Today’s guest has raised over $12M combined for all his companies and he shares how you should view fundraising as a tool and tips on pitching investors. You will also discover how he validated his initial concept, removing price as a barrier and how to stay happy when this hits the fan.
Fundraising as a Tool
Fundraising is a tool, not the objective – do not confuse the two. Start with having your product as ready as it can be, as your confidence will increase and you will be in a psychological state wherein you are ready to talk to investors. So the first stage is to have the beta version, backed up by stats and information with what you want to achieve with this product. The more baked your idea is, the chances of getting more money would be much higher.
Validating Initial Concepts
Your mental state should always be that you are building a business to make money. Nowadays, it’s cost-effective to build a product and you can easily make proof of concept and test it. Take your two main features and build an app for that. Get your friends and family to try and use it as you will learn a lot from them without spending a fortune. But the emphasis here is to build just your main features not something which has 35 things in it. In the earliest stage, it is best to approach this group in person, and not via social media or emails. Knock on doors and look for 10 – 15 people initially and you will learn about your market from there.
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