How it feels to raise money for your startup.

This blog post is about three insights that we gained while going through the process of seeking pre-seed funding.

As part of the validation program of UtrechtInc, we were eligible to apply for the Rabobank pre-seed loan, which is facilitated by UtrechtInc, Rabobank and Utrecht University.

The fund was started in order to help early stage startups to postpone the moment of an outside investor or even enabling them to make it into profitability.

1. The commitment is taken to a new level.

It goes without saying that with the decision to apply for a loan comes even more commitment and responsibility. To us, it was a good test whether or not we really believe in our mission and are ready to commit significant amount of more time towards our startup. It was helpful to have several serious conversation about how we see our own future and the one of our company. We noticed that we are all motivated and dedicated to building a impactful, successful and sustainable business.

2. More effort than we initially thought.

Naturally, the earlier on the startup, the more uncertain the future of the startup. Therefore, the process of preparing all materials was quite extensive and we had to take multiple hurdles along the way. While it was a lot of work that we had to put into it, we felt that it was a great opportunity to present our business idea in front of a jury of highly dedicated experts — a mix of seasoned entrepreneurs and senior management from Rabobank. As a group of founders you have to deal with a lot of ups and even more downs, which makes it even more special to get recognition and positive feedback from outside people. Therefore, getting the loan was such a great experience for the team and us individually.

3. The speed of progress accelerated severalfold.

Once getting the loan, we immediately felt a push in excitement and enthusiasm, which impacted the speed right from the beginning. Not only did we hire two interns and initiated the next phase of development, we as a founding team also became much more creative again. It was truly fascinating that the positive feedback and recognition paired with the additional funding made such a big impact on us as a team.

We are excited for what the upcoming months bring and are looking forward to launching new updates very soon! Talk soon.