Quote:
Originally Posted by CFECO
$2.9 million? I was trying to get $300,000 to build my Auto X-Prize car, with a $5 million return, and got no takers, but I am not in the big money business community either.
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Exactly. Although I do agree, R&D costs a lot. However, for $2.9 i don't want a conversion, I want a complete car with near production quality (maybe 30% of the way there to production).
Really the thing that insulted me the most was their "new technology" that would solve the hydrogen embrittlement problem. They said that they could not tell me because they haven't patented it yet. So two problems, 1) why are they asking for money when they don't even have the patent on that yet? 2) But most importantly, it really insulted me.
Why would I go out, get money from investors with whom I have great relationships with, and not know what I am selling? If their idea is SO great, they shouldn't even need me because the product would be selling itself. However, its not (at least as far as I know they haven't raised a single dime- although other investors have allegedly 'committed to $600,000 - right, we all know how that goes).