Published on March 20th, 2014 | by Jose Vasquez0
5 Things You Need to Get Funding in Startup Tech Companies
In order to get funding as a startup tech company, you’re going to need all five of these essentials.
Getting funding as a startup tech company is one of the first and most difficult steps of establishing your company. Even if you have a brilliant idea, you may never get the chance to put that idea to the test in a real market if you don’t get the capital necessary to build that up.
Lack of funding is a harsh reality for many hopeful entrepreneurs and failed companies, but fortunately, there is something of a science to getting funded successfully. Before you even start looking for ways to get funding for your idea, make sure you have these five things:
- A Business Plan. One of the most important items to any prospective business is the initial business plan. This document is responsible for outlining your entire idea and realistically projecting your performance over the first few years. Without one, most investors won’t look twice at you.
- A Social Presence. These days, it’s more important now than ever to have a strong social media presence. Establish your personal brand or your company on Facebook, Twitter, LinkedIn, and any other social platform you can wrap your mind around. Reach out to people, and start conversations.
- Demand. You have to prove some kind of demand for your product to win investors over. Sometimes, that means conducting market research and gathering the results of surveys to demonstrate the need or want for your product.
- Experience. You need to be able to prove your worth as an entrepreneur. Why is this idea going to be successful in your hands rather than somebody else’s? Ultimately, in most cases that boils down to how much experience you have in your given space.
- Incentives. Investors want some bang for their buck. Major angel investors may want a piece of equity in your company, while crowdsourced investors might want a sample of your product when it’s ready for launch. Offer something valuable to your potential investors, no matter how big or small.
Get these five items and qualities ready, and you’ll be prepared to start looking for funding. Good luck!
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