I realize that you had to preface your question with context. However, all the context points to a lot of risk without much reward.
To answer your specific question: you have a lifestyle business. At $100k, you are in the friends and family range, not angel range. F&F can fund a lifestyle business. Angels won't fund a lifestyle business.
To give you some critical feedback...
$100k will not give you a 2 year runway. That's a 10-14 month runway. I don't care if you live with mom and dad, eat top ramen for every meal and don't shower to save on your electric bill...you can't make $100k last 2 years. And if there is ANY chance of a lawsuit, forget it.
You described your competition as 'a solidly established market leader'. Have you ever built a business that took market share from the single incumbent? If not, you have no chance in hell of success. If you have done it before, then you might have a chance. Of course they are a 'horrendous' company with a crappy UX, crappy customer service, etc. However, you're assumption that 'offering better service' is enough to take market share is simply unrealistic.
If it takes you 2+ years to get to ramen-profitability, this is absolutely a waste of your time. The risk-versus-reward is simply absurd.
There are SO MANY opportunities for a hacker out there, that you really shouldn't waste your time on this opportunity. I realize this is the best idea you have right now, but don't bite on it.
Keep looking for a better opportunity. You really don't have to look that hard to find a much more reasonable (i.e. lower risk, higher chance of success and bigger upside) than this.
To answer your specific question: you have a lifestyle business. At $100k, you are in the friends and family range, not angel range. F&F can fund a lifestyle business. Angels won't fund a lifestyle business.
To give you some critical feedback...
$100k will not give you a 2 year runway. That's a 10-14 month runway. I don't care if you live with mom and dad, eat top ramen for every meal and don't shower to save on your electric bill...you can't make $100k last 2 years. And if there is ANY chance of a lawsuit, forget it.
You described your competition as 'a solidly established market leader'. Have you ever built a business that took market share from the single incumbent? If not, you have no chance in hell of success. If you have done it before, then you might have a chance. Of course they are a 'horrendous' company with a crappy UX, crappy customer service, etc. However, you're assumption that 'offering better service' is enough to take market share is simply unrealistic.
If it takes you 2+ years to get to ramen-profitability, this is absolutely a waste of your time. The risk-versus-reward is simply absurd.
There are SO MANY opportunities for a hacker out there, that you really shouldn't waste your time on this opportunity. I realize this is the best idea you have right now, but don't bite on it.
Keep looking for a better opportunity. You really don't have to look that hard to find a much more reasonable (i.e. lower risk, higher chance of success and bigger upside) than this.