A couple of weeks have passed like never before. We have moved out to the “field” again from the drawing board with a more logical MVP definition. The second approach towards potential partners has started.
NewCo business accelerator batch 2 started. We participated in an event on Readiness for funding and different funding opportunities for early-stage startups – Public funding and banks.
MVP financing is in a good shape. However, as we’re talking about a tech startup, additional funding is inevitably required to accelerate the growth in the future. Seed stage funding is typically the optimal spot for fundraising, but the pre-seed stage funding is not off the table either.
It is very rare to achieve fast growth by sales, shareholder loans, and so-called sweat equity alone. Sweat equity refers to a situation in which a shareholder instead of receiving cash, performs work for the company.
While jogging, I listened to the Talouselämä podcast Growth Builders. The episode included an interview with an angel investor in the FiBAN network. The Finnish Business Angel Network or FiBAN is a Finnish non-profit association of private angel investors and one of the world’s largest business angel networks. The association aims to promote the investment activities of individuals in unlisted companies with growth potential.
Inspired by the episode, I contacted the investor and was invited to book a 30-minute phone call. After the call, we scheduled a 2-hour meeting. The plan is to “bombard the idea” during the meeting and look for potential weaknesses in it. The result is either a robust business idea or a business idea whose weaknesses have been identified. Both results lead forward.
Next week’s activities will focus on two issues:
- The meeting of a potential partner for MVP development
- Friday’s meeting with an angel investor and related preparations
Also, I am expanding the search for potential customers to new industries. The purpose of this is to browse all industry sectors and potential markets before commercialization. Knowing the most potential industry sector enables us to target our marketing and sales activities to get growth and sales up and running right after the launch.
I wish everyone absolutely awesome weekend! Summer is coming.