Are you funding ready?
Cracking investments is tricky and time consuming business. Before committing to the fundraising process, founders must evaluate whether they are ready for the process. Here's how you evaluate your funding readiness.
By Prutha Atre
Being an entrepreneur not only means that you have to start a company but also flourish it. For starters answer this question, What is the first thing an entrepreneur requires to start their company? A team? A good office setup? A social media account? If any of these were your answers then I guess you need to read the question again. The answer to this question is FUNDING!! And the question you should ask yourself before you try and raise capital is if you are funding ready?
FundEnable has devised an 8-parameter matrix to help you evaluate if your startup is indeed funding-ready!
- Team: This is all about the founders. Everything ranging right from their education to their expertise should be here.
- Scalable Business Model: All the core aspects of the business need to be mentioned here. Everything that enhances the scalability of the business and helps in changing the scale and size of the company.
- Value Proposition: The final value that is delivered to the customers through products or services. Both investors and the company founders should be aware of the value of the product.
- Proof Of Concept: Multiple things related to details of the company have to be included here. Validating the idea, minimum amount of product needed, first set of customers and impact it has on the market are the things that are supposed to be mentioned here.
- Monetization Model: All the channels that generate revenue for the company big or small are supposed to be mentioned here. This helps in the optimisation of the funds and revenue that the company is receiving.
- Market Size: The amount of people the company can offer their services or products to which is estimated well in advance. Knowing how many people your company can reach at a time gives you room for improving and strategising to change the fortune of your company.
- Exit Strategy: Having a plan never hurts. So, your company needs to have their plan in place as to how they want to repay the investors.
- Entry Barrier: Things or situations that cause a barrier in the entry of the company in the market. If they’re already mentioned and you’re aware about these barriers then you know what to do differently for your company to stand out. The company should always be aware about everything that goes around in the market.
FundEnable makes your funding efficient and a whole lot easier. We understand that getting funds for an idea that you’re so passionate about takes a lot of efforts and so here we are trying to reduce those efforts for you. With proper training and understanding of everything related to funds you can accomplish way more than what you thought initially. We’ll help you by giving you step by step guidance on each aspect of Funding. Providing our founders access to angel investors is our major goal. We promise to assist all entrepreneurs actualise their fundraising goals by providing them online learning, tools and templates and qualified IB advice. If you’re looking to raise your first round of capital? Subscribe to FundEnable to learn all technicalities of fundraising and access all fundraising resources. FundEnable as a platform makes implementation of your fundraising plans possible.
Originally published July 5, 2022
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