Recently a group of talented individuals in Ottawa launched an ebook on Technology Entrepreneurship. It’s relevant to any technology startup that wants to be successful in their domain. It covers various topics of interest from Business Models, minimal viable products to managing employees and more.
Today we launched the newest Play with local startup celebrity Sam Zaid on how to raise money for your startup. I had the chance to sit down with Sam (CEO of Getaround.com and winner of 2011 TechCrunch Disrupt) to talk startup funding and he had some great insights on how startups should structure their business and focus on milestones to make funding much more straightforward (and successful).
Here are some of the highlights:
How to determine when you need money and alternative funding mechanisms
Do your research and hand-pick investors that will be a good fit
Setup milestones for your business. Check with investors to see if they’re the right milestones
How to know when you’ve nailed a pitch
Tips on how to negotiate the best terms (and to get term sheets)
Raising money is a prerequisite for most startups – especially startups that want to scale and are working on the BIG idea. If you’re launching a new startup or thinking about raising money in the future – you should buy this play NOW – not the night before your first pitch.
(note: I’m affiliated with the StartupPlays.com website… but I still think its ingenious!)
If you haven’t heard yet, Getaround (a person to person car sharing service) just won TechCrunch disrupt 2011! Getaround allows anyone to rent their own cars out to approved parties – i.e. anyone can start their own car rental company – great stuff
This is significant for this city since two of the company founders, Sam Zaid & Jessica Scorpio are from Ottawa. Before Getaround, Sam was involved in founding Apption Software & Gazaro and Jessica founded IDEAL in addition to having worked for the PMO.