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Old 05-17-2003, 08:02 AM  
KRL
Entrepreneur
 
Join Date: Oct 2002
Location: USA
Posts: 31,429
I used to run small classified ads with a group of friends that said "Have a great idea, but no money? Young Internet millionaires will fund your deal and make it happen".

Used to get a ton of responses, but it amazed me how we'd have people say to us, "well I can't show it to you" or "I'll just tell you the basics and you'll just have to trust me it really is a million dollar idea", or the biggest deal killers of all, "I want complete control over the company if you invest" or "I'm not looking to give up more than 10 - 20% of the deal for the investors and I want to be able to pay you back your money and get back all the shares after the first year."

Answering the phone the first line was inevitably, "I've got a million dollar idea that no one's ever thought of", it was always so hard not to laugh because most of the ideas turned out to be lamers.

We had a 900 line called the Inventors Hotline so I could at least make some money off the call screening process. Got callers to spend some phone time money telling us their idea pitch and its funny but they would always reveal way more initial info to the machine vs. a human. Guess machines seemed more trustworthy.

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