Key Learnings from the Successfully Launch and Fund Your Startup Workshop
Yesterday, we hosted the Successfully Launch and Fund Your Startup workshop! The reason, we were particularly excited about this workshop because it was the first event that solely focused on startups. Curious about the key takeaways from our speakers? Below is a quick summary of what you need to make your startup successful.
Mike Greene, our special guest, discussed the journey of an entrepreneur and shared his story and advice:
- People’s time is incredibly valuable. Ask an investor for 8 minutes rather than for a meeting. It’d be more difficult for them to say ‘No’ to this.
- Never get a mentor that is soft on you. Get a mentor that will give you tough love.
- Every time you get away from the business for a bit, you come back and look at it differently.
- You are the average of the 5 people you spend the most time with.
- Imagine that you can have a mentor who is anyone that has ever lived. Choose the 12 people you have been the most impressed with, and think about how they would answer any question you have. This way, you can open your mind and consider it from 12 different angles.
Noor Choudhary of ICAEW discussed how to ease the access to finance. Key takeaways were:
- Think about if you need finance or better financial management. Look to a chartered accountant for assistance with it.
- If you are refused credit from your bank, get a written explanation and consider appealing the decision. Review the bank’s feedback and consider the alternatives at http://british-business-bank.co.uk.
- You can also be referred to government-approved finance platforms through your bank. The HM Treasury will include Funding Options, Funding Xchange and Business Finance Compared in their referral process.
Emilien Hoet from Crowdcube said there is no set way to be successful with crowdfunding; however, there are a few things to keep in mind when using platforms such as Crowdcube. These included:
- Know how to market your product and who to market it to.
- Don’t try to raise too early. Test the demand of your product and ensure a realistic valuation.
- Keep it simple, and don’t get distracted by PR. Have a ‘slick video’ to showcase your product.
- Pull in lead investor, and meet your actual and potential investors. Be honest with them.
Alia Ali from A City Law Firm discussed preventing the most common legal mistakes because an investor will place funds into your company if your house is in order. The common mistakes are:
Stephen Page, founder of Startup Funding Club, shared what SFC is looking for in startups as well as a checklist to go over as you begin looking for funding:
- Validate your idea first and clearly identify the need and market for it.
- Emphasize clarity, simplicity and transparency when preparing your materials.
- Think like an Angel when pitching to them.
- Get SEIS. Know what SEIS means for investors and see if you qualify.
Join us during Tech Week on June, 13th for ‘Funding for Science, Tech & Innovation’ and June, 15th for ‘What are the top UK & EU Grants and how to secure them?’ Check our calendar for more details: http://businessfundingshow.com/events/.
