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So your tech startup has a great idea. You've assembled a small team of bright, creative minds and you're convinced that you've developed a concept that will change the world. All you need now is the money, fast. Here are some of your options.
1 – Get a loan
The classic way of funding a business. Since the credit crunch, financiers have become much more reluctant to lend, especially to small startups. To get a loan you'll need a strong business plan, a good pitch, and a relatable idea. Local, community-based banks or those that specialise in your industry may be more likely to accept your application.
2 – Crowdfund it
Sites such as Kickstarter and Indiegogo have emerged as a viable source of funding for a wide range of startups. You'll encounter plenty of competition, but if you've got a good idea that captures peoples' attention (with excellent potential rewards), there's a chance you can make crowdfunding work for you.
3 – Find an angel investor
These individuals will invest their personal capital in startups in exchange for a stake of the business. Unlike venture capital firms, many angel investors will want a say in how the business is run, but will usually be more likely to take risks and invest more money. Reports suggest the average angel makes 22-27% IRR (internal rate of return) on their investment in the UK and US respectively.
4 – Get a grant
Sourcing a grant is a great way to kick start a company without giving away precious equity. Grants are often ring fenced — you may receive funding to employ a specific amount of staff or to provide services for a targeted demographic. Competition is hard, so it's best to think local and manipulate any niches that suit your business.
Want your startup to make a splash online? Talk to TheGenieLab today. We specialise in helping startups build responsive, aesthetic websites that make your brand stand out and boost your bottom line. Call us on (UK) +44 (0) 2920 837 438 or (US) +1 305-762-0130.
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