Decisions In Raising Startup Funds
This article is written by Clinton James, a Contributor Author at Startup Istanbul.
Justin Cannon is an entrepreneur and web developer based in San Francisco. After graduating from MIT with a degree in Computer Science, he founded Lingt and sold the company in 2011. He is the founder of EveryArt. He has spoken in numerous forums about his experiences as an entrepreneur. He was present at Startup Istanbul 2015 and shared some insight on Startup fundraising.
A good accurate analysis is if you use certain techniques that can be done very methodically for fundraising. There is no reason for investors not to get a handle beforehand, but you have to work to build your product.
Through his Computer Science education background at the Massachusetts Institute of Technology, Justin Cannon had two close friends from school who had dropped out, and opened a company together to work with this very interesting Silicon Valley market, with clients like Dictionary.com. He started a new arts company where he never used to charge for service fees, especially because all money was inconsiderate. At this point, he realize that only if you have a small business that makes a little money, no factor stands that it will be a big business that makes a lot of money.
He has worked in Istanbul for three years in front of a computer which, after mastering the rules of the world, he finally turned back into business and knew he could build something big. When he gathered a collection of every Turkish grammar for about two weeks, he wrote about 200 Turkish lessons and met a master’s student who started doing things together.
They began to charge $ 10 to people and are now the largest Turkish website in the world. What if a well-planned investment forecast plan doesn't work, you can all the same become a successful entrepreneur with a very good commercial business that will put up no less than $ 500 million a year later.
With a company newly formed, he spoke with many investors who attended the Burak’s conference called Startup Istanbul and actually raised money even through the seed round. The company at the time of his speech was just 2 weeks old and had quite some prospects of growth as a result of his networking.
The reason that entrepreneurs stay away from searching for investor’s funds is mainly because they wish to take up 90 to 100 percent of your business, which you should not underestimate because it is very unfair to give something that you have executed so hard.
So don't just be cozy in meeting investors, use their network, if you like, write e-mails and even wait for the door to find them because you are trying to raise an interest. The most interesting information is the reason to excite them. If you are looking for a serious angel investor, start the dialogue as fast as you can and turn into a two-way street, turn into the gear wheel and suggest opportunities that are promising.
It is important to convince them that you can manage up to one hundred million dollars into the company over the next few months. If you don't get money, you might get advice. Ask for advice, this is the first ingredient for your wit. Justin says that raising money is like casual dating where on occasions, it might also go bitter and your tastes may differ.