By Anne Servidad, RIC Centre Communications Intern
Taking your start-up from the ideation stage to being production-ready is a laborious process and it all points to one thing: a big stack of cold, hard cash. What do you do when you don’t have enough?
With technology rapidly advancing nowadays, more resources are put towards funding and growing innovative and remarkable ideas. If you know where to look and who to talk to, you’re on the path to finding the right support that will help you grow your business. After gathering some information, consider your options and their benefits to see which one suits you. Below are four popular means through which you can grow your business:
- Find Grants
Much like contests, grants are everywhere if you know where to look! Believe it or not, most of these grants are funding from the government created to support innovative solutions in the industries like ICT, digital media, advanced manufacturing, cleantech, health tech, and more!
Ontario Centres of Excellence (OCE) and Southern Ontario Fund for Investment in Innovation (SOFII) are great examples of government institutions that aid small businesses in financing.
- Venture Capitalists
Venture capitalists are professionals that endlessly hunt for high-growth opportunities to invest in. Not only do they offer the monetary resources that are critical to the operations of the company, they also provide the time and advice to ensure the success of the business.
Firms like Greensky Capital look to invest in MedTech, Cleantech, and IT start-ups. Once you know what kind of companies these investors are looking for, it’s easier to approach them with a strategy in mind.
- Angel Investors
Angel investors are continually searching for small, emerging companies to grow with their investment and expertise. Most of the time, they operate in smaller groups; sometimes its down to just one person!
The Angel One Investor Network is one such group of angel investors that work with startups and provide them with funding.
Crowdfunding is a newer and popular technique of getting attention and validating your product or service online. Most campaigns are on websites like Kickstarter or Indiegogo. These platforms allow anyone to contribute money towards a start-up that they really believe in.
The trick to a successful campaign is having a great story. People should want to buy your product just by reading the description box and looking at the pictures on the page.