Ways to improve chances of funding success (Part 2)
May 3, 2011 § Leave a comment
I asked this question to a range of entrepreneurial Scottish businesses – these are some of the answers. Thanks to all the contributors.
Becky Woodhouse, PURE Spa
- Cash is king so make sure that your cash flow forecasts are up to date and as accurate as they can be – this will also ensure that you can forecast any potential shortfalls and take action before they grow into a problem
- Don’t take no for an answer! If you are confident in your proposal, don’t give up, and seek out feedback if you have been unsuccessful so you can identify the areas you need to improve to make your proposal a success
Ben Panter, Blackford Analysis
- Understand the customer and end-user
- Appreciate that these might be different people
Carol-Ann Searles, Carlyle Associates
- Research and road test funding proposition before approaching funders to try to get a right first time approach
- Use your network as funding may come from unexpected sources
Dr Tim Willis, CEO & Founder, Flexpansion
- Answer the questions as fully as possible on forms for public funding especially – back up your statements as much as possible with external sources, market research etc.
- A bit obvious, but do as much preparation as you can for pitches.
- Practice as many times as possible and be prepared for as many questions as you can. If you don’t know, just say so as it validates the answers you are able to give. And make a note to find out the missing answers.
Alex McAndrew, Spinsight
- Sell something, anything!
Colin Gilchrist, Digital Face
- Get on Linkedin and look for Equity Partners – consider their background and whether they are a natural fit – don’t approach just anyone with cash
- When pitching you have 10minutes to get their buy-in, practice, practice, practice – if you have slides limit it to 10 – if you don’t have them by then it will be a huge uphill struggle.