Will you get SEED fund for your idea?
Being a start-up enthusiast, I have come across many innovative minds who wanted to raise SEED fund for their ideas. If you are a start-up looking for SEED fund, you may have so many questions popping out your mind: How and where to raise the SEED fund. As the term SEED itself describes, SEED fund is for start-ups who wish to turn their dream into reality to help them kick start their journey.
Before you think of raising SEED fund, you need to consider these 5 points as a must in order to become a successful entrepreneur!
Rather than Sitting and talking with Google, Reach out to the real people outside. Talk with your friends, family members and most importantly to the people who are prone to be your future customers. Document their opinions/feedback so that you can conclude how far your idea/product will succeed.
Know your Market
My boss will always say “Nobody will buy a Product since because it exists in the market; they buy only if it solves their problems or ease their lifestyle. So before you launch your product know your target customers. Do a deep market research, know the customer persona and nail a strong reason why they should buy your product.
Anybody can think of an idea but only those who have knowledge to develop and execute that idea can become a successful entrepreneur. You should try to build a demo / proof of concept and see if your idea is really working. You should be well versed in the technology/platform to develop your product, identify the challenges and undergo a detailed study on how to overcome the challenges.
“Investors always prefer to invest in what they see rather than what they hear”
Whether your product is a super wow product or a simple one, what matters most is “how do you make money out of it?” A clear business plan with all possible revenue models is a must while approaching the investors. Prepare a simple yet informative pitch deck with all information fulfilling the expectations of an investor. ( refer guidelines for preparing an investor pitch deck )
“Teamwork makes the Dreamwork”
A good team with expertise in different fields will definitely take your business to a higher level. Every team member will have something special to contribute on their part. So select your team wisely. Execution plays a major part as it is the outcome of your idea. Your product will be a success only with a good execution team.
You can get SEED funding from- Government schemes, angel investors, friends and family, Incubators, Accelerators, Venture Capitalists and Crowd funding.
Of all the sources, Incubators plays a major role in an entrepreneur’s journey. Apart from providing SEED fund, they provide a wide range of services including office spaces, mentorship, investor connects and business opportunities.
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