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Come to the HN/news.yc meetup in London this Thursday as there will be many hackers and entrepreneurs there who have/had the same problem(s) and can offer detailed first-hand advice and guidance and possibly more e.g. introductions and practical help and finding mentors.

  Hacker Meetups London
  02 Cotober 2008
  Flat 1,
  103 Commercial Street,
  London
  E1 6BG
  (Five minutes walk from Liverpool St tube)
  (Google map: http://is.gd/4zZ)

Hi and thanks for the info - what time is the meetup?

Depending on when it is I/and or we will try and make it up there.

Cheers

Starts at 7pm, info is on http://www.facebook.com/event.php?eid=35609456822

If you're in London on Thurs it might be worth attending opencoffee in the morning too. I haven't been for a year but it used to be a good place to meet investors and get advice, should still be the case.

Also next week is FOWA, a good event full of European developers, entrepreneurs and VCs (4% of attendees are VCs). Tickets are cheap if you're a student too.

I second that recommendation, I went to last month's event (first time I'd been) and it was very useful.

Living and working in the US is a blast, and it is something that is very tough to do without company backing (even for educated Brits). Opportunities like this are pretty rare. The contacts you make will last a lifetime, so if you ever want to go back later in life you can do so with less risk and uncertainty.

You would be giving up control of your idea. Probably that isn't a huge problem provided you are compensated in equity - there are always more ideas. The other area of compensation that shouldn't be overlooked is that you will be working with and hopefully learning from people who do have experience in acquiring funding, which would be very useful for the next thing.

If you do decide to work in the UK then depending on the sector I might know some people who would be worth talking to (mail in profile). Most activity seems to originate in London, but it's a small country and even from as far as Manchester coming down once a week for meetings is not hard or expensive provided you live on a train line.

At the moment we're kind of keen on working in SF, but neither of us are totally sold on it yet, we both have a lot of ties to the UK. We'd be giving our idea up, for a while at least, it would be easy to start again - but if we could find funding to stay in the UK I think it would be a better fit for now.

>>isn't a huge problem provided you are compensated in equity As far as we're aware, there's no equity - just fixed salaries.

I'll drop you an email as well, to see if it's worth talking further...

(South coast based and in London fairly regularly anyway)

Thanks

How much are you looking to raise? If it's only a small amount initially (up to £250k)it's probably best to go with UK angels; who are actually quite good. They can also use their network to gain further financing and VC can be used at a later stage.

If you have a good revenue model then it will be easier to get angel interest.

Where in the UK are you from?

Yeah we'd be looking to raise in that region - mostly for development costs, with only marginal marketing finance required.

Other, non-competing, players in the industry are already earning well in excess of £50k profit per month. We realise this will require lots of hard work to reach but the market is definitely there.

We're located on the south coast about an hour from London so regular trips up to the city happen anyway...

One thing to keep in mind also is that if you're just starting to get connected to the scene, which I assume is true since you're asking what's there, you're still several months away from being able to raise money, probably closer to a year if you're starting cold. Angels would definitely be the way to go if you can find your way to them since they're like a mix of mentor and investor.

I'm also located in the UK and I am in contact with a few angels. I can introduce you to them if you wish, I am based in the midlands.

Hi - your email isn't listed in your profile can you drop me a line at: pkill123@googlemail.com

Thanks

Sorry I thought it was visible, I'll email you this evening.

Could you move to the Valley and do your own thing there? If they've just received $30M for a similar project then it suggests there will be more interested investors. VC and angel funding in the UK is improving, but still far short of the valley. Plus there are general 'ecosystem' benefits - more technical people to bounce ideas off and find synergies with, and more potential acquirers. If you had rather stay in the UK, there is a new breed of British consumer tech entrepreneur who are looking to invest back in the UK tech scene - perhaps a good way of crossing the UK - valley divide. Check out the Nesta events in London.

You will want to find an angel investor that knows you, and is willing to back you and the team. Doesn't desparately matter where that is, but a prior relationship / trust is very important.

There are more angels like that in the US, but there are also some excellent ones in the UK.

VC (and there's plenty of that in the UK) comes later -- after you're full time on the project, have built (at least some of) the product, proven its value (to some extent) and need a lot more cash (millions of dollars' worth).

Check out seedcamp.com. Watch all the videos, and start to connect up with the UK/Euro start-up community.

I'm a UK-based entrepreneur that has raised over 10 rounds of VC from £100k angel rounds to $25M VC rounds for 3 different companies. I've gone through the entire 'should we move to the US?' scenario, and raised money from both European & American investors. I'd be happy to provide some advice - drop me an email (address should be visible in profile) if you're interested.

To answer your question generically, I think it depends a lot about the amount of money you're looking to raise, the sector you are in, and where your key customers/partners are located.

Hi Adam - you sound like exactly the sort of person we're looking to talk to and provide advice.

Unfortunately your email isn't showing in your profile - can you drop me a line at: pkill123@googlemail.com

Thanks

The independent road is tough, really tough, particularly at the beginning of the road. As you progress, things get easier, more people want to talk to you, you have more contacts, etc.

Join these people, and keep your eyes and ears open for opportunity. Let these people pay for the tough part of your journey, and when the time is right, jump ship and start by yourself. You're more likely to succeed because you have the contacts, you know the industry and you are already in the U.S.

Read this book: The Art of Start http://www.guykawasaki.com/books/art-of-the-start.shtml

This might be useful if you want to raise fund from VC.

Ask YC: UK VC and Mentoring