Paul Hebert says Nothing Is Now Valued at $2,000,000. The George Castanza Evalutation

Paul Hebert Paul Hebert, Worldwide FOT

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).