hi I’m Evan Carmichael welcome to
another edition of ask Evan in today’s
episode I’m going to answer a question
from one of my face book readers George
who’s an entrepreneur in halifax canada
and what it might buy some how to raise
capital so we wrote insane I just
started an online business wondering
where to seek investment my business is
located in halifax canada and i’m
looking for start-up investment from a
local and foreign investor can you
advise me on how and where to seek
investment in the state’s investments in
online service and Halifax very rare
angel investors here i’m also interested
in innovations related to the
environment George so thanks for the
question George a a couple things for
you are guys if you’re looking for angel
investment usually angels don’t invest
in companies that are far away from
where they are angels like to be close
to the companies that they are putting
their money into they want to be able to
drive to you and talk to you if
something’s going wrong with their
investment and it’s pretty rare to have
people who are in other countries if
you’re looking at the states in
particular to have successful angel
investors one invest in a company in
halifax canada so it’s a little too far
for for most angels it’s not impossible
but it’d be a hard back to try to go and
get those guys if you really do need the
capital another way to look at it you
can’t get a local investor is the crowd
source method a lot of people are
raising funds on web sites like
Kickstarter that’s part of the most
well-known but I don’t think you can do
it if you’re Canadian company there are
other options to look at it but you can
look at the Kickstarter type of crowd
sourcing raising capital method and
basically here you’re asking lots of
individual people to support you if you
need a hundred thousand dollars or more
I don’t know how much you know you need
for your online company but you can post
that as an amount and people from around
the world small chunks will give you the
money to hopefully get your business off
the ground that being said it’s still a
new industry and honestly you probably
your best bet is to try to bootstrap the
beginning that
a lot of investors face is they’re being
bombarded with a lot of new start up
pitches and when I was in the VC
community we got bombarded with new
start up pitches and nobody had
customers almost there what’s most of
them are just an idea and what you did
the challenge you have here is you need
to separate yourself from all these
other guys we just have an idea and
aren’t able to actually take action on
it so your best bet would be to try to
bootstrap the start go get some
customers go get a little bit of revenue
you don’t have to show that you’re
making tons of profit but sure that you
can get a customer show that one guy is
willing to buy from you and already
you’re ahead of ninety-five percent of
all the other people who are submitting
the plants angel investors so if you can
show that somebody will actually buy
from you even if it’s a prototype you
know your Minimum Viable Product just
something bare-bones it doesn’t have to
be full-featured but if you can show
that somebody’s willing to pay money to
you as a customer and you have a little
bit of money coming in then it’s not
easy to go to the investors and say hey
look I’ve got it off the ground a little
bit now when you money to expand and
really make this into a business that’s
a much easier value proposition to take
to even a local angel investor then hey
I have an idea I hope you can help me
fund it and not to say that your idea
isn’t great it’s just that from the
investor side with you they’re being hit
all day long with tons of pitches from
these startups with just an idea but
having to you know aren’t able to take
it to the next step so you want to show
that you are that guy you are the
entrepreneur who can make it and stand
out from the crowd by going I’m trying
to get a little bit of traction on your
own the start hopefully that helps
George maybe not the answer you want to
hear but this like it is if you
guys like the video please give it a
thumbs up below it makes me want to do
more of these videos for you guys and
you have a question about raising
capital or another question for your
business I’d be happy to answer it if
you want to leave it in the comments
below so thank you and we’ll see you on
the next episode
you
another edition of ask Evan in today’s
episode I’m going to answer a question
from one of my face book readers George
who’s an entrepreneur in halifax canada
and what it might buy some how to raise
capital so we wrote insane I just
started an online business wondering
where to seek investment my business is
located in halifax canada and i’m
looking for start-up investment from a
local and foreign investor can you
advise me on how and where to seek
investment in the state’s investments in
online service and Halifax very rare
angel investors here i’m also interested
in innovations related to the
environment George so thanks for the
question George a a couple things for
you are guys if you’re looking for angel
investment usually angels don’t invest
in companies that are far away from
where they are angels like to be close
to the companies that they are putting
their money into they want to be able to
drive to you and talk to you if
something’s going wrong with their
investment and it’s pretty rare to have
people who are in other countries if
you’re looking at the states in
particular to have successful angel
investors one invest in a company in
halifax canada so it’s a little too far
for for most angels it’s not impossible
but it’d be a hard back to try to go and
get those guys if you really do need the
capital another way to look at it you
can’t get a local investor is the crowd
source method a lot of people are
raising funds on web sites like
Kickstarter that’s part of the most
well-known but I don’t think you can do
it if you’re Canadian company there are
other options to look at it but you can
look at the Kickstarter type of crowd
sourcing raising capital method and
basically here you’re asking lots of
individual people to support you if you
need a hundred thousand dollars or more
I don’t know how much you know you need
for your online company but you can post
that as an amount and people from around
the world small chunks will give you the
money to hopefully get your business off
the ground that being said it’s still a
new industry and honestly you probably
your best bet is to try to bootstrap the
beginning that
a lot of investors face is they’re being
bombarded with a lot of new start up
pitches and when I was in the VC
community we got bombarded with new
start up pitches and nobody had
customers almost there what’s most of
them are just an idea and what you did
the challenge you have here is you need
to separate yourself from all these
other guys we just have an idea and
aren’t able to actually take action on
it so your best bet would be to try to
bootstrap the start go get some
customers go get a little bit of revenue
you don’t have to show that you’re
making tons of profit but sure that you
can get a customer show that one guy is
willing to buy from you and already
you’re ahead of ninety-five percent of
all the other people who are submitting
the plants angel investors so if you can
show that somebody will actually buy
from you even if it’s a prototype you
know your Minimum Viable Product just
something bare-bones it doesn’t have to
be full-featured but if you can show
that somebody’s willing to pay money to
you as a customer and you have a little
bit of money coming in then it’s not
easy to go to the investors and say hey
look I’ve got it off the ground a little
bit now when you money to expand and
really make this into a business that’s
a much easier value proposition to take
to even a local angel investor then hey
I have an idea I hope you can help me
fund it and not to say that your idea
isn’t great it’s just that from the
investor side with you they’re being hit
all day long with tons of pitches from
these startups with just an idea but
having to you know aren’t able to take
it to the next step so you want to show
that you are that guy you are the
entrepreneur who can make it and stand
out from the crowd by going I’m trying
to get a little bit of traction on your
own the start hopefully that helps
George maybe not the answer you want to
hear but this like it is if you
guys like the video please give it a
thumbs up below it makes me want to do
more of these videos for you guys and
you have a question about raising
capital or another question for your
business I’d be happy to answer it if
you want to leave it in the comments
below so thank you and we’ll see you on
the next episode
you
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