02 Useful tips
Investigate your options
- Make sure you understand the stage that your project or company is in – this determines the funding options available to you
- Take time to understand both the benefits and negative aspects of various funding options and how they are relevant for your company
Use a funding mix, when relevant
- Sometimes you can combine various funding options – for example grants and equity funding. Consider these possible mixed options as a way to take your project to the next level.
- Make sure you use the most advantageous funding mix that is suitable for you company – for example, if you need to expand to new markets then raising equity capital from that particular market may open up networks there. On the other hand, if your project is still in need of a lot of R&D, then grants may be the best option for you.
- Consult experts and other fellow entrepreneurs to come to the best conclusions
- Fundraising is a complex activity which needs time for preparation, negotiation and closing. Try to use bootstrapping as long as possible to find the right funding mix for your company.