Find an Angel Investor Before You Need One

Posted on 19 de julho de 2010 por


Tina Cannon loves to talk about funding. “It’s so frustrating for entrepreneurs,” said Ms. Cannon, president and chief executive of PetsMD, which provides online pet health information. Ms. Cannon, who is based in Austin, Tex., has become something of an expert on the topic since her Web site debuted in September, 2008.

A former accountant, she and a veterinary practice management consultant, Christi Scovel, started the company in response to the frequent calls that Ms. Scovel was receiving from friends and family with questions about their pets’ health. Curious why pet owners didn’t simply search for answers online, Ms. Cannon found that most of the available resources were either unprofessional blogs or sites where veterinarians spoke in medical jargon. She and Ms. Scovel aimed to fill the gap with a site that generates revenue by providing online appointment booking for veterinarians who will pay a monthly listing fee.

But first they needed money. “I am a huge proponent of the bootstrap, then angel, then revenue model,” said Ms. Cannon, who is 38. Two months after the site went live, an infusion of cash from a college friend of Ms. Cannon’s enabled the co-founders to quit their day jobs and hire a Web developer.

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