Quora Answer: What are Some Tips to Get Funding for Your Startup?

The following is my answer to a Quora question: “What are some tips to get funding for your startup company?” 

First, you need to decide how much you need, and how much control you are willing to cede for that amount.  That is the basis in which you develop your deck.  You do not decide after you meet investors.  That is dangerous for you.  When people give money, they want something in return.  You need to know the value of your product and your company before giving up anything. 

Second, you need a story.  The story puts the numbers in context.  Your revenue projections are just figures drawn in the sand, moving as the wind blows.  You need a narrative for people to be emotively impacted, for them to commit.  Investors are still people, and they are as susceptible toa good story, if you are an excellent storyteller. 

Finally, do your homework and due diligence.  There are resources and networks to connect with potential funders and investors.  You need to consider their mandate, their appetite and their quantum so you do not waste time with the wrong people.  You also need to weed out the pretenders and the sharks.  Finding good investors is important.  They must share the same values.  They must have the same expectations on exit.  Otherwise, you may be looking at a messy court battle.