Two in One
Finding an investor is great. But finding an investor who's also a mentor? Now you're talking.
The fact that investors bring much-needed capital to start-ups is a given. The fact that investors can bring even more vital advice and business guidance to start-ups, however, is less well-known. But for Kevin Chang, 40, and Larry Mana'o, 39, of Detto Technologies Inc., a provider of data and customized settings migration technology, bringing in investors meant bringing in mentors to help grow their business.
The Bellevue, Washington, entrepreneurs made a first round of funding in 1999 and 2000, during which they sought traditional investments. Then in the second round, explains Mana'o, "We were looking for investors who [could provide] a more practical [approach] and a reality check in terms of the business."
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