I am getting a lot of "investors" approaching me via this Cofounder's Lab site. Are they legitimate? If they are not, then what is their agenda?
No. If "investors" are randomly approaching you it is most likely a scam and each one should be reported to email@example.com They spam vulnerable entrepreneurs, try to acquire your banking information, and then proceed to be thieves of information or worse, money. Investors have no reason to approach entrepreneurs. They're in the catbird seat, and they don't have to lift a finger for entrepreneurs to seek them. The folks approaching you are 99.999% likely to be scammers of one kind or another. Stay safe!
I will echo what Paul is saying. Definitely report them. This site is not known for serious investors; more about looking for help making business decisions and light think tank community. Very light.
Thank you for that great advice. I shall follow your recommendations.
The most common scam is to offer loans. It seems I get a few of these every day now.
What they do is to then collect your information, then shop the loan around.
If they are able to find a loan, it is one that you could have gotten without them, only it is now burdened with their add-on fees.
Otherwise, you pay them some front-end fees and you never get the loan which you were never destined to get.
There are another large group of "investors" that I have never been able to figure out. They seem to be delusional with too much time on their hands. I have seen them all throughout my career in various forms. I am uncertain what kind of psychological demons drive or motivate them. I think it may serve as some kind of hobby or form of entertainment for them.
Curt Sahakian, Esq.
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Im looking for a cofounder and mine is legiitimate. Im in Kenya doing fishing flies for sports fishing. Im looking for a cofounder to assist in importing law materials for the flies.
Serious investors are already being approached by more entrepreneurs than they (I) can handle. We are not cold offering investments on sites like this. Unless you have a visible, unique, and successful startup and the investor can clearly articulate why they reached out, run away.
Ironically, the first angel investment in my company was when they reached out to me cold, but they were actively interested in the tiny market I was trail-blazing at the time.