This will be the very first kind of money that we getting from investors besides what the founders put in. What are the legal rules as far as accredited and unaccredited investors, minimum and maximum investment? Any advice about pitfalls and steps to take so that if everything goes wrong, the relationships will survive?
Your team's sense of the long run value of the relationships augurs well for your success. So I trust that the know your self know the other advice leverages that for you.
If at all possible raise money by selling a customer a product or a service. Second, try non-equity crowd funding, preselling your product as did Pebble provides a sound way to obtain cash. If you fail to raise the minimum amount of funds they will be returned; relationships preserved.
If you are going to raise funds from angels, who under securities legislation are likely to be accredited investors, first demonstrate to yourself that you (a) will be able to generate enough high margin ales three years after you receive the funds that you will be able to pay the angels as much as they advanced and continue to do so for twenty-four more years; and (b) you and your team mates will collectively have at least as much in your jeans from the business as the angels get. if you cannot satisfy yourselves of this do not waste your time and that of angels by asking them for money. Either change your business model or sell something to somebody.
A good way to start the process is to profile your business with the highly regards Critical Factors Assessment; profile yourselves as individuals; and imagine asking your Grandfather for money based on the feedback from the profiles.