Questions

Raising angel funding anywhere requires one of (preferably a combination of) the following things:
1) Team Track Record: You and/or your co-founders have had previous notable success (an exit, a product with traction, a large company and a meaningful role).

2) Built Product: Given how inexpensive it is to build products these days, most investors won't fund development expense unless the team has prior success.

3) Evidence of product/market fit: "Traction" is becoming a misnomer. You don't need tens of thousands of people using your product, but you need to have at least *some* evidence that the people you're building for, want what you're building. The less your product is finished, and the more you're lacking the prior success, the more evidence investors will require.

Until you have the best mix you think you can get of the above three, your best sources of funds are friends & family, not angels.

But once you have really any of the three, you should absolutely look outside of BC. Yes, there are good investors in BC, but only a handful. I have raised angel funding from great Silicon Valley-based investors while based in Canada and that wasn't a limitation but I had what I believed to be a good mix of some of the three criteria I mentioned above when I began raising.

I'd be happy to do a call with you to help you assess whether you're angel-ready and what you might do to get there.


Answered 11 years ago

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