I am selling a b2b enterprise software application. We have been in development for about 4 years, which include some beta testing. Over the past 5 months, we brough on a couple developers with experience launching enterprise applications. Unbeknownced to me, the code was in shambles and the architecture and database structure had to be rewritten from the ground up. These two developers are working part time for equity incentives. They are estimating another 6 weeks before we can give demos.
In the mean time, we have been out gaining significant traction at industry conferences, and even have one client ready to sign us up as soon as we can demo the application. This client would bring in roughly $200K per year in licensing.
Financially, we are completely out of cash, after spending about $250K on R&D over the past 3 years. The question that I am having a hard time answering is this. How should I bridge the gap in terms of financing? We will be hard pressed to find any investor up front to give us money without a demo. Once we do have a demo ready, I'm 95% sure we will be able to sign up the client above. Should I be patient, continue as is with part time developers, and try to bootstrap the company with the first client's revenue? Or should I try and get significant financing, allowing us to bring on multiple developers right away, as well as myself, and our sales guy? I really don't want to half @ss it with our first client and then potentially ruin the relationship and lose a reference from them.
Thanks in advance. This might be one of the most stressful times I've faced during this company's life span.