You have got the idea, Now what makes your startup idea in a reality? There is a lot of the wrong perception about the startup most of the people think a startups are a very lucrative, easy way to make millions and get rich. But it is not wake up from your dream!
The most common question in the Startup ecosystem ” How to get funds for my startup idea? “
Some people need funding after they prove there idea or concept, while others dream of funding even before the execute anything. A Proof of Concept (POC) is a little exercise to test the plan thought or supposition. The primary motivation behind building up a POC is to exhibit the usefulness and to check a specific idea or hypothesis that can be accomplished being developed.
Best time for raising fund
The perfect time for raising fund is the point at which you prove your idea, that implies you have a few clients and they are adoring your idea. Yet individuals start looking for funds at the idea level. It is troublesome, practically unthinkable for the first-time startup person unless they have a great education background.
Here are a couple of ways you can getting funding if your startup is still in the idea stage.
Family and Relatives
Obtaining cash from loved ones is an exemplary method to begin a business. While it might be harder to convince investors or banks of the nature of your thought, your loved ones frequently trust in your fantasy.
The drawback? Getting cash is a snappy method to lose companions and acrid family connections. Be cautious in the event that you choose to continue along these lines.
Bootstrapping a startup means beginning lean and without the assistance of outside capital. It means proceeding to fuel development inside from income delivered by the business. you utilize your own money to maintain your business. This cash may originate from individual investment funds.
Accelerators and incubators
Accelerators and incubators both offer entrepreneurs great open doors from the get-go. founders get help to rapidly develop their business and they regularly better their odds of drawing in a top funding (VC) firm to put resources into their startup at a later point.
Startup Pitch Competitions
Participating in a startup competition could be one of the most important experiences for new companies, particularly in their beginning times as it can carry their business to the following level. Regardless of whether the prizes are an incredible spark to take an interest in such startup occasions, nobody leaves with next to nothing. There is a great deal to pick up including potential ventures, media introduction, and potential strategic partnerships.
Doing Day Jobs
In the event that you right now have a job that is meeting your costs and giving you a chance to carry on with a moderately agreeable way of life, don’t be in such a rush to leave your place of employment and pursue your business dreams. Invest some energy getting the business off the ground and working through the early, troublesome stages with the robustness of your 9-5 occupation covering your tabs.