Questions

Hi there, thanks for taking the time to read my question. I have a start-up, whose product is a marketplace that allows college applicants (primarily, high school students) to get 1-on-1 coaching from current college students. My product offers affordability and accessibility of high-quality help to students, many of whom go through immense stress while applying for colleges. My start-up has product-need fit, but not product-market fit. I started this with my friend last August, but he has since quit for personal reasons. But I am going full steam ahead, and putting all my savings (and borrowed money, which I know is not a good idea) into developing a proper web app for my MVP Version 2! With a few new features, I believe this time I can achieve Product-Market Fit ("PMF"). But my road to achieving PMF will be hamstrung if I don't have money to either 1) continue going; or 2) have to scale down my go-to-market efforts, which will only hurt the product achieving PMF. I really would like to start connecting with investors (angels, preferably) to ask advice, but hey - I don't mind if they wanna invest cuz they love the idea, right? ;) One Clairty mentor I spoke to said "If you want to ask for money, ask for advice." Frankly speaking, that is exactly what I want to do! Thank you so (so) much for taking the time to read my question. I appreciate your help. Wishing you all the best for you and your loved ones.

To address your question (how to reach the angel investors), it is advisable to answer the following question:

1. Is angel funding the best fit for your business capital structure? Have you designed your capital structure to meet your current needs and position to maximize your wealth in the future?

2. Is your current business really to look for angel investors? Do you have a list of criteria to achieve and a business sale package to impress the angel investors?

3. Do you conduct an evaluation to check whether you and your team are suitable/ suitable to accept an angel investor and/or new partner?

4. Have you develop some personas of the angel investors so that you know who to look for?

5. Do you have a deal flow strategy to include a) what to sell, b) who to invest, c) how to attract them, d) strategies to cover legal and commercial aspect, e) who to manage the business, f) how to manage investor relation, g) clean up documents & information for due diligence purpose, h) and so on ...

If you have the answers for all the above, you are on the right track - you know how to get your investors easily. If this is not the case, you can contact me and I can customise an advisory package for you based on the answers from the above questions.


Answered 3 months ago

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