Angels too small generally and anyone (VCs) willing to provide funding deserves its pound of flesh – I have no problems with that aspect! Looking for a two phase investment, initially 700k to build and run the pilot phase followed by a lot more!!
Difficult place that we find ourselves in being both early stage and with high capital requirements. We have support from household name companies prominent in their fields but our technology will have these organisations as both suppliers and customers – not sufficiently core for them to invest cash.
VCs that I have approached pretty much want guarantees and seem to have lost their ‘venture’ aspect!!