My recent post has caused something of a flurry. I am just not used to that. Then again, I don't normally craft my sentences that inelegantly or ambiguously.
I wrote: "Funding business plans from first time entrepreneurs just won't happen anymore!"
What I meant, but didn't spell out clearly enough, was that in my view, first time entrepreneurs who simply have a business PLAN (ie a PowerPoint + spreadsheet) would find it very difficult to get funding. They will need to have built something - a demo - a basic service.
In fact TAG loves first time entrepreneurs and makes a habit of backing them.
If you look down the list of our investments, more than half were first timers.
We particularly like those who can demonstrate the tenacity, invention, persistence and sheer bloody mindedness that has enabled them to get their product together with little or no external funding. Those are the guys who when they do raise cash use it wisely and well.
So, please be assured, TAG would not be one of the originators of Seedcamp or OpenCoffee if we didn't believe in and back first timers!!
Apologies for any confusion caused by a sloppy posting.