StartUp Funding Guide

What You Need Before Applying for Funding

Even though we do not require that you have this, we do highly recommend you do to make your application review shorter. Applicants with the requirements listed below will be added to Phase Three

• Business Plan: A detailed business plan is crucial. It should outline your business model, target market, unique selling proposition, and financial projections.
• Market Research: Show that you understand your market. Provide data on market size, customer demographics, and competition.
• Financials: Be clear about your financial needs. How much funding do you need and what will it be used for? Also, provide financial statements and projections.
• Team: Investors invest in people. Highlight your team's experience and skills.
• Traction: If possible, show that your product or service has traction. This could be in the form of sales, user engagement, partnerships, or other key performance indicators (KPIs).

Good Practices for Startups

• Pitch Perfect: Practice your pitch. It should be compelling and concise, explaining what problem your business solves and why it's unique.
• Network: Networking is key in the startup world. Attend events, reach out to potential mentors, and don't be afraid to ask for introductions.
• Stay Lean: Keep costs low until you've secured funding. This might mean bootstrapping, outsourcing certain tasks, or working from a home office.
• Pivot if Needed: If something isn't working, be ready to pivot. This shows investors that you're adaptable and committed to success.
• Transparency: Be transparent with potential investors. If there are potential risks or challenges, it's better to communicate them upfront.