Hi
I have read that most of the start-ups at their initial prototype stage got funded but when I checkout Founders of those startups most of them are IITIANS OR BITS OR IIM.
I am also working on my startups, project at prototype stage, but need initial funding to start. We approached few accelerators and investors via email but no reply.
We can start without funding as well but our product is as such it demands lot of areas to cover before launch.
Just need your opinion in this ?
Cheers
Manish Golchha
Anuj Bhasnali
A good myth.. no you dont need IITian founders to have funding. Not all IIT statrtups will secure funding. Almost all the startups that have gained funding had some prototype ready or were into launching the product in the market.
Approaching VC or incubators might not elicit response immediately or maybe no response at all. You need to pitch to a person and not a youridea@somevc.com. So go out meet some VC or people from incubators or try connecting with them over linkedin and then get feedback and ask for funding. Almost no one is going to fund a idea so you need to be in the market with a product before you raise funds.
And if you can start without funding then why not just go ahead and start it. Every product would need a lot of areas to cover, so it is better to get into the market with a prototype and then work towards making it into a final product
Manish Golchha
Thanks Anuj.
asha chaudhry
manish,
in case you haven’t seen this – alok has created a funding pitch template you can use!
https://www.therodinhoods.com/forum/topics/a-ready-to-use-template-for-pitching-your-business-for-funding