How do i get a $100k funding? Advice needed.

Here is my scenario please advice.


I have a working B2B & B2C application am currently testing with a US company. Later this year we want to make it public and offer subscriptions to companies or businesses who would like to use it, but before then there are still some works to be done before it can be made public.




My Market Opportunities:

There are a few known competitors (5-10) but what am offering on this application is very unique and no competitor offers this. So officially this makes my application the first ever to offer this unique service to the public in general.




Success Tracks:

In just 3 Months, the Company using our application has been able to easily register about 3,000 other businesses using the application with a whole lots of end users, this has been a huge success to them as we can also see the revenue figures too which is looking decent for a startup.

So we are 99% sure all Companies using our solution even if they have to pay up to $200 Monthly will definitely worth it.





The Journey:

As at today. We have spent a total of 15 Months developing and maintaining this application with over 12 Developers who have worked on the project and 5 currently working on it.



What we want to achieve:

I want to get a funding of $100k so that this application can be ready for the public before December this year, 2021.

Total of about 12 Developers need to work on this project for it to be possible for public launch before December else it would take till around September next year using my current budget and number of developers currently working on it.


What's the best way to get funding? What conditions do you think they would require? What's the best way to go about this?


Thanks.

Ask the company using the app in your test.

You need:

Executive Summary
Business Plan
Proforma

Then you can approach angel investors where they congregate.

Google is your friend if any of those terms, as well as if you do not know where angel investors hang out, so you can start the process.

You'll be real lucky to find the money before December though.

look into crowdfunding. Like kickstarter, if that is still a thing. If not, the bank is your friend. And I mean rob it, not borrow from it, because the monthly payments would kill you

GringoMonkey said:

Ask the company using the app in your test.

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This is not professional. I dont think this option is the best.

1) Get your developers to work for free and give them shares to your company

2) Get an angel investor but he will probably want more equity in your company then you want to give

3) Get developers from 3rd world countries and pay them nickels

Prepare a profit and loss accounts then present it to a bank or business investor then you should if your things good enough or you sell it well enough be able to do it but December is not a lot time to do it either way.

BassTrackerBoats said:

You need:

Executive Summary
Business Plan
Proforma

Then you can approach angel investors where they congregate.

Google is your friend if any of those terms, as well as if you do not know where angel investors hang out, so you can start the process.

You'll be real lucky to find the money before December though.

Click to expand...

Thanks for dropping a post on my first thread!

Just that sometimes you need lots of success tracks based on revenue before some investors listens or even read your proposal.

Macacpelume said:

Get your developers to work for free and give them shares to your company

Get an angel investor but he will probably want more equity in your company then you want to give

Click to expand...

This nowadays developers want to work for payment, only entrepreneurs will do this and you have few developers who are. Its difficult to see a developer who want to work for over 6 Months without payment.


This option is very difficult cos am working with very skilled developers.

FrankAik said:

This is not professional. I dont think this option is the best.

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You could not be more wrong.

Every investor i have ever had in any business of mine is/was first a client.

If they are happy with it they see the value in it and are familiar with you more than anyone else you could approach.

FrankAik said:

Thanks for dropping a post on my first thread!

Just that sometimes you need lots of success tracks based on revenue before some investors listens or even read your proposal.

Click to expand...

If you have a proof of concept that is strong, even if it is in a short time frame, and you have done more than would be reasonably expected in that time frame in terms of revenue, they will listen.

But, you need to have your ducks in a row as I shared above.

Well, another approach is to talk with each developer and see if they want to get paid in January/February and a lot more than what they are getting now or you can offer them shares which is much better for them on the long term.

polecat said:

Prepare a profit and loss accounts then present it to a bank or business investor then you should if your things good enough or you sell it well enough be able to do it but December is not a lot time to do it either way.

Click to expand...

Yeah. Major issue. No profit and loss structure yet. I can only use success record of the first Company using it as a reason to increase subscription charge when the application is made public.

FrankAik said:

Yeah. Major issue. No profit and loss structure yet. I can only use success record of the first Company using it as a reason to increase subscription charge when the application is made public.

Click to expand...

I see will be quite hard unless you are famous or well connected to sell something for like $100,000.

You could try this but may not work at the moment depending on where you live a lot of businesses normally have meet up every month to once a year which includes people are often very rich or very intelligent you could go to one of these business events and try and close a business investment but this depends purely on how good you speak or how can you make your self look great or cool to a business person.

I can't remember the website name I think done by two American SEO guys they invest into SEO or online things as like SEO version of the bank you could maybe get them to invest you or at least get help of them.

BassTrackerBoats said:

If you have a proof of concept that is strong, even if it is in a short time frame, and you have done more than would be reasonably expected in that time frame in terms of revenue, they will listen.

But, you need to have your ducks in a row as I shared above.

Click to expand...

The application itself hasn't generated that revenue to show an investor. Only one subscription from one Company using it.

FrankAik said:

The application itself hasn't generated that revenue to show an investor. Only one subscription from one Company using it.

Click to expand...

You are dead n the water then unless you can borrow from a bank.

No investor in his right mind, with that kind of investment, would consider your project.

polecat said:

I see will be quite hard unless you are famous or well connected to sell something for like $100,000.

You could try this but may not work at the moment depending on where you live a lot of businesses normally have meet up every month to once a year which includes people are often very rich or very intelligent you could go to one of these business events and try and close a business investment but this depends purely on how good you speak or how can you make your self look great or cool to a business person.

I can't remember the website name I think done by two American SEO guys they invest into SEO or online things as like SEO version of the bank you could maybe get them to invest you or at least get help of them.

Click to expand...

You need to pitch to attract investors and before you can pitch in those events you need to have a working application with some revenue tracks else you won't be selected.

BassTrackerBoats said:

You are dead n the water then unless you can borrow from a bank.

No investor in his right mind, with that kind of investment, would consider your project.

Click to expand...

Unless the company in the trial invests...

BassTrackerBoats said:

You are dead n the water then unless you can borrow from a bank.

No investor in his right mind, with that kind of investment, would consider your project.

Click to expand...

My budget can take the project till next year with the number of developers working with me. I rather wait than borrow from the Bank.

FrankAik said:

You need to pitch to attract investors and before you can pitch in those events you need to have a working application with some revenue tracks else you won't be selected.

Click to expand...

Good luck to you either way for what you do.

Thanks all.
So I have decided to continue working on the project. I have had to turn more of my assets into cash for this purpose.