I know – it sounds like a headline from an Onion article.
But the fact is Itay Adam closed a $2,000,000 round of investment with the idea that he doesn’t have a product, a company or a service. He has an idea. And that idea is: “I will assemble a great team and we will build something cool that we can make money on.” (FYI – those are my words not a quote from Mr. Adam.)
He puts it this way – from his own website:
Last month I closed a seed round of $2M with a 5 slide presentation.
It was a 40 minutes presentation with 5 slide, 2 cups of coffee, 18 jokes, snickers, jeans, a Threadless t-shirt and no product.
It was all about philosophy, experience, age, and passion. In fact, it was a stand-up comedy act of 40 minutes. I bitched, trashed, yelled, cursed, and pitched this private equity with the best show I had within me.
A few days later, we signed the deal and now I am at the liberty to announce that I closed a $2M round with no product, just a smart concept.
Mr. Adam started his presentation with the quote from the Jerry Seinfeld show: “It’s a show about nothing.”
And the pitch went on from there.
Read the whole post over at Symbolist (an FOT contributor blog).
Paul Hebert is Senior Account Executive at WorkStride, Inc, and a writer, speaker and consultant. Paul focuses on helping connect best-in-class incentive technology platform to behaviors you need drive business results through employees, channel partners and consumers.
Using proven motivational theory, behavioral economics and social psychology he has driven extraordinary company performance for his clients. Paul is widely considered an expert on motivation, incentives, and engagement.
Other notable activities:
- Interviewed by the BBC on executive motivation and pay
- Quoted three times in USATODAY as an expert in incentives and channel travel programs
- Published in Loyalty360 magazine
- Writer and founding member of the editorial advisory board at the HRExaminer website
- Contributing author of “Enterprise Engagement: The Textbook: A Roadmap to Achieving Organizational Results Through People”
- Contributing author of 3 books on social media “The Age of Conversation #1, #2, and #3”