Sat 10 Mar 2007
Without day jobs to pay our rent and no income from the product, we needed some way to live. As such, we went to our friends and family and asked them to invest in this great little idea we had. I will be forever thankful to those that had the confidence in us to put money in to our venture. Unfortunately, I’m sure most of them will never be thankful for making that investment since they all lost most of it in the end.
All told, we raised about $100,000. We rented a small office and set up salary payments.
Mistake #2: This is simply not enough money to build a product or launch it when complete.
Mistake #3: I was determined to do this like a proper business. Duh! When you’re poor, you do things cheap. For example: All of us founders put cash in as well which was eventually paid out to us as salary, minus what the government took as tax. It would have been much smarter to simply give a “credit” for the amount contributed and then not paid them that much salary, tax-free.
After a few months, we started taking on some contract programming jobs. We earned enough to cover the monthly rent and some small salaries, but it also cut in to the amount of time we had to work on our game. It isn’t what we wanted to do, but we didn’t have many options by that time. Our investor’s money was spent and we had almost nothing to show for it. I still think about our “angels” now and then. If you remember that child on the corner of time, I still remember I still owe some nickels and dimes.