Lessons Learned Seeking Funding - Whoever does the talking needs to have skin in the game

  Why?  Because potential investors want to build relationships with fellow travelers -- people who will be there through thick and thin to make the deal work.  This person does not have to be the lead investor, but they need to have significant cash at risk.  Note that it needs to be cash at risk.  A consulting fee does not count, even if it is subject to some successful outcome.  Further, that cash needs to be at risk on the same terms as the prospective investor's cash.  Otherwise, potential investors will probably conclude that this person they are building a relationship with may never be seen again.  That would be a mistake.