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NathanB
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In my experience with investors, a substantial commitment is required by the person receiving the investment. Why would anyone give you money if 2/3 of your team are still working for other people or other projects? Many investor (particularly in the US) like to see innovators bootstrap themselves to the brink of going broke to demonstrate their commitment before they would even touch an idea and throw money at it. I can’t speak too loosely about the Australian investment scene as my experience is limited but I am confident in saying that the Australia investment scene is significantly smaller, larger investments are more difficult to attract and the investors on average take far less risks than investor in the US.

Something else worth noting is that an Idea alone is no where near enough to secure an investment, at least in the vicinity of 300K (unless you are an industry super star and your proven track record of kick ass speaks for itself).

Check out this other similar discussion. Related thread

The only way I could imaging being successful in securing an investment larger than 25K that is not part of a government/private sector industry “award” program is to have a ready to go (prototype) with a demonstrated interest (pre-sold clients).

One of the biggest considerations you may need to justify when entering the social networking space to an investor is why you are different from Google+. They haven’t been able to get their network off the ground and into a worth while market share, so why will you? How will you use your 300K more effectively than Google have used their billions?

Best of luck. I’d like to hear more about your idea but I guess you won’t be to enthused about sharing the details just yet. :)