My mind is still spinning with all the latest developments and ideas but I thought I should update while I can for those few that are following this true life story.
As suspected, no agreement was ever reached with BankonIP. Their investors are more interested in more mature companies (beyond the seed stage) in more mainstream areas such as technology , medical products, and mass market consumables. Sorry, a million dollars would be more trouble than it's worth right now! We also had fundamental differences in communication, values, and vision. I was unwilling to give up all control and they wanted way too much equity for what I felt was insufficient value. Plus, the final straw really was that the mutual disclosure process was too lopsided; I was not getting the information I needed to trust them!
The great news: during one discussion it was pointed out to me that, given my current ability to build prototypes and test them, that I am actually very close to being able to bootstrap this company into the marketplace, just as Dell and Facebook have done. Doing so could also attract a big name (anyone ever heard of Laird Hamilton and Stand Up Paddleboards ?) that could potentially provide angel seed capital as well as huge credibility and exposure (Shark Tank effect).
I have 3 board builders that have personally assured me that they can build custom boards for Disruptive Wind, and 2 different companies that would be interested in the footdeck side of the equation. My law firm Mohr IP Law is on top of the foreign patenting aspect. The United Inventors Association and the State of Oregon are also supporting me with all kinds of resources and contacts.
The current focus: taxes and building/testing the next generation of prototypes, and I do mean plural!
These will go into the possession of willing beta testers after initial safety testing and I will be as hands off as I can possibly be. I can not be in multiple places at once, but the MoaB can be!
Also, for documenting and marketing purposes, we are going to ramp up the photography. I have 3 photographers that would love to be involved more, and lots of new technology coming out from GoPro (sports cameras), Xensr (sports motion trackers), Airdog (auto follow drone for GoPro), and more. I have new ideas for building key parts and have identified where I can get 3D printing done.
So it's going to be busy, busy, busy as the local windsurfing season rapidly approaches.
Further seed money offers (or other offers) are welcome (either secured debt or equity) but I am not going to be actively searching. I will post here when there is significant news, otherwise, assume I am burning the midnight oil (not to fear: LED's!). Be well.