Come for the Ride!

There are an ungodly amount of resources out there that says when doing a startup, you should raise money from either friends, family or fools. For the 10 years I’ve been trying to execute that statement, I was only able to do it twice. Unfortunately the amounts I raised were too low to help reduce any risks and ultimately the startup didn’t really go anywhere.

No, this post does not have the silver bullet to the FFF problem. However, if you do have FFF’s that like your idea but are on the fence, we did find two services that may help you push em over the edge.

The first service we found is Virgin Money. Virgin Money draws up legal contracts that adds a business/legal element to loans between friends and family. For about $200, your fools can get some assurance that they will get money back based on the terms of the loan. Yes, with this service, you can’t just make up random empty promises – on the bright side, you also can’t make up ridiculous rates of return in certain states that forbids it.

The second service we just saw is another startup promoting social savings. Smarty Pig promotes savings and allows your friends and family to help you reach your goal. I would elaborate further but they already have an awesome video intro on their home page that explains the service; (something we should probably do for our web site.)

While we are unable to help you find new rich friends, hopefully the two services above will crack your existing rich and risky friends who like your current business idea. On the flip side, if you know anyone who has more money than sense and like cars, feel free to refer them our way! We could use the help!