Posted by 2014-06-27 14:47:59
Title: Hi, I'd like to know who I can contact or connect with in regards to investment for my company. I...
Hi Greg, after you've invested whatever you personally can, common wisdom is to tap into your existing network - your friends, your family and your fools (people you know who have a lot of money and high tolerance for risk). If you can't get anyone from this segment to buy into what you're doing, it's a stretch to imagine a completely stranger will! Even in most crowdfunding campaigns (another great resource for early stage fundraising), it's this group that is among the first to purchase a perk and it's their validation (or lack thereof) that catches the attention of the masses.
As a general rule, funding becomes much easier the more traction you have with your work (i.e. revenues, users, etc.). Unless you have a proven track record of starting and selling companies, most investors will deem you too risky, be it an angel, venture or bank. So my advice to you first and foremost is focus on building traction and when you start seeing that happening, there's a healthy pool of websites (i.e. AngelList), accelerators (i.e. Y Combinator, Jolt, etc.) or early stage micro loan programs (e.g Ontario's Catapult Microloan Fund) that you can look into.
I won't sugarcoat it for you Greg, raising capital is tough work and much like starting a company in general, the product of being crafty, tenacious and well connected. But it's possible and there's lots of great sources of inspiration out there for you to learn from.
Hope that helps Greg and best of luck!
Adil Dhalla,Director of Culture
Centre for Social Innovation