Thursday, April 2, 2015

WeEat-Funding Challenges

A lot of startup people make the mistake of planning funding with the outlook that they are the 10% or the 1% at the top. But, with that no-limits outlook you make too many mistakes in planning for
what cannot be predicted. It is much easier to plan like you are the bottom 10% and come up with a winning strategy as far as funding.

Thus, I am at the bottom 10% of startup nobodies and what funding options do I have?

The background information is that there is enough empirical information out there on what the download count was when a mobile application startup got either a seed round or a
round beyond seed to indication that trigger is 250 Million downloads. We also know that using the right SEO approach in the application description in the app stores and the individual mobile app web page will produce 1 Million to 2 Million downloads.

My first funding option, would be to get accepted in a StartUp incubator. Specifically, the NWI Tech Foundry which is held in the Fall here in Northwest Indiana right at the city next to me
with an application deadline of between June and July of this year.  But, to be blunt honest the only thing that would count on the application is the condition of the app demo and the particular organization that puts on this incubator does not look at app demos as part of the application process and thus this is probably not a successful option.

My second funding option, would be if some Angel Investor decides to provide a seed round.  While my WeEat mobile application is slightly in the Fitness and Healthcare areas; it is not enough
of a direct correlation to produce some Angel Investor interest in those areas. I say those areas as they are trending right now as far as both VC and Angle Investor interests.

My third funding option, would be to grab some consulting service fee revenues. While that is possible as I am getting asked more frequently; I certainly count on that to provide everything.

My fourth funding option, would be to grab a startup remote gig that allows me to 1099 the service revenue and allows me to eventually have that 1099 income registered under a company name.
Why?  Has to do with marketing and branding as just working for some place does not have any positive impact on marketing or branding and having that under a company name which can be branded and marketed with those marketing efforts under my control seems like a better setup.

Thus, at least for my own startup I was lucky in that the startupproduct I came up with has some beginning stages where seed capital required is at a minimum level to allow me to be able to use the
3rd and 4th funding options. Well, not luck as I am using some advice that was given to me and several startup fans sometime ago by the co-founders of 37Signals.

Specifically, the co-founders of 37Signals had recommended to those who wanted to create a startup to choose those product ideas that can be market validated and require extremely low amounts of
seed capital. It seems like common sense, right?

So that is my funding options for the WeEat mobile application as far as the immediate short-term funding.