This is the third in a running series of stories I have been posting about a new Internet company that I am a seed investor in and sit on the advisory board of. I hope to report on the progress of the company from the inside and share my feelings and education about the process, and the progress of the company as it grows. This afternoon we are having another investor presentation. We expect to have our beta site up and running in two to three weeks, and we hope to go 'live' and start building the community a month after that.

New social networking sites are springing up every day and becoming more specialized. When we go live I will be able to disclose more but for now CB Stealth is doing all the right things as we reach for rung after rung. We are not a social networking site -- we are a community. There is a social aspect to our community but it is not the heart of the community. Our business model depends on subscriptions and software sales and support. Targeted advertising will be a secondary revenue generator but our model does not rely on that. We expect some corporate and foundation sponsorship based on the focused community we are growing.

Raising capital is interesting because some people are able to write the check without much hesitation and others fret about all the wrong things, and more often than you would think having the liquidity is not an issue although some use that as an excuse. CB Stealth is getting a big head start by acquiring another smaller and even more focused community that the founders played a role in creating.