The truth is that many
companies need to develop a working prototype or minimum
viable product and build a small customer base to provide proof of concept before considering the sophisticated and
potentially equity - diluting prospect of a VC partner.
You find a potential source to explore, go through regulatory hoops to gain an exploration licence, if you find a
potentially viable source, you go through more RHs — in Australia, home of some of the greatest resource extraction and processing
companies, it can take several years to get the go - ahead through the regulatory processes of states and feds, more years to bring it on - stream — and at each stage seek finance, from financiers who generally prefer shorter term and more certain returns, then.