Prasanna Krishnamoorthy, the founder of Upekkha, shares with us some tips on how to get funding for a business idea. How do you attract the attention of investor or angel investors for the same? I don’t have a prototype or a product and yet how to get funding for a business idea.
Many entrepreneurs use bootstrapping, which means financing your company by scraping off the personal resources you find. Usually, this includes your savings account, credit cards, and any home capital line you may have. Trying your friends and family for money may seem like a daunting prospect. But, tapping your loved ones is often a good first step before getting external funding.
Show that there is a significant and growing demand for your product and service. You have to prove that you have started to gain traction and earn money. Only then you may be eligible for a traditional bank loan. The ideal time to raise funds means that you have found the product and market appropriate. This means you have some customers and love your product.
In this video, Prasanna Krishnamoorthy is talking about how to get funds only for a business idea. At Upekkha, he works with founders to build a capital-efficient SaaS business. During his tenure at Upekkha, Microsoft Accelerator & iKen, he trained more than a hundred entrepreneurs. Prasanna has created frameworks for founders at an early stage to adapt closely to the product market. He has written extensively on these frames and shared them in multiple forums to run.
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