Not only funds but adequate funds decides the future of any entrepreneur or startup. The requirement of funds need immense planning and calculations followed by their arrangement. Just got up in the morning and decide – it’s a time for fund raising, or spends six months is prototyping and then start running for funds, that’s not the way it works. One has to pitch for funds along with other project developments.
Know the appropriate investor. Start interacting with the family, friends, private investors or financial institutions. It takes lot of time for people to make their mind to lend or invest. They observe you critically, your idea, product, passion, leadership, domain expertise, commitment, vision, realism and integrity.
Networking is very important for fund raising. Build your network of affluent persons and resources who would be helpful in guiding and investing.
All communication has to be perfect and recoded so that reproduction of the same is easier for future communications. Your correspondence carries your personality. Make it attractive and catchy. Ask for money – get advise and ask for advise – get money. Make a attractive but realistic business plan along with presentation, indicating profit potential, competitors profile, sustainability and scalability, marketing plans and highlight you operational excellence by highlighting your strengths.
Prepare yourself for acceptance of refusals in bulk. We generally get so passionate about our product or an idea that its hard to accept the refusals. Our obsession and priorities, need not to be necessarily reciprocated with similar enthusiasm.
Saying yes to every one is biggest distraction. Learn to say no, although saying “no” is difficult. You try to have something for every one but end up having nothing for any one. Keep yourself free from commitments and obligations, as they are leaks in your power - traps that enslaves you. to others.
Although there doesn’t exist any standard template for funding, but it has the following basic requirements:
· 10 Slide, 20 minutes, 30 font size PPT Presentation
· Uniqueness & Value of product or idea needs to me emphasized.
· The 3 words Mantra
· The Meaning it makes and the purpose it solves.
· Business vertical and competitors profile.
· Business model B2B, B2C of hybrid.
· Local references
· Marketing strategy
· IP, Trademark or Patents.
· The Team
· Style of incorporation