How can I obtain venture capital without applying for a bank loan?
Posted by admin on 22 Nov 2008 10:00 am. Filed under Credit.
sham8450
I am starting up an online business and I need startup money. I dont have good credit so bank loans are out. I dont know how to apply for a grant. I dont have any rich friends or relatives. Is there a way?
I am starting up an online business and I need startup money. I dont have good credit so bank loans are out. I dont know how to apply for a grant. I dont have any rich friends or relatives. Is there a way?
4 Comments to “How can I obtain venture capital without applying for a bank loan?”
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On November 25th, 2008 at 2:41 am
Develop and document a business plan. If it has good ideas, you can shop that around to venture capital organizations, who will want a piece (probably control.)
On November 27th, 2008 at 3:06 am
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On November 27th, 2008 at 1:28 pm
Venture Capital (VC) firms generally don’t lend money, they invest in return for equity (stock). To prepare, find out the best venture firms for your type of venture. A venture firm that does deal in your type of business (industry sector) and the stage (sounds like early/seed stage) is more likely to be interested in your ideas. Next, try to get a referral from someone. VCs are much more likely to take you seriously if you get referred from someone they know and respect. They get hundreds of business plans and calls and its tough to get their attention if they don’t know you.
When you get a meeting, be very prepared with a good Powerpoint type presentation and a solid understanding of your market and customer. By a good presentation, I mean well-thought with a logical flow and one that sticks to the key parameters they are most interested in - market size, your technology, intellectual property, your busines model, managment team, etc. You don’t have to know every answer to their questions on the spot but you need to be able to demonstrate a strong knowledge of your technology and product, the market and target customers and the business skills.
Finally, understand that VCs primarily invest in great management teams and/or exceptional technologists. They are more interested in great people than they are with a technology or business model from someone that doesn’t have the backgound and experience to see it through to success. So, if you don’t have the background, I strongly recommend you get it before pitching your idea. If you don’t want to wait until you acquire the knowledge yourself, you need to recruit it into your team. Good luck.
On November 29th, 2008 at 11:37 pm
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