The biggest problem here is your product. Why would anyone want a self driving RC car? The whole point/fun of an RC car is driving it yourself. Why do you think a market actually exists here? I don't quite get it.
I think the key word is "platform". Robotics hobbyists would enjoy writing software and design sensors for it to drive itself.
Oh you mean like arduino? The very thing that he is using to create this? He has so far achieved less than I did in a high school tech class 20 years ago (and kids do far better in high schools today) and he wants some kind of funding? are you kidding? Forget the piss poor presentation. There is no product. Not even a virtual prototype of what he hopes to accomplish. I sure hope that he doesn't quit his day job over this.