I’m trying to raise capital for my business, where do I start?
Answered by Rick Brimacomb, Chief Strategy and Relationship Officer of BRIMACOMB + ASSOCIATES
I’d start with your business plan. You’ll need that tool first. Before sharing it with others, can you honestly say that it’s clear, emotionally engaging and demonstrates your market awareness?
Assuming you have a compelling business plan, who should you call on? Funds can be found with individual (angel) investors and venture capitalists. With that said, there is also plenty of money to be found in other less obvious pockets. Here are several alternative funding options: • prizes and contests like MN Cup and Cleantech Open
• crowdfunding, which also doubles as a strategic marketing initiative
• customers can prepay
• vendors can offer up better terms
• distributors looking for new products or markets
• government grants and loans – SBIR and SBA
• specialty finance companies – equipment loans, AR/inventory financing, working capital lines
• economic development programs looking to attract companies and jobs
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