I have gone down that route before with major outside funding. The company went belly up and I lost just about everything I owned.
Venture capital is appropriate for new tech startups. As one guy told me, “Don’t ask for $2 million. Ask for $20 million, or better yet, $200 million. That is EASIER to get if you have the right new technology”.
My best advice is: Study your new industry/market. Take courses. Prepare. Forget the Harvard Biz School advice. You will succeed if you are technically proficient, have the best people, and understand where every penny is coming from/going to.
Oh yeah, cut your living expenses to the bone. I spent a few years on beans and rice before I succeeded. You cannot milk it. You must re-invest every penny you can.
I was an engineer and manager for huge aerospace firms for many years. When I got into manufacturing, I had to UNLEARN everything I knew before. The habits and strategies that made a successful corporate guy were totally useless in a small biz.
I had a buddy who made $100M importing auto parts. He told me it was a matter of hiring the best in the industry and being a great accountant.
If you like, let’s talk.
I already have my business going and yes, we should talk. I am living a bare bones life and I only have to find a funder. Why don’t you send me a private message and we can begin to exchange emails as well.