Funding not only provides financial backing for the entrepreneur, but also validates the startup’s concept. Here are 8 resources every beginning entrepreneur should explore for concept stage funding.
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Looking for Concept Stage Funding?
Very few entrepreneurs can survive off of self-funding alone. Although bank loans seem like the typical choice, falling into debt is not a practical long-term decision for a new startup. Grants are a great resource for funding and can validate the concept of the startup, but provide very little-to-no guidance.
Crowdfunding is an excellent example of validation and concept stage funding. However, crowdfunding won’t provide the mentorship and counsel of a competition or organization. That is why Pitch Contests, Accelerator programs, and Angel Investors are growing in popularity. They not only give the chance of providing funding to new startup ventures, but also validate the concept of the startup. Judges, investors, and mentors can use their expertise to help reach the full potential of your venture.
Infographic edited by Rebecca Cox