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MikeW
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Thanks everyone for your responses.

It seems I’ve created a bit of confusion, with people picking up on my “if successful” remark as signifying that I have little confidence. I inserted that qualification because my background is in investment consulting, which is why I can’t help but think from an investor’s perspective. In my experience, any kind of venture capital investment has a large amount of business risk, and many ultimately fail. Investors can justify investment nevertheless because the few that succeed often do so in spectacular fashion, making up for the losses on the failures. Our project has huge potential to be one of those few successes. Therefore, despite the high level of risk, our team can offer potential investors an attractive risk-reward proposition.

So, from my perspective, the main problem is the full-time issue. Is it a necessary criterion for getting funding? Should my team and I abandon all the work we’ve done so far towards our prototype, business plan, marketing strategy, etc and try to come up with an idea which doesn’t initially depend on outside funding?

To provide more clarity, Cjay the $300k is a rough figure which would be used for software development and marketing, not to pay the founders. In terms of demonstrating commitment Steve, I suppose this is the challenge if we’re not all committing full-time. Do you have any ideas?

Michael