Pitch Contests and Alternative Ways To Get Startup Investments in 2014
In fact, it's estimated that fewer than 10% of startups actually secure funding and make it on to the next phase of their business.
This is the age of ideas and concepts that can help people improve their lives by leaps and bounds. With all the human and technical resources at our disposal, we are constantly looking for ways to reinvent things, making them far more convenient or if it comes to it, completely signaling a paradigm shift in the way we do things.
Of course, not all of the people who are in the startup game are in it solely for the money. At the very least, they exhibit a desire to turn their dreams into a reality, more so than simply reaping the potential financial benefits.
But like all businesses, securing funding and financing a new company is the first step towards realizing and achieving your goals.
Most startups out there need initial seed funding to really get vrooming. You might not have access to these sorts of funds at launch date, however, there are ways that you can secure funding to get things moving.
Here are 3 alternative ways that you can secure funding for your startup.
Do you believe that your idea has the potential to change the way the world operates and does business? Do you have an idea that is going to improve life for countless people from disparate spots all around the world?
Do you have what it takes to see your idea from a mere concept to an actual living, breathing entity?
If you've answered yes to all of these questions, then there's no doubt that means that you've got drive and passion behind your entrepreneurial spirit too. The sort of thing that people with funding actually look for.
That's right, there are people who want you to come forward, pitch your grand idea, convince them why it's the best thing since sliced bread so that they feel compelled to help you with a mixture of cash and resources both.
There are pitch competitions held around the world whose sole purpose is to give teams of dedicated people an opportunity to pitch their idea to a group of investors and industry people. They have their rules for eligibility, their panel of judges, and their whole competition venue.
If you want to know the best and dedicated people in the industry (people who share the same goals and objectives as you), then this is the best place to meet those like-minded people. There are many avenues for networking and finding inside info about trends in the industry. Capitalizing on those beats can mean all the difference between success and failure.
That is why it is very important to brush up your presentation skills come--you'll have to bring you're A-game to the podium. You'll be in a position to demonstrate how big of an impact your product or service has the potential to make.
Get A Business Loan
Institutions like the Small Business Administration offer entrepreneur-focused loans that can help startups establish their business.
The only thing that you should be aware of is that these sorts of bank loans rely on you having a proven track record in repaying loans. This sort of loan is more suitable for businesses that have gone at least two years into their business cycle with a ready stream of cash flow.
So you have a workable model of your product and service. Perhaps not as much as the mass-marketable production levels, but just right that you can raise yourself some money by selling it to early adopters--the ones who want to pay top dollar for your product or service.
Capitalizing from this kind of exclusive first-customer model can help you get off the ground too.
DREW HENDRICKS | Columnist
Drew Hendricks is a tech, social-media, and environmental addict. He's written for many major publications, such as Forbes and Entrepreneur.