[RECAP] 1000 Startup Digital: Mentoring Session
- Keep track of both your income statement cash flow. Many founders fail to see how important tracking cash flow is. We have seen a lot of founders facing cash shortage at unexpected time (e.g. when they need to pay salary, when their debt is due, …) as they rely on income statement only (lean: cash and accrual-based accounting)
- Fundraising comes with a responsibility. There is no such thing as free money, even grant comes with responsibility (e.g. reporting) Hence, ensure you really need the money to fundraise (not just simply because you want to or because it feels good to have more) and you are ready to take the responsibility
- Spray and pray is not effective. Knocking every potential investor’s door is a waste of time. Each investor (e.g. angels, VC firms, impact investors) has their own appetite (e.g. sector, ticket size, maturity level, etc.) and characteristics (e.g. duration to close deal, additional services/ values provided, etc.). Do your due diligence, check and/or talk to their portfolio to ensure you find the right match. Otherwise, try to use Connector.ID which simplifies this DD process as they have matching algorithm ready to suit your business profile and their preference.
Overall, we were happy to see an enthusiastic founders who actively participated and asked questions. Wishing all the founders a best of luck for their future endeavor!