I‘m going to keep a startup diary here to share the ups and downs of a tech startup, old lessons applied, new lessons learned and how things progress. If you’ve got a startup - or a business you’re growing - I’d love to hear what you are up to.
I’ve spent the last week double checking if I really want to go full throttle with a new business this year. Each time I share my business idea with colleagues, they are encouraging, excited even. Some talk about their interest in investing as well which I take as a good sign and vote of confidence.
I’ve never before asked for money from friends and family - the typical “Friends and Family” round that many tech startups go through prior to a more official angel round. Not that I didn’t believe in what I’ve built in the past but usually because I’ve started service businesses that mostly ran - and grew - on revenues.
Thinking about asking for money from people I know does give me a little bit of heartburn. I have every confidence that this business will pay off, but it is still scary to put relationships into the business mix. I’ve thought of using a site like Kickstarter to crowdsource funds (crowdfunding) before I incorporate - while it is still just me and a personal project. I’ve also looked Profounder as another crowdfunding site but one that funds for-profit businesses. Both have an excellent process and system to facilitate soliciting and receiving funds from people you know, including through your social networks.
But I may end up just going the “old-fashioned” route, working with a trusted lawyer to set up the proper structure and legal paper trail so everything is buttoned up neatly. Then I’ll polish my pitch and presentation, and go for it.
The new year is always a motivating time to set new goals and embark on new projects. I’m feeling some good momentum around what I’m trying to build with Mediaegg. While I’m entering another nascent industry, I have some pretty strong ideas about marketing and deveoping the mobile space. The time isn’t just right. The time is NOW.
How have you turned to friends and family to support your business?
- Startups Lessons Not Learned or Lame Startup Thinking (24waystostart.com)
- Five Financing Trends for 2011 (entrepreneur.com)
- Entrepreneurs Tap Social Networks (online.wsj.com)
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