"So funding is planned through winning the the Merrill Lynch competition and if we don’t win it (which I feel we have decent chances) I will be totally lost."
Was this part a joke? I find it hard to believe that a back-of-a-napkin biz plan would have "win a contest" as the only bullet point under "financing".
You're right. All I wanted to say is that generally I am leaning towards making product rather than looking for financing, but I still decided to go for the competition first with this specific idea. Also it's not a "back-of-a-napkin" but it's 6-9mo thinking/research on brains, learning, market etc.I also have real chances since it's down from 41 teams to about 7 now and I have won other competitions, so I have a feeling of what judges are looking for, which is different than what investors are. So yeah, badly described there.
Was this part a joke? I find it hard to believe that a back-of-a-napkin biz plan would have "win a contest" as the only bullet point under "financing".