I’m someone without a hoity pedigree building a company with limited connections in the funding space. Thus far I’ve put my head down and focused on building and proof of concept through intreviewing people and “selling” companies/people on to the services offered on my platform – which has gone incredibly well. In your opinon, when is the right time to seek out funding? I’ve commited 20k so far. Could committ 10k more. I can stretch my runway but some funding would help things along. My vertical is a 2.5B national market and there is a peer-to-peer component which is not represented in the market which I’m going to change and then grow the vertical cap. I’m in the final stages of releasing the beta version.
Additional questions …
With a market size of 2.5B & 80M in my metro (which is what we’re going after for beta) what kind of growth would you like to see month-over-month? Any thoughts on a 6 month goal for users/income?
Is there another metric that investors like to see in their analysis?
Get your product live with users (not totally sure where you are starting based on your question) and try to show something like 10% week-over-week (yes, weekly) growth on some number. Users is good, active users is better, revenue is even better, recurring revenue is the best. Do it for 10 weeks and then try to raise a small seed round.