Dear Farillio member,
On 10th November 2020, you asked our brilliant expert Jenna Davies on the Go Far Fast Show:
“I have my idea and my business plan ready, but how do I get funding and what are the most effective ways of getting it – especially right now? Can Pioneer help with funding and finance as part of the programme?”
And Jenna said:
Be mighty always, Farillio
“The first thing I would do is look at how you could bootstrap your business. A lot of our students do that themselves. We have a skill-swap platform where we encourage people to skill swap, which I think is a great idea because it's a way that you can give back to someone, someone can give back to you, but you're growing your business with this great skill that someone can give you without having to part with money as well. So try to think outside the box a little bit with how far you can get without funding if you haven't got access to it at the moment. One of the things we do on the programme is startup funding – so we bring in people who have gone through crowdfunding campaigns. We expose you to VCs and angel investors to really give their insights into the different types of funding that's available for startups... but also their advice. One of the things I think is really crucial is... it's all well and good if you can get funding but it's also having the financial understanding of them making the decisions of how to use that money. It's about really knowing what you're doing with your finances afterwards. If you are going for investment, they are going to look at your financial forecast, they are going to want a bit more of a business plan to move forward with.”
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