Determiners 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 precise psychoanalysis technique that you can be methodically use for fundraising is questioning why some investors ask to see some type of traction before, however you need to be working to build your product.
Having gone through some studies in computer science from the Massachusetts Institute of Technology, Justin Cannon has spent three years working in Istanbul in front of a computer which, after studying the rules of the world through starting a failed business with his two close school dropout friends.
As much as they wanted to work with the very attractive market in Silicon Valley with clients such as Dictionary.com he ended up starting a new art company where he never used service fees, because his little income did not appear lucrative. Consequently, he notes that notwithstanding having a small business that makes little money, it doesn't matter, and that it might be a big business that makes a lot of money.
All this twists in experience led him back into business which suddenly he felt like he knew he could build something big. To begin with, he opted to collect every Turkish grammar for about two weeks, he wrote about 200 Turkish lessons and met a master’s student who began doing things collaboratively. They began to charge $ 10 to people and the results to this lands them now as the largest Turkish site in the world.
What if a well-planned investment plan doesn't work? However, you can become a successful entrepreneur with a very good business that will bring in at least $ 500 million a year later. With the newly formed company, Justin spoke with many investors who participated in the Burak’s conference called Startup Istanbul and even raised money throughout the seed round. The company is only two weeks old and has many opportunities for growth through its network.
How did he manage? Justin advices that you don't just sit accompanying investors, use the networks you are introduced to, if you like, write an email and even wait at the doors to find them because you want to show interest in something they have. The most interesting information is a reason to arouse their enthusiasm. If you are looking for serious angel investors, start the talks as quickly as possible, turn into a two-way street, turn into the corridor with gears turning and offer promising opportunities that convince them that you can manage up to 100 million dollars in business over a few months. If you don't get money, you can get advice as the first ingredient for your growth.
The main reason that worries entrepreneurs to avoid asking for mutual funds is because some investors want to use 90 to 100 percent of their business, which you should not underestimate, because it is very unfair to give something that you have done so hard. Justin says that it is like going on an occasional date, where sometimes it can be bitter with your tastes distinctly separate.