I created an App and working with an App development company. I almost ready for the seed investing phase but need guidance mentorship in the Tech startup business community on the best way forward.
Answers
Hello Jermain,
If you like to connect with me on Linkedin, I can introduce you to several business advisors and start up and entrepreneurs experts who have started many companies. It all depends on the details of your start up as to which direction would be best for you.
June Webb
coachjunewebb.com
Hi Jermain, if you have an app and are ready for seed investment, I assume you have a proven product-market fit and know all the criteria used by angel and VC investors to fund startups. If you do, it is a matter of cold calling such investors with your pitch. Depending on the nature of your app, some investors may be a better fit than others.
If you are looking to prepare your pitch or validate your ideas, you may want to explore Y Combinator site for ideas: https://www.ycombinator.com/
They also have an online startup school: https://www.startupschool.org/?utm_campaign=ycdc_header&utm_source=yc; I see a section on funding.
You may want to browse Steve Blank's website: https://steveblank.com/
Apps are easy to deploy; if you have one on an app store and have a lot of downloads, you are off to a good start. If you are looking for marketing and business development funding, then the above resources may help you prepare.
Best wishes.
A lot depends on what kind of business you're trying to start. Many startups are just looking for investment rounds for early exits, which creates a different positioning then for if you're looking for a long-term business. Either way here are some thoughts that should help:
1. Universities are running entrepreneurship programs, which means curriculum is well organized. Check out the entrepreneurship resources on large college websites since they're often leaded with great info.
2. Most of the moves being made (outside of like NY and LA) happens from a small amount of firms in each market. Get to know who they are, who they've invested in, and why.
3. Focus on cashflow early. Every successful serial entrepreneur I've met figured out key parts of their business as they went, so make sure there's enough runway and earning to get to those discoveries.
4. Find expenses (like marketing) that can both grow your business and lower your taxable income/revenue.
5. Document every unique use of the application you can find, and work on patenting anything that is unique IP.
6. Google Ads and FB Ads are best to drive app downloads.
7. Figure out your unit metrics and Kpis (i.e. If a customer is worth $100 over their customer lifespan, and you convert 10% of your traffic, then you can afford to spend $10 on traffic to generate that outcome).
I've added links to information & videos under these sections of my EE webpage that might be useful:
http://eehot.com/ee.html#ip - Intel. Prop. & Patents
http://eehot.com/ee.html#networking - Get 1 yr FREE LinkedIn Premium
http://eehot.com/ee.html#vosb - Vet Owned Small Business.
http://eehot.com/ee.html#funding
http://eehot.com/ee.html#sba
http://eehot.com/ee.html#mentoring
for your IT career:
http://eehot.com/ee.html#infosec
http://eehot.com/ee.html#datascience
http://eehot.com/ee.html#jobs - commercial job search websites
http://eehot.com/ee.html#gjobs - Gov. Jobs
Also you could go to the ACP webpage.
Click on the Communities tab
Click on Advisors
In the "Refine By" pull down box select "General Business" or "Financial Services"
Message advisors who you think can help you.
You could enter: "funding phone apps video" into a google search box and watch videos
I saw multiple videos listed.
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