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 Vice President of Individual Performance Strategy at Creative Group Inc, writer, speaker and consultant. Paul focuses on influencing behaviors and driving business results through employees, channel partners and consumers. He is dedicated to creating true emotional connections often overlooked in our automated, tech-enabled world. 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.