Startup market around the world, including Poland of course, drives into the dead end sometimes. People finished developing their ideas in the moment when they find the investor. After that they do nothing, just waiting and see what will be. This practice is really wrong. The process of gaining the funding company requires a big job to do. The question is how to do it correctly?
Strategic investor is the key!
Searching the investor is one of the possibilities to develop your own project. It seems that the perfect solution is to find a strategic investor that offers also help in planning the business. Maybe you will have to dispose a part of your shares, but in the same time you receive a good partner to accelerate the idea.
Check what you have got!
Searching, start with checking all your projects elements. It allows you to be well prepared for negotiations with a potential investor. Make a plan of the idea developing way. The funding company will be interested how the money will flow in your project.
How looks the startup market?
It is said that only one in ten startups survives. Your way to success does not finish when you catch the Angel. It is just the beginning. Make the analysis of your potential competitors, check if they exist. Maybe your project is very unique and niche. Ask your friends if they see the ideas useful. Don’t be afraid to talk to the proper experts too.
Planning the job requires to prepare some documents including business plan when you are interested in finding private investor - the Angel, or your idea will accelerate better in the so called Seed, or at last you can reach VC.
Maybe you need to fill the ready form or create the document from the beginning by yourself.
Let’s see some points it should include:
What kind of pain your idea cure?
How big is the potential market?
How you manage the marketing and sales issues?
Do you know your competitors and how big are they?
Write about current project’s status?
Introduce your team
When the document is ready, it is high time to start real searching. Let’s learn!
Learn about people that conduct VC or Seed. You can also read a lot about your Angel before you meet him personally. Start searching on Linkedin that is a very good business tool. Build your network and connections. Don’t miss Facebook or Twitter too. If you contact directly with people ask if you have mutual friends who can introduce you. If not, look for different forms of contact e.g. through e-mail.
Additionally don’t forget to attend the proper events. Look for your investor and meet him there. This direct contact can give you a lot, so prepare your pitch and practice it before the meeting and believe in you and your project. It will be the clear signal and the investor easier makes the good decision.
Danger of your failure will increase directly proportional to time you spend on learning and preparing, that means you have to work a lot to avoid potential lack of knowledge about your own idea and people you contact with. But this depend on you. What kind of the trap is waiting when you are meeting the investor? Maybe VC or company has already
the very similar project? In this case they won’t be interested to develop your project, but only in development plans. Check the above - learn and search. You can be Sherlock Holmes of entrepreneurship.
There is a lot to do, and a lot to remember. Growing up the start up is the really hard work.
You are not alone at least!
Every member of your team has different responsibilities. Creating a new project’s piece should involve everybody, no matter if it is developer, designer or marketing specialist.
Building company’s growth is a team’s effort and it should be everybody’s the most important goal.
We have learnt a lot about all above mentioned conclusions and tips during many conferences and meetings. We know that it is just small drop, but we hope that someone can start growing up his own business after reading this text.