Would anyone have a problem raising 100k from friends and family, knowing that in 12 months if you were unable to raise a series A, you would be forced to tell them that they had little chance of seeing their money again?
I guess it depends on the friends and family. If they can afford to lose $100k and they understand the risks, which for me would mean they've been there before and not just that they're telling you they understand the risks, then no I wouldn't have a problem.
If I get 10k from one friend who has a million, 50k from another who has 5 million and maybe several 1k investments from others, it would be less painful if things fell through. One would have to be rather up-front about the incredible risk involved and have a huge amount of trust with many parties beforehand.
