Just like every business out there, a tech startup that needs to make waves must be financed strongly. For instance, you intend to start up your own tech startup that could be a new game changer in the Nigerian soccer match of technology, there are is no two way about it that you need funds. You might say there are a lot of businesses out there that require little or no funds. But you have to come to the truth of the matter, it is impossible to start a startup without funds.
Now, you must have realized that to put up a startup, you need to save intensely. Well, other than savings, there are other means of financing a startup. Simply put, there are alternative sources for funds that are easily accessible by you. These areas will be discussed as we progress.
The first on my list is Accelerators. We can’t deny the extent to which accelerators play a major role in financing startups. We have seen accelerators supporting startups with over $10,000 and so on and so forth. However, the funds from the accelerator doesn’t just drop on you wherever you are like it has got your GPS; the funds can only get to you if you have applied for the accelerator and you are chosen to partake in the accelerator program.
The second on my list is Startup Competitions. Startup competitions have played vital roles in funding startups. And just like the accelerator programs, you have to apply for the startup competition and be screened to get into the startup competition. We have reported severally on Techproducts of how some startups have benefited immensely from startup competitions. Who says you can’t also benefit?
The third on my list is Family and Friends. Why did I make this the third on my list? You’ll ask. Couldn’t I just have made the first on my list considering the closeness and more finances this could yield? I actually made this the third on my list because in some cases, this might be unreliable. Family and friends might not source the funds you badly need. However, family and friends can help support your dream financially if you can make them see the relevance and importance of the dream.
I hope this has been able to give you more insight about sourcing for funds for a startup. The crux of the matter is that this is an eye-opener to things that could fund a startup that most people didn’t notice. Stay cool.