Alexandra Fraser (Fraser Consulting and Silicon Cape) and Carl Wazen (Yoco, the fantastic and price-friendly card payment system) recently spoke at a Techstars-4-A-Day event, held at the Rise hub in Cape Town. There, they advised entrepreneurs on how to get into a funding frame of mind and start the process.
- Start thinking of funding now. (Most entrepreneurs don’t start looking early enough.)
- Looking for angels. (Seed funding from family or friends or both shouldn’t be underestimated. Then there are the venture capital angels.)
- Homework isn’t just for school. (Find out who the best angels are for what you want to do. Spamming them all is counter-productive.)
- Be on top of your game. (There’s not enough capital to go around so you need to be best in class.)
- Network network network. (Grow your network. Rub shoulders. Press flesh. Build your network from the get-go. People who know people who can refer you.)
- Think about the future. (Long-term thinking is vital; how much you need to raise, how much of your company you want to give away.)
Source: Ventureburn. For the full story, read 6 tips from SA startup pros on raising funding