I'm in this boat right now, but I haven't tried to raise any money yet (working on the pitch deck). It's a SaaS solution... I'm bringing some developers on for equity only right now, but funding would sure speed it up.
@@FeeltheBoot I have a technical co-founder who can do some of the development and we are bringing on 3 developers for equity only to get the product built. The frustrating thing is that with a small investment ($50-100k) we could get this built in a few months by utilizing some developers off shore (direct hire, not outsource).
You might look at debt options. In Northern California, I have seen a few companies get $50k from Working Solutions www.workingsolutions.org/ to get them over that hump. There are Community Development Financial Institutions (CDFI) in most areas of the US.
Just watched the rest of this video, now I know what to ask for when I talk to these agencies or organizations so I am able to do consumer validation. And with 50k there will be plenty of money left over to do a decent size production run. Thank You, really appreciated.
I just scheduled my free 15 min meeting for Sept 21st. Had zoom meeting with a start-up/funding advisor company yesterday, they value the package around 45k, but they'll give it to me for 10k. Seems well worth it but still undecided. When I can afford to do so I will schedule a 1hr paid call with you. Because you're on here giving free advice so its only right to pay for a call. Plus it's good to get other opinions.
I look forward to talking with you. There are a lot of shady folks offering to help with funding. Make sure you talk to the founders of other companies they have helped recently.
When you talk about Frankenstein prototypes... would you recommend cobbbling together parts from various different products to make prototypes to pitch a product idea to investors?
I would do whatever it takes, as long as it shows what your solution will do and that it is possible. In many cases, that involves things like Google Forms, IFTTT, and the like. It just has to deliver the core value to the users.
What if your product requires initial (once and done) govt regulation/registration prior GTM and generating revenue? It's consumer good, so building waitlist/presales would be a HUGE factor in obtaining pre seed right, or at least is a positive contributing factor?
Exactly! If you can't get through the regulatory approvals without funding, then pre-sales or waitlists are a fantastic way of demonstrating demand in advance. Pre-sales would fully count as sales (maybe even more because they will have to wait for the benefit).
From this video I learned that it is better for me to bootstrap my way to success, before I look for Angel Investors. Thankyou Lance for the great videos. SphereMotor, the future of electricity.
From this video I learned that it is better for me to bootstrap my way to success, before I look for Angel Investors. Thankyou Lance for the great videos. SphereMotor, the future of electricity.
❓If you have resolved this paradox for your startup, how did you do it?
I'm in this boat right now, but I haven't tried to raise any money yet (working on the pitch deck). It's a SaaS solution... I'm bringing some developers on for equity only right now, but funding would sure speed it up.
How are you planning to navigate the paradox?
@@FeeltheBoot I have a technical co-founder who can do some of the development and we are bringing on 3 developers for equity only to get the product built. The frustrating thing is that with a small investment ($50-100k) we could get this built in a few months by utilizing some developers off shore (direct hire, not outsource).
You might look at debt options. In Northern California, I have seen a few companies get $50k from Working Solutions www.workingsolutions.org/ to get them over that hump. There are Community Development Financial Institutions (CDFI) in most areas of the US.
Just watched the rest of this video, now I know what to ask for when I talk to these agencies or organizations so I am able to do consumer validation. And with 50k there will be plenty of money left over to do a decent size production run. Thank You, really appreciated.
Glad it was helpful!
I just scheduled my free 15 min meeting for Sept 21st.
Had zoom meeting with a start-up/funding advisor company yesterday, they value the package around 45k, but they'll give it to me for 10k. Seems well worth it but still undecided.
When I can afford to do so I will schedule a 1hr paid call with you.
Because you're on here giving free advice so its only right to pay for a call. Plus it's good to get other opinions.
I look forward to talking with you. There are a lot of shady folks offering to help with funding. Make sure you talk to the founders of other companies they have helped recently.
@FeeltheBoot ok yes that sounds like a good idea, thanks agian
Thank you! Very helpful information on your channel and in this one video alone. Greetings from the Netherlands.
Thanks!!! I love the Netherlands, but it's been a few years since I last visited. Greetings from California!
Fantastic information, really useful, thank you.
Glad it was helpful!
Thanks for all the great insight!
My pleasure!
When you talk about Frankenstein prototypes... would you recommend cobbbling together parts from various different products to make prototypes to pitch a product idea to investors?
I would do whatever it takes, as long as it shows what your solution will do and that it is possible.
In many cases, that involves things like Google Forms, IFTTT, and the like. It just has to deliver the core value to the users.
What if your product requires initial (once and done) govt regulation/registration prior GTM and generating revenue? It's consumer good, so building waitlist/presales would be a HUGE factor in obtaining pre seed right, or at least is a positive contributing factor?
Exactly! If you can't get through the regulatory approvals without funding, then pre-sales or waitlists are a fantastic way of demonstrating demand in advance. Pre-sales would fully count as sales (maybe even more because they will have to wait for the benefit).
From this video I learned that it is better for me to bootstrap my way to success, before I look for Angel Investors. Thankyou Lance for the great videos.
SphereMotor, the future of electricity.
From this video I learned that it is better for me to bootstrap my way to success, before I look for Angel Investors. Thankyou Lance for the great videos.
SphereMotor, the future of electricity.
I almost always suggest that founders wait as long as possible before taking investment (if ever)!