Asked by Anonymous
Asked 4w ago
How do I go about seeking funding? What are some good avenues that I can go down to get funding? What are some criteria that investors will look out for before they actually help fund my startup?
The devil is in the details.
If you are opening a traditional business, no use going government agencies, very difficult to get funds or loans.
Banks are commercial entities that only lend to corporates that have 3 years of records (they can bend the rules if you have a great 1 year or 2 years record)
You should probably give more details, funding for someone who wants to open a cafe is very different for someone who wants to do a B2B application, vs someone who wants to manufacture canned food in Singapore etc etc. You get the picture.
For new enterprises, the unfortunate thing is, you will barely get anyone to fund you. Ideas are aplenty, so if there are investors who outright fund people who has ideas, they will go broke faster than you can say "I have an idea of Uber for XXXXX"
So what do most founders do? Simple- they use their own money, beg borrow steal (btw i meant it as a figure of speech, please don't steal. lol.) , and do what you can with what you have to have a bare minimum working prototype before approaching new investors.
Mark Zuckerberg famously borrowed, ahem, his good friend, Eduardo Luiz Saverin's cash and maxed out his credit card to build up a website before he can start getting investors' attention.
A lot of businessmen started with what they can, borrowed from their friends and relatives to do a bare minimum MVP (Minimum Viable Product) to showcase before serious investors come with the money.
I guess most of us know HP starts from garage, Apple, Amazon, Google all starts from a very bare minimum.
Its the same for most of us :D