How to Find Sources of Funding for Your Start-Up

Some start-ups are boot-strapped, fully self-funded, but unless you're independently wealthy or plan to develop very slowly, this may not be a realistic option. If you can secure a grant, you'll have guaranteed funds that you won't need to pay back. Consider how your product benefits society. For example, will it improve access to technology for those of lower-income? Is it climate-friendly? Can it be used in education? Is it a new advancement in science or technology? Look for grants from organisations that align with your goals.

While you may be reluctant to ask for money from family and friends, they can be a valuable source because they already believe in you. It's easier to pitch to them than to strangers, and they'll likely make fewer demands on you than many investors would. It also gives you additional motivation to make your business a success since you don't want to let your family and friends down (although this could also be a greater source of stress!). Even if your loved ones don't have funds to invest, they may be able to recommend you to connections who do.

A great way to raise funds and spread awareness about your product is crowdfunding. It takes both luck and hard work to run a successful campaign, but it's always worth a try. It also gives you the opportunity to gauge interest in your product and see where you may need to improve it to get a better response. Getting backers in this way not only provides the funds you need; it also validates the demand for your product.

And nearly every start-up's dream is to attract angel investors. Often these investors are or have been entrepreneurs themselves, so they understand your growth may take time. They're happy to invest in small businesses and usually won't demand too much control over how you run the business. You'll need a strong pitch deck to attract their attention.