Steve Repetti seeks to establish connections to angel investor networks, incubators, startup networks or similar associations, and makes representations and insinuations that he is a successful tech entrepreneur and wealthy accredited investor that now operates a software development company and an investment fund. He will offer a partnership where he takes equity in a startup and will provide software services at a discount or software development "at cost".
The company founders or Investors put money in, and RadWeb takes the money out in the form of software development fees. These fees are regularly described by his previous partners and victims as being anywhere from $10,000 - $75,000 per month. The money disappears and despite early displays of work in progress, no viable software is ever developed or ever finished.
Repetti will often miss development deadlines with an explanation that development is almost done, thus inducing/forcing the investors/founders to fork over additional software development fees. In short the projects are never completed and the buyer of the software gets nothing. The user of the software gets nothing. Steve Repetti however benefits greatly and has taken millions of dollars this way.