Are you ready to raise funding?
Raising Funds is often a challenge for most entrepreneurs to figure out.
How much money should I raise?
What is the right valuation for my company?
How do I get in touch with investors?
Typically, these are the first questions advisors like me get asked by entrepreneurs looking (or thinking) to raise money for their company.
So, since you are here reading this blog post, I’ll share the first two questions I would want you to answer and reflect on:
WHERE ARE YOU IN THE STARTUP JOURNEY?
Understanding where you are as it relates to the various stages of company development and fundraising i.e. Idea, Seed, Series A or beyond is critical. It will establish the benchmarking milestones and KPIs for your venture and determine the series of next steps and requirements to develop your Fundraising Roadmap (more on that to come).
ARE YOU INVESTMENT READY?
Startup Investment Readiness is a concept that boils down to three core principles:
That startups have validated hypotheses about key elements of their business;
That founders have identified ways to reduce the risks in launching their new business; and
That the company is prepared and structured in a way to receive investment. (Checklist)
Take a close look at these principles before actively pursuing any fundraising activities to secure both a higher level of potential success and avoid discouraging or sometimes damaging interactions with prospective investors. Be honest with yourself and your venture as you evaluate your progress to determine where you are in your journey and your ability to prepare for an effective fundraising process. Seek out the support and guidance of mentors, coaches and advisors who have the relevant knowledge and experiences to give you insights and accountability.
*Bonus Concept* Have you determined your personal thresholds and commitment level to fundraising for your company? More on that later in another post...
Reach out to me if you want to book a session and talk about your fundraising goals.