Raising the money was a difficult and arduous job and took us over a year. With the help of our lawyers, this step began with creating a lengthy document called a Confidential Private Placement Memorandum, generally referred to as the PPM. This was the legal vehicle by which people could actually write their checks and become investors. Everything had to conform to strict securities laws as we were selling private equity shares in a new company.
Understandably the controls on these kinds of ventures (including what one can and cannot do when pitching to potential backers) have to be tight, although I must admit the hoops we had to jump Read the rest of this entry »