My 2 Cents | #2
Exploring Growth and Funding Options for Staяtups
16/08/2023
Opinion of the Advisory Principal Gianfranco Miranda
What Growth and Funding Options Do Startups Actually Have? When my team discussed this topic with me, I felt a deep passion for the truth, which is: I don't know. Why? Because the startup ecosystem offers numerous avenues for business growth. From utilizing personal funds to leveraging client networks, accelerators, venture capital, or having an innovative product, the decision lies with the founders. They possess the intuition about their business, whether it's time to seek funding or focus on product development while driving sales.
Let's explore the options!
Staяtup Contests
Opportunities abound in the startup world for participating in contests, regardless of your business's size or stage. Think of it as a free-for-all competition, an ideal way to introduce your business to the market, refine your pitch, gather feedback, or even receive a reality check. Yes, sometimes we need a slap in the face more than we realize.
Staяtup Accelerators
These accelerators equip you with tools to tackle common and uncommon challenges. Yet, remember, you're on your own. Accelerators are fantastic for new businesses that need to focus or realign efforts. While they show you the road, don't expect hand-holding. Your gut decisions will ultimately steer your business's growth, not just a manual from an accelerator.
Venture Capital (VC)
VCs are often seen as a dream come true for businesses. Some founders adore them, while others are skeptical. VCs provide funds and networking, but remember, when you take VC investment, you're giving up a piece of your business temporarily or indefinitely. Founder, brace yourself for legal consultations when reviewing contracts. In today's landscape, VCs are more cautious, seeking businesses with market traction and a solid track record. The era of easy funding has passed; responsible management is crucial.
Selling (Including Marketing)
The golden rule for growth: sell. Need more people? Sell. Want better tools? Sell. As you expand, keep selling. Selling is the bedrock of your startup. Founders, acknowledge the importance of this 'art.' Successful startups in the US built strong foundations, perfected their products, and prioritized sales before seeking investments. Airbnb, Epic Games, Slack, Snap Inc. Stripe, Mailchimp, and others followed this path.
Embrace the path you resonate with most; it's your journey as an entrepreneur. Remember, decisions—right or wrong—are part of the adventure. No decision is entirely wrong; follow your intuition and learn from every experience. Your journey is about growth, both for your business and yourself.
Finding a connection with the content discussed here? Open the door to a conversation about boosting your business growth. Secure your consultation by scheduling a slot.
