Moving Closer to Our Goal

August of 2005, I met a person who introduced himself as the CEO of a multimillion dollar corporation and was a self proclaimed Venture Capitol Specialist. We met several times and decided to form a partnership where he would raise the capitol we needed and I would handle the engineering aspects of the product and take it to market. In February of 2006, we began working on the project together building the memorandum and a client base. I was flying to the North East regularly conducting interviews with Venture Capitalist while he was attempting to secure funding.

August of 2006, after receiving interest from several funding companies we received an offer to buy the company for a minimum of ten million dollars over a period of several years. The problem with the offer was, the offering company wanted to exclusively buy our company, and would not let us have any part in the development of the final product. That meant that I would have no guarantee that the product in some way would be used for humanitarian purposes. Secondly, we had no guarantee of complete payment or that the offering company would not go out of business, delay manufacturing, shelf the product or file bankruptcy. My wife Vicki and I rejected the offer but he and his wife wanted to go forward. To say the least we had a disagreement on our hands. The disagreement escalated and the partnership ended.

January of 2007, after a painful and costly separation of the partnership, Vicki and I began a new strategy for raising capitol. With the experience of knowing first hand that venture capitalists loved our product, we decided to open a "C" corporation in Florida where I have lived for the past 50 years. We began to sell stock in the company to raise the funds we needed to get the our product to market.

Venture Capitalists which are commonly known as VCs, use the term "Skin" when referring to personal investment. This term is used when a person has utilized all that they have. Used every personal resource and burned all their bridges so there is no way for them to go back and recover. While this may seem unconventional to the average person, the VCs say that they will not lend money to anyone that does not have a considerable amount of skin in the over all investment. By experience, they know that the ratio between "Skin" and success is relative. As the amount of Skin increases the chances of success increases.

To date, we have one Utility Patent and three Patent Pendings. We have sold a little over 15% of the stock in our company, mortgaged our house two different times, and depleted our life savings. All of this to say, we have no other choice than to go forward. Going back is no longer an option!

We have nothing but Skin Let's be real here, you never know what will happen until you given it all you have. What is our goal? Well, you will just have to continue the tour to find out. 

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