Ifeoma Nwakwesi Uddoh is the chief operating officer of Sasware, a company that invests in innovative startups. He is of the view that there are certainly a few important things one needs to keep in mind for when talking to investors.
1. Funding is not a source of revenue. It is a short term lifeline. 2. Are you ready for funding? There is a stage just before your startup starts becoming attractive to investors. It is that stage where you have a clear focus of who your customers are, and you’ve most likely bootstrapped to the point where you have a minimum viable product. 3. How much funding do you really need? 4. Don’t stay in the same place. If your startup is in the same place it was six months ago, it might as well be dead. 5. How big is the opportunity?  6. Don’t focus on fundraising at the expense of growing the business. 7. It’s important to look the part. Asking for a seed investment of just $50,000- $100,000 when you look unkempt and possibly homeless doesn’t exactly inspire investor confidence.  8. All you need is funding? Wrong. The savvy ones choose investors with experience and business networks in markets they are trying to get into.
 

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