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Have an idea - How can I fund it?

I have a unique business idea and an investor who I need to meet in the middle with budget. Unfortunately, I do not have the $10k to put in at the moment, am reluctant to ask family, and cannot take a loan. I'm looking for ideas of how I can raise my part of the funds to get this developed and moving forward.

How would you come up with the funds? Thanks.

15 Replies

ajay rajani
0
0
ajay rajani Advisor
Entrepreneur & investor. Aspiring merchant of progress.
Take a look at Nextt (www.nex.tt). Could be the right approach for you.
Victoria Cabrera
2
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Victoria Cabrera Entrepreneur
Marketing Coordinator at Patxi's Pizza
Have you tested the idea and it's assumptions in any way? This screams Lean Startup methodology. In other words don't need to build the full product to test your ideahttp://members.founderdating.com/discuss/topic/Lean-startup
John OHanlon
1
0
John OHanlon Entrepreneur
Owner of Banks Printers
Why do you need funding?
Elena Ginebreda-Frendel
0
0
Associate Manager of Communications
Could you tell us a bit more about your idea? Crowdfunding (Indiegogo, for example) could be a great option!
Andrew Gassen
2
0
Andrew Gassen Entrepreneur
Senior Product Manager at Pivotal Labs
1) I think being able to answer the question about why you need funding is important. Why is that?

2) Why are you hesitant to ask friends/family? That's usually the starting point.

3) Can you pre-sell to customers to raise funds? $10k isn't a heck of a lot to need to raise, you should be able to do that IF you've got a viable business.

4) Try to verify that you have a viable business. I second Victoria's comment.
Roman Semenov
1
0
Roman Semenov Entrepreneur
Web development, Mobile development, Outsourcing
And taking in attention all said behind, you could think about co-founder who able to move your project forward.
Meghan Uhl
0
0
Meghan Uhl Entrepreneur
CEO, Focal Point Security | Eliances Member | ASIS Phoenix Chapter Membership Chair
Sell everything that isn't nailed down! That's what we've done & we managed to come up with over $100k to self fund. Downsize, downgrade, Craigslist or OfferUp everything you can - $10k should be easy to come by.
Martin Omansky
0
0
Martin Omansky Entrepreneur
Independent Venture Capital & Private Equity Professional
Don't go into business without your own funds. It is a disaster waiting to happen. I would suggest you find a corporation in your industry that would be willing to finance your development costs in exchange for a distribution agreement or license arrangement. Take your share of the license revenue and go on to the next venture.
Maxine Pierson
0
0
Maxine Pierson Advisor
INTERIM CEO, EXECUTIVE DIRECTOR/ VP Investor
As an startup you need to develop thick skin-forget your reluctance - ask your family and get the money.
Daniel Drew Turner
1
0
Interaction Designer, Xerox PARC
I hear you, original poster. My family and friends don't have money (certainly not any to lose), nor do I, so don't let people who have that luxury pressure you into thinking that's an option. Even a $1k loss could be serious and leave someone in debt or without things like health care.

But! Hit the library and look for books like Gothelf's Lean UX, Alvarez on customer development, Klein on UX for Lean Startups. Especially since you don't have the privilege of money (losing your own, or someone else's), you need to do what you can to make sure you don't end up like 94% of startups -- which is to say losing it all. Work hard to challenge your assumptions that your "idea" is really not being done elsewhere. Challenge your assumption that people will want it AND WANT TO PAY FOR IT; just because you or friends like it has almost no correlation to that. Don't ask people "this is my idea, do you like it?" Research what problems people can't deal with, and see if your idea might relieve their pains. Build paper or human-run prototype (cost? almost nothing but time), test them with real, unprompted people with the goal of breaking, not confirming your assumption.

That will give you a stronger, more likely product, and something you can take to investors beyond "I have an idea".


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