Just in case the VC-hungry attendees to the investment-focused panel at GDC weren’t sure, moderator Matthew Le Merle laid it out from the start: “You couldn’t have chosen a worse year to be looking for startup funding.” Le Merle, whose company Gameplay Holdings advises and invests in game-based startups, ran down the list of financial constraints currently plaguing all levels of investors, from angel investors and VCs, to holding companies and even friends and family. But he did offer some advice for indie developers or creative teams that hoped to attract what little capital that was left out there:

—Hit up friends and family first: Le Merle called it “love money,” saying it was a leading indicator of whether the developer or team was deserving of funding from outside sources. “If you’re not ready to pitch your grandmother, you’re not ready to pitch an investor.” He said it was important for cash-seekers to come to the table with at least $100,000 that they’d raised on their own to be more appealing to potential angels—but also to retain more of their company in the long run. More after the jump.