Asked on 26 Sep 2018
Hey Jeremy, all the best man, and don’t worry it’s only the start :) try starting without capital. True entrepreneurs can survive without much $$$ finding ways to hack “product market fit” and some initial traction to grow your startup.
then once you have some form of traction or paying customers then you should bring it to:
1) angels (network your way around, hang out around launchpad) there’s an Event every other night
2) Venture captial (seed stage)
3) Government grants (only if 1 and 2 cannot work)
Some potential sources of funds you can consider:
1) Friends, Family, Fools
2) Angel Investors - attend startup events or speak to bank RMs that deal w HNWI
3) Government Funding
4) Look for a co-founder with financial resources
All the best in your entrepreneurship journey
First of all you must understand what IT products you are focusing on that provides the main revenue for the company to survive.
I had an IT company with my poly friends and it didn't work out bcos we went Army and our clients default on us bcos we are young and naive.
We setup the websites and gave to the client before he pays any deposit bcos he came from the same Church as one of my partner and he used the product without paying us back.
When we were doing the website project, we gather at one of our partner place and wrote the module together and test it together.
We only have to use transport fee and food when we dun have any income to pay ourselves then.
We use our own laptop.
If your family member are well to do and see tt ur business idea is highly successful, u can get them to help support you.
For outsider, unless you have secured a good project or you have an existing good apps or products then you will be able to secure
Partner investors who work with u and split money according to work load. Or
Angel Investors who wants u to pay back even when u dun make money
I will not recommend bank loan or licensed lenders unless the success of ur IT firm is for sure.
MaNy IT company had used the previous PIC Grants and ICV vouchers to induce Retail or Food Companies to get free online technology with out paying anything but pay IT firm first for the products and claims from IRAS later.
This can only be done without trouble if your IT products are legit and not fake or you will land into trouble.
Even for crowd funding, without a product or a brand you might not be able to get funding.
So all in all, start small, think big and do what you are good at.
If the capital is for hiring specialist to code for u, is better u learn how to code urself bcos long term wise u will Progress and not one left behind.
Hope my reply helps.
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Top Contributor (Jan)
You can loan from bank or find angel investors or find family/relatives to invest.
If you having fund issue, borrow from bank as business loan. But before you start doing this connect with freelancers near to your location and start managing work from your home.
And once you are 100% assure about your income and responsibility. You can start to think for setup
How sure are you that your venture will be profitable? Considered freelancing to get a sense of the market first before jumping with 2 feet in? That said, if you have a solid business plan, try to find angel investors to pitch to. Network around to find people who can invest in your business. Alternatively, try peer to peer lending platforms. Hope this helps and all the best.
Besides apply lean startup concept and build a MVP. You can also contact NTUC U startup to link up potential angel investor , VC and other resources.