[ibdknox]

I agree. I meant that you could raise after demo day. As I said, it's pretty unlikely that you must have more than the 100k you'll get during that time, even for hardware. Plus constraint in this case is a good thing, virtually anything can be built given enough money, but in order for a company to exist you need to be able to build it at some reasonable cost. If your prototype is going to burn through all of that cash, it's time to get creative and find a way to do it for less.

[rwallace]

That may be true in many cases but as a counterexample, SpaceX needed rather more than 100k to reach minimum viable product.