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8 Comments

Have an idea, now how to get funding for it?

I have an idea for an application/service. Did a validation, and it seems that there is an actual demand for such a service.

But where to get money to start with? I mean programmers do cost a lot, so I am not sure how to even make an MVP.

posted to Icon for group Startup Funding
Startup Funding
on August 17, 2023
  1. 1

    Prepare a comprehensive business plan and pitch, then seek funding from investors, venture capitalists, angel investors, crowdfunding platforms, or grants. Network, attend pitch events, and showcase the idea's potential for profitability and impact.

  2. 1

    Nobody, or extremely few investors want to see revenue at an angel or pre-seed level. I for one never met one that looked for revenue at this stage. If you do have revenue already, that's a huge +.

    I also do agree with @AdeB: it's almost always a better idea to bootstrap this and come up with at least an MVP and some kind of limited traction (user numbers, growth, adoption, PMF). Putting your own money in is a good sign for any followup pitch to any form of round.

    Look for a tech cofounder. Ideas are everywhere and most ideas sound good from a plane-level view. Even interviews look good and people would pay for it. Until you start building it and start tackling the deep-level issues that make up a product. Like for example my Uber for deliveries pitch, 12 years ago, where no insurance company wanted to sign up a contract with me.

  3. 1

    It is very hard to get funding for an idea, angels and VCs will generally want to see a MVP and some level of traction, normally revenue, before investing, especially in the current climate. At this stage you either need to fund it yourself or got to friends and family. You could look at joining an accelerator or a venture studio, try and find a tech co-founder or maybe try using a no/low code tool such as bubble to get a simple MVP going.

  4. 1

    It could depend on the idea. What is it ?

  5. 1

    I think Crowdfunding might help. Platforms like Kickstarter, Indiegogo, or GoFundMe can help you validate demand and raise initial funds.

    • Offer incentives like early access or discounted rates to backers.
    • Create a compelling story around your idea to attract backers.
  6. 1

    So what happen to your Tracksy idea ? Or you have a new one ? You did a validation ? How did you conclude that there is an actual demand for such a service ? Are you sure ?
    Investors like to invest in something tangible like an MVP that is getting some traction. In ideas that are only in our heads not so much. But this is just what i think. I could be wrong.

    Pedro

    1. 1

      Tracksy was just a little test - I've just wanted to do a simple stupid SaaS app just so that would get more experience into developing an actual app and running it live. Unfortunately it did not attracted a lot of attention.

      Now I have an idea of a carpooling service in my local country as I see a potential here :)

      1. 1

        https://en.wikipedia.org/wiki/Carpool

        I think for this kind of idea you need to emphasize things like "Trust" and "Verified Person" because this can go south very quickly. :)

        Pedro

  7. 1

    This comment was deleted 3 years ago.

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