I and a friend of mine are working on our own web startup. Right now we are coding the whole thing and would be looking for investors 3-4 months down the line. My question is, can we include our own personal expenses in the funding requirement that I ask from angel/VCs?
We are both fresh grads; he is about to complete his undergrad in CS and I am about to complete my MBA (have no prior work ex). So we have no savings to dig into and I have a huge education loan to pay back. Which is why we are both taking up jobs for the time being and would work on the side on the startup and quit our jobs once we get funding, which can only happen once our startup gets some traction.
So whatever funding our startup gets must cover our living expenses (and my loan expenses).
So my question is, would a VC/angel agree to that? And how do I present it to a VC/angel?