7 key topics for getting funding for your early stage start-up - experience of prototron
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DESCRIPTIONHow to get funding for your scaleable business idea? In Prototron start-up fund, we've identified 7 key questions for you to have answers before applying for investor money.
- Siim Lepisk 5. August 2014 at Startup Ideation Bootcamp at Arengufond 7 key topics for getting funded
- In 2012, Swedbank, Tallinn Technical University and Tallinn Science Park Tehnopol founded Prototron fund to support building the first prototypes that could get client feedback to conquer the World. We help talented entrepreneurs to get their product to market, by granting our alumni with money and 6 months of business development services in Tehnopol Startup Incubator. We build success stories
- We focus on *For ICT projects we support systems with complex algorithms ICT* Electronics Mechatronics Greentech
- 50-100 ideas collected via www.prototron.ee pre-evaluation committee selects top 20 ideas and provides feedback to all teams Tehnopol coaching for top 20 teams Best 9-10 teams pitching to expert committee Expert committee funds 2-3 teams We finance 2-3 rounds /year
- Since 2012, we have: Gathered 500+ ideas Had 6 rounds of funding Given out 180 000+ EUR for 14 teams. All those start-ups are strongly growing. Our alumni have generated 500 000+ EUR revenue and raised 1 500 000+ EUR capital Weve already shown great results
- 1. Team 2. Product 3. Market 4. How to earn money 5. Timing 6. Advantage 7. Proven first steps Key elements of getting funded
- At least 2 roles covered: business + tech What have achieved so far? Have worked together? Commitment? Passion on the topic? 1. Team
- Team: rather good example ABC MBA, thesis defended on the subject, currently working at XXX Ltd as a Business Development Manager. XYZ MSc in Business Information Technology, currently working at RBS as a developer. Team has worked together full time at RBS since 2010 and on the product since 2012.
- Clear value proposal Concise Can be visualized Validated by third party 2. Product description
- Product description: to be improved Easy to use, shared and collaborative environment for project teams for efficiently planning, controlling and monitoring project work at the field. Too vague Wheres your value?
- Product description: good examples Deekit is developing a multi-platform app to help managers in growing IT companies to increase their productivity by enhancing the visual communication between teams and individuals with a real-time team collaboration whiteboard Precise value proposal what/who/how Browserbite is an automatic cross browser testing tool to check your website on 45+ mobile devices and browsers
- Who are your clients? Segmentation only one segment or many segments? Human, corporates, public sector Age Gender Income (higher / lower) Where they live (Estonia, Europe, Asia) Education level . 3. Market description
- Value proposition? Whats improved after your product/service? Are you able to generate more revenue to your clients (preferred) or improve efficiencies? Where do you sell? (who buys) How do you sell? You cant always have the right answer: the business model could quickly change in pivoting process, if the market requires other kind of product/service 4. How to earn money?
- Why is your product important today? Are customers ready to pay for your product? How can you prove that? 5. Timing: actuality of the idea
- Why you, not 100 others? How is your idea different from the competitors product/ service? How do you protect intellectual property? How will you scale? Is your team exceptionally experienced in that? 6. Strategic advantage
- Show progress Validated assumptions Anyone willing to pay? LOI Letter of Intent from clients/vendors 7. Proven first steps
- Start talking to your customers! October 15th Siim Lepisk, email@example.com
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