How to get investment?

by _Mighty_Boosh. Posted on Sep 14, 2020    0    4


Hey,

I’ve been working with a team to design an app for schools. It’s a complete parent-school portal, targeting specifically private and international schools but the software could be used by any school.

The development has come to a stage where the cost of the software exceeds what I can afford in my salary. So I am now looking for funds or investment in the project.

Has anyone been in this situation before and what sort of avenues did you go down to overcome this hurdle?

DM me if you’d like to chat, it would be great to speak to people who have been in this position.


Comments

kdawg1094 1

Build a financial model and ask the bank for a loan and see if they trust it. They’re unlikely to lend on an incomplete product with no customer base though. That’s too much risk for anyone.

Realistically you should launch with a lesser version or single module of your tech and just start selling something to these schools. Once sales start coming in then things like this get easier

calemedia 2

Just my experience but investors wouldn’t invest until you have proved people are willing to pay for the app or the app makes money via ads, basically if it’s not making money nobody will invest. But again that’s just my experience

ahulak

I think that's a bit of blanket statement. There are plenty of seed stage investors that will invest before there is revenue, or even product market fit. That said, the terms will not be overly favorable and any interest would likely be the result of the founders prior experience (either at successful startups OR in the current venture's field such that the founder has deep industry experience).

calemedia 1

It’s just my experience and that’s why I literally said that twice...... it’s not meant to mean that’s how it always works. I was just sharing my experience