Oct 3, 2012
Good luck, but let's hope it's not your Babysitter Barter Bucks idea (not the name you used -- it's the one you described where people privately trade domestic services with a paper currency, or something to that effect). That plan didn't go over so well for the maker of the Liberty Dollar. ^_^
 
 
+30 Rank Up Rank Down
Oct 3, 2012
>Are you curious yet?

Not really. The last super-secret idea that I heard, one that was supposed to change the world, ended up being the Segway.
 
 
Oct 3, 2012
I've noticed that both you and Romney are keeping your world-saving ideas a secret. And the tactic is not doing Romney any good. I'm getting the idea you're not serious about becoming President.

But if your idea comes out before election day and the electoral college writes you in, please consider having Dilbert's face put up on Mt. Rushmore.

Finally, a big "THANK YOU" for saving the world!

 
 
Oct 3, 2012
If your experiment succeeds, I would love to see further experiments to see if the only reason you were able to sell the idea is because of your "public figure" status. Do you think it would be feasible for a nobody to do the same?
 
 
Oct 3, 2012
Were you able to verify the identity and credentials of the investor or is it possible that it is someone that is stringing you along? I'm not doubting that it could be real interest, what I am wondering is HOW you are able to verify that this individual is who they say they are and that they have the credentials to back it up. Basically, is this individual a well known figure in the industry and were you provided official channels to contact him or did he just send you his phone number via email? Assuming that everything checks out, I am genuinely excited to watch this story arc progress.
 
 
Oct 3, 2012
totes.
 
 
Oct 3, 2012
'Yet'? I was curious 2 days ago when I first saw your last post. Wish you'd either describe the idea here already or blog about something else to take my mind off it, and I know you want to keep it between yourself and your investors for now.
 
 
 
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