Top 3 Funding Questions?

So I recently wrote a blog post on common mistakes start-up founders make and thought “how annoying to be telling instead of asking”. People are annoying like that right?

So here’s the deal – I’m asking YOU and want YOUR opinion.

I would like to answer your Top 3 Questions on Funding. Anything…no question too small or too large.

If there is a question you have on getting your business funded either add it as a comment below or shoot me an email via the contact us page.

What will happen then?

Then I’ll pull the questions together and create a video answering the most popular questions. Might be fun to see how many I can answer if ten minutes or some such challenge and when I don’t have a good answer (and that happens often ‘cos no one has all the answers right?)…I’ll loop in some buddies who have deeper expertise in certain areas.  So one way or another – you should get an answer…

All you have to do is to wake up from your lethargic state – sit up a little straighter in your chair, lean forward, take action and hit that comment box below with your pearls of questioning wisdom.  And you will probably get a good answer back. Free consulting – can’t say fairer than that…

So either add your questions below or shoot me an email and lets get your biggest questions answered…

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Comments

  • September 6, 2011

    Well. The first question that pops up is “Is funding for everybody?”.

    I mean, I’m in my fifth business (the four others have been sold) and I’m still bootstrapping and self funded. Of course, the bootstrapping is not as difficult now that it was in the first time, but the basic idea remains.

    I’ve always seen VC funding as out of focus having to do lots of contacts and pitches instead of developping the product and selling it.

    So, why would I profit from funding? What are the pros and cons for a bootstrapped minded entrepreneur?

    Thanks!

  • Essvari
    September 12, 2011

    Hi Andrew,

    My question or questions are is the funding only available for physical company or business or does it apply for online business as well..i.e: music shop/book store n such?

    Being a Malaysian, is the funding available for people like myself? I’m personally an already published author who wishes to branch out into franchising my story into other areas such as collectibles,cloths wear and music collaboration. Would my creative business be getting funding too?

    Thanks for answering.

  • September 12, 2011

    Hi there – thanks for your question. Thats one of the great things about angel investors – they tend to invest in companies and industries where they have experience. So are their potential investors in online companies – even online music / book stores….of course! Its tough to find them though right? Here’s a tip for you – find a mentor or two – people who have already done what you want to do and who can give you good advice – these people will often either become investors or will connect you with people who will invest. Its often easier to get a mentor in the space you want to grow into because they understand the challenges you are going to encounter and appreciate being able to help others coming up behind them. Let me know your thoughts. Andrew

  • September 13, 2011

    Hi Andrew, thought id throw this one at you.

    If you are an inventor, with a genuinely good invention, how can you trust an investor if you cant afford good legal representation when negotiating those contracts?

    Jason

  • September 14, 2011

    Hi Jason – as a person who went through a 2 year legal battle to defend my invention against a 3rd party – I have sympathy for the question.

    Most investors will NOT sign NDAs because there are many ‘similar’ ideas knocking around and there is a concern about being sued by a disgruntled entrepreneur….

    A few thoughts – I’d be personally more concerned about competitors in the industry than potential investors. I’ve rarely heard of investors running off with a startups concept but HAVE heard of companies in industries doing so.

    But if someone decides to steal your IP – having patents, trademarks etc are only relevant if you have the money and commitment to pursue the people infringing.

    At the end of the day – my personal approach is to focus on fast and excellent execution with a focus on owning the solution for the customers needs.

    Your question is similar to the age old entrepreneur concern about sharing their ideas….

    The reality is the same ideas are running through multiple brains – but how you execute on them and bring it to market, that is where an idea and a new business becomes unique.

  • February 25, 2012

    Great article, debate and some excellent comments. All very relevant to our dreamidea concept. We were very aware of these issues and have attempted and hopefully succeeded in addressing the issues around IP, sharing, collaborating with the development of an idea from start to finish. It is a conundrum, but ultimately it is down to the individual to assess the risk and do his homework on potential investors. After all, there is no risk-free guarantee with starting out as an entrepreneur, and some best results we believe are the direct result of collaboration! Feel free to blog share with us at Dreamidea… Thanks.

  • Bruce Bennett
    June 2, 2012

    My biggest question is, how does a low income person like me get money to get started on a new idea ? I don’t have good credit because of my past and now I am disabled and don’t work, but I do have a steady income which only goes so far ?

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