Biznespolska.pl in search of $3-$5 million at critical development juncture

Biznespolska.pl, a business portal for small and medium size companies, has been unable to find a new financial investor. If it fails to find one by the end of the year, its situation will become critical. Nigel Standish, former manager and financial director of New World Publishing, and Thomas Barnhardt received funds from Business Angels to set up this project. Private entrepreneurs provided $600,000, but that has proved insufficient and thus the editorial staff was reduced. The portal needs $3-$5 million in investment. "The mistake made by the founding fathers of the portal was starting up with insufficient cash, since money shouldn't run out after only 6 or-7 months," said former Biznespolska.pl chief Jacek Bochenek. Biznespolska.pl also planned to open regional outlets, but this plan likewise did not attract investors. Many specialists claim such projects needs to survive an initial three years before producing revenues. (Puls Biznesu, pp.1, 9)