Though initially I didn't like this new 'avatar' of nextbigwhat, but now I think that's working out well.
I and my team(people earlier worked at trading firms at Chicago mercantile exchange,Argonne national lab, CERN and Amazon lab126 on Kindle fire) have developed an automated model for business lending. It's quite comprehensive and goes well past the limitations of present underwriting standards used by banks and other lenders.
We worked for a year and made a working prototype, and then told investors that we will introduce sophistication with your money as we don't have good developers right now, neither can afford them on our own.
It all went good, investors liked the approach and the space and though we got turned down by a couple of high profile VCs for want of traction, we could get term sheet from 2 investors/group of investors.
And then Kalaari hit me again. I previously founded finrek.com, and then at that time they funded rubique, which got my backers back out and I having spent a lot based on their commitment, could not keep the company up and running for long.
Well this time, they backed creditvidya with a ridiculously high amount of $2 million and both of our potential investors turned away fearing the big pockets.
Sort of in a dilemma now.
Approached by a couple of NBFCs and marketplaces to buy our IP, which is a substantial amount but if we sell it, we will again have to look out something for us and the amount is definitely not worth the efforts we have put in.
Another is, we can keep on working on our own, gradually developing the product but then we will be up against big names, funded names and people usually have a tendency to try out big names only.
Though decision is for us to make, still what would you do if you're in our position?