Do you need a silicon implant? Or, how to raise US$1.35M pre-seed funding for Your Tech Startup (Venture Finance Academy Case Study — Part 2)
In the movie The Social Network about the birth of Facebook, one of the founders says that they have formed a Florida LLC. “Classic rookie mistake,” says another character who knows what they are talking about. What was the mistake?
Welcome to the second part of the case study of how SaaS startup SanityDesk raised US$1.35M of pre-seed funding. How did it make structural adjustments to “get its house in order” and position itself to become attractive to funding sources in jurisdictions where it was not previously registered to do business. It’s a classic story of listening to the market and pivoting your strategy to achieve the venture finance equivalent of “product/market fit.” [Watch part one here]
If an entrepreneur is a resident and doing business in a country that does not have large pools of startup capital and expertise, how can he or she overcome that ecosystem challenge? There are lots of stories about entrepreneurs who packed their bags and made the move to places like Silicon Valley, London, Berlin and Dubai. If you’re serious about getting access to pools of startup funding and talent, is doing that just a fact of life?
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