Show Me the Money: Financing Strategies for Founders
Show Me the Money: Financing Strategies for Founders
Show Me the Money: Financing Strategies for Founders is a 45-minute live breakout session with Q+A specifically covering financing strategies that have been successful or failed for women-owned businesses. Friends and family, bootstrapping, bank loan, crowdfunding, venture capital are all viable ways to get your startup off the ground, but not every business will be successful with every path. In this session we will cover different financing strategies from a founder and VC perspective, and tips and tricks to help women entrepreneurs understand their financing and capital options.
Key Takeaways
There is no single right way to get funding
Find what works for you - Bootstrapping (CCs, savings, etc); Family & Friends; Crowdfunding; VC & Angel investors
Crowdfunding
It is a full-time job - Katie spent 3 months “heads down” fundraising
WeFund
Friends & Family
It is a vote of confidence & many won’t see returns for a while.
VC Funding
Technically no ideal candidate but historically CPG were often funded. Very tech-centric - like Nima Sensor
Focus on benchmarks - Do people like it? Will they pay? They want to know that it is tested and valuable to consumers (at pre-seed & seed stages).
Asking for Money is HARD
Get used to rejection - need to shake it off & shift framework! Ex: Shireen’s perspective: It is a privilege to invest in this opportunity!
Spending $$ is HARD
It is very common to be afraid of spending funds - don’t let this stop you from investing in your companies
Quotes
“We tend to be tougher on ourselves. We have a really high bar for what is a fundable business” - Aditi Maliwal
“Become Teflon - let the rejection roll off and keep goin’.” - Elise Lindborg
“Consistency to achieve the goal is key.” - Kate Flynn
Action Steps
Kate Flynn: Do as much as you can and a little bit every day, every week.”
Aditi Maliwal: In the next couple of days - ask someone for something that makes you feel uncomfortable that will help you on your [entrepreneurial] journey.
Elise Lindborg: Practice being okay with rejection.