What needs to be done before you meet investors
As an option, you can develop an MVP version of your app or website or a software system and run beta testing before a meeting with investors. If you don’t have a prototype or MVP yet, you can show them at least design of your future project. Make sure that the design looks great a meeting with potential investors.
Such a presentation should contain comprehensive information about your startup, with all the numbers and research materials. In order to impress your potential investors, your pitch deck should be laconic and convincing.
Fundraising mistakes which can kill your startup
A new market is great but you should define this market very precisely. If you are afraid of competitors it doesn’t mean that you should let them ahead. Don’t be scared of your idea especially if it’s big and covers large niche.
Don’t be surprised if you offer stakeholders to invest in your startup which is an imitation of an existing company and they refuse. Copies don’t become great. You need your own, unique product which solves real, existing problems.
It sounds strange, but the majority of all successful startups were something else then they are now. Thus, you need to be agiler and ready to change the purpose of your startup if something better came to your mind. If you are not sure whether your idea is better than the initial one, you can always talk to your customers and ask their opinion. In a case they are excited about your new concept, you should go for it.
Even if the initial idea was extremely great, bad vendors can ruin everything. Remember it when you hire developers for a startup. And even if you want to save some money firing a freelancer instead of an experienced team, you can lose much more eventually. Anyway, try to find as much feedback about a potential vendor as you can. You can visit Clutch, for instance, as it’s one of the best platforms where you can read the comments about different development companies
It was noticed that the startups with only one founder rarely get successful. It can be explained by a nature of a person who doesn’t want to share his idea with others, even with the closest people. Such people are very suspicious and never trusts their partners and employees. With such a personality it’s hard to be flexible and adjust to externalities. When a person is open and involves his friends and family he is ready to share not only success but difficulties too. Investors know about it and respond accordingly.
The fundraising process is long and tiring. Don’t expect it to be easy. The biggest part of this road you’ll have to walk alone. Still, you can always rely on us. Write us if you want to impress your investors with a really high-class prototype or if you are ready to entrust us the whole project.