Will an angel step up to fund Divide By Zero’s Empire Online?
James Portnow knows how the economic turmoil can upset the best-laid plans. After he started his online game company nine months ago, he tapped his network and rounded up six investors who promised to contribute $600,000 to his startup.
But a few weeks ago, one of the angels told him that a promised $100,000 wasn’t coming. Now Portnow is in a scramble to find a new angel to replace the other. It is a pickle that is familiar to many startups out there, according to a story that ran in the New York Times recently.
The Seattle company has had to keep its angel round open as it seeks the replacement investor. The problem is that now the time has come to move from the prototype stage toward full development. The good thing is that he has Spyglass Ventures, a venture firm, as one of the remaining investors.
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