Okay, so after a year of development, my first question to you would be: where is your product?
I've looked through your comments, and I suppose you will take this investment. That's certainly your prerogative. I would say though that you should put all that money into releasing whatever you have now in some way or another. Kill whatever feature isn't done. Try to find an audience of potential customers that will be willing to help develop your software to finish. Some may even be willing to pay - you'd be surprised.
Actually, we've spent the last year as _consultants_, we haven't been able to develop the product yet. We are starting that this month. Also, we are approaching potential schools to sign up for the project up front as well, giving them a deadline release date.
I've looked through your comments, and I suppose you will take this investment. That's certainly your prerogative. I would say though that you should put all that money into releasing whatever you have now in some way or another. Kill whatever feature isn't done. Try to find an audience of potential customers that will be willing to help develop your software to finish. Some may even be willing to pay - you'd be surprised.