Codeless apps can be the difference between getting funded or not, but it’s not just about the product you’ve created …
To get your tech concept funded and receive our business support, it’s all about showing us your evidence. We say this so many times and often see blank stares from hopeful entrepreneurs looking for business support and funding.
Let’s get real – it’s time for an honest, open and frank article on what evidence you need to create to get funded.
Anyone can have an idea. Honestly whether it’s someone applying to us from the UK with a concept to a budding entrepreneur looking to get on to our UK Visa Venture Builder from India who happens to have had the exact same idea, we lean-in closer into the conversation to see what they’ve done with their idea.
Have they just had the concept and want a handout to play around with and maybe see if it works? Or are they serious and have developed it and want to discuss moving forwards with it more because they’re so passionate that the world needs it?
Out of all of the hundreds and thousands of applications we receive, the founders that we stay on the call with the longest, are the ones who have evidence ready to show us.
They’re the ones who’ve researched the marketplace, they know who their competitors are, they know who their customers are.
They KNOW their marketplace, business, product, solutions, market fit, and themselves.
The confidence that these founder’s exude, comes across not as arrogance, but as energy. They’re progressive and they want their product to be the same.
Compare that now to the person who just ‘happened to have an idea’ and you can see why we don’t waste our time.
Evidence to be displayed can be broken down as a starting block into the following sections:
– The idea – in time investors will need to see IP proof that you own the business and trademarks if necessary.
– The product itself – have you built your product? Is it even possible to do? Can the investor explore it, see it brought to life?
– The market fit – is there a gap that needs filling in the marketplace? What are you doing differently to your competitors? How different is it in case they try to copy you – can you sustain that? Who are your customers? Do they definitely want to buy into your product?
– The financials – do you have realistic margins? What is the timeline of your growth and scaling? How much will your key hires cost?
– The team – do you have who you need around you or do you need to recruit? How do you plan to do so on a minimal budget?
– The founder themselves – I wrote above that the founder needs to know themselves. This is crucial. Running your own business requires you to be aware of your strengths and weaknesses and to forge forwards against all odds.
It’s a lot to think about however if you’re passionate about getting your concept off the ground you’ll action these.
Moving forwards with purpose
We’re working on releasing something special to the marketplace to help you do this. Coming soon are Arizr, a totally free platform for you to begin your journey to entrepreneurial greatness and ASTER, a paid-for programme to show you in-depth how to create your own products to the point where you can realistically take them to investors as verifiable evidence.
For now, start making yourself aware of codeless app building platforms. No investor worth their salt will ever invest in tech without seeing some form of MVP (minimum viable product) being built first. Why would they? If they get 50 applications in one day and 48 have had a go at creating their own tech, why would they waste time on a founder who hasn’t cared enough to give building their concept a go?
Creating your MVP shows an investor that you are the kind of founder who can think for themselves, is committed, who has the drive to get their hands dirty and take action.
During the process of making it you might even spark another idea to better the first one so the product gets better and better. You refine it, you make sure it’s right for your consumers, you launch it and test it and use the feedback.
You’ve now got proactive evidence which can lead to brilliant conversations with interested investors.
Do you see how the moment you take positive action everything can grow?
So get planning, making and testing. There are funding opportunities out there just waiting for the right concept and Founder to bring them to market.
If you need a steer in the right direction, register for ASTER now and be part of the first cohort of entrepreneurs.