Does anyone here have any advice or experience of finding investment for a startup business? I've found lots of websites with happy smiling people talking about VC, but those are generally light on actual information and real advice.
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Will work inside IR35. Or for food. -
try businesslink they are pretty good at investment and grantsOriginally posted by VectraMan -
You could always apply for the next series of Dragons' Den.
Seriously though, start with Business Link. Helping you find business angels is one of its raison d'etres.
What's your pitch? Private investors can claim tax relief under the EIS and I or others on here might be interested.Comment
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Thanks.
Basically I'm fed up with developing other people's software products when I have ideas of my own. Only thing stopping me is I need to be able to pay the rent, and I haven't been contracting long enough to be able to afford to do that for any length of time without working externally. So I'm wondering if with investment and grants if I could turn it into a full time thing sooner rather than later.Will work inside IR35. Or for food.Comment
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I doubt it if that's your pitch. Business angels need concrete ideas and firm plans and projections. You'd be better off raising cash from family and friends if all you're interested in is getting the rent paid while you do some unpaid coding.Comment
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No no, I'm interested in nothing short of world domination.Originally posted by Lucifer Box
But yes you're correct in that what I need to do first is filter my ideas and turn them into a concrete plan.
Will work inside IR35. Or for food.Comment
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Think smaller
Get one or two bread and butter solutions out there making money so you can spend time writing the killer apps.
No one is going to take you seriously if you have no track record of get up and go including funding your own initial development. If you want funding you need clear requirements and costings.
You are a contractor find a 3-4 day a week gig or work after hours. Or do what Alexei did and save all your pennies and take a year off.Comment
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Both Lucifer and Veteran speak sense.Originally posted by vetran
You won't get a commercial (or non-family) investor within a mile of you unless you already have a working prototype and some potential (and suitably warmed-up) customers. (Unless of course your name is William Gates and you feel like starting up a company, as then they'll back you based on previous successes)
Work hard (save harder) put in hours at weekends and nights, and build yourself to a point where your ideas can be a concrete solution.
This will also mean you need to give away less of your final solution at the end.
If you managed to get an investor now you'll struggle to retain any more than 10% of the resulting company since they are taking the whole risk, and they'll make you sign exclusive agreements meaning you can't work on anything else.
Finally when you do go for investment be realistic no investor is going to invest money just so you can pay yourself 50K a year. You'll need to prove the income you intends to draw is the bare minimum and that it will be hurting. i.e. sell your lovely car by a wreck, downsize house to pay smaller mortgage etc. People may see your idea as a no-fail concept but unless you are taking the pain as well they won't invest since if your life is to comfortable what will drive you to get the damn thing out the door.
_- Good Luck with it though. By far the best way is the way Alexei did it though, so you might just have to grin-and-bear it for a short whileComment
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