The Internet started to be a used more and more by the average user from 1995 and later. The dot-com bubble started in the late 1990s, and had the top in the beginning of 2000. Early 1998 ImageCafé was funded. This means ImageCafé came when businesses and individuals started using Internet the most.
There was a general need for webpages for both large and small business around the world at this time. There were more of smaller businesses than large, and these did not always afford expensive web designers. This made the opportunity for ImageCafé big, and they could potentially get many customers.
The funding process is always difficult for start-ups. It was especially difficult for this kind of technological business at this time, when the technology and market size was relatively unknown.
Wooten, however, did a very good job in getting funding for ImageCafé. What he did instead of just contacting many random investors, was to do background checks and research about who could possible be interested. The tings he took into consideration were their age, interests, geographical location etc. This helped him make a better and more strategic plan when contacting them, and gave him a better chance of getting funding.
Wooten also used examples of former people who were successful getting funding. Example of this was when traveling on an airplane; Wooten used his good communication skills to get moved over to business class. With a portion of good luck he sat next to a person who became interested in funding of ImageCafé. Wooten also used his family and friends to get funding and connections to potential investors.
All in all I think Wooten’s fund-raising strategy was pretty good. He made strategic choices along the way, and repetitively managed to get funding when he needed to.
Dwayne Walker was a well-known ex-Microsoft employee. He was very interested in technology and had a great thirst to start something of his own in addition...