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Ask HN: How to get funding when I'm over 2000 miles from SV?

2 points by bennyg ↗ HN
Well I finally feel like I have an idea that, if done beautifully and right, actually would require some funding to make happen. How should I go about doing this from lonely Alabama? I've looked into some Angel networks but nothing seems to have high enough funds for what I have in mind. I'm working on a prototype, but I can already tell that having enough money for a badass and full-scale launch/sustaining business is really the way this needs to go for the idea to be executed the best. How would you guys/gals go about doing something like this?

5 comments

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SurfScore
Well from the start I think you've got the process wrong. Your "idea" is worthless to an investor. They want some kind of execution. Narrow your "badass and full-scale launch" down to the absolute least amount of work you have to do to address a specific need for a few people.

Look into the Lean Startup methodology (don't just blindly follow, seek to understand). Then, talk to people that seem to know what they're talking about in the industry. Do some customer discovery, validate the idea.

The good thing is that the internet doesn't know anything about mileage. You can just as easily email someone in SV as you can someone next door. If this is your first-time starting a business, the chances of getting "blow your socks off" money from an investor is about the same as winning the lottery. Contrary to what TechCrunch would lead you to believe, it doesn't really work like that in the Valley either. You've gotta make something worthwhile first.

bennyg
Yeah I know what you mean about the idea, that's why I'm working on said prototype - but I can see that now, even with a bootstrapped launch, it's gonna' need more money to get to where I want it to be and where it needs to be. My buddy and I have already built a proof-of-concept in Objective-C but now we're working on a port into JS cause the browser is where the magic is going to need to happen.

I guess I didn't phrase my question correctly - I'm thinking along the lines of this:

A) I have a prototype to show.

B) I have a business plan.

C) I don't have plane tickets, the time, or the money to spend a month raising funds in SV.

-- How do I go about acquiring the funds?

SurfScore
One of the most important qualities of an entrepreneur is resourcefulness. I'm not sure what your idea is or why it needs so much money, but thats a hurdle you'll have to jump yourself. Traction is most important, so find a way to get that. Start networking, and find a way to do this stuff cheap.

Sorry I couldn't be more help.

mythriel
Unless you want to build the next Facebook and want to have all the 1000000 features from day 1 you do not need a lot of money to build your prototype. You should stick to the lean methodology and build a MVP. You do not need fancy design build it with bootstrap or just use some templates. The idea is important, the product is important, the quality and the value of the product is important for any investor.

My advice is build your MVP and release it and see the feedback. Send emails to people in SV and show them your product, show developers your product because maybe some of them are from SV and will show your product to other people there. I am really not sure what your idea is about but do your really need a lot of money to make it happen ? If you are already working on a prototype that is great, it means that you will have something to show and if you have something to show than you can validate your idea into a product based on consumer feedback and if you can reach the validation step than you will find investment.

ig1
Move. Forget investment, if you're aiming for a large scale business you need to ask if you're in the right place to hire talent. Could you hire a 100 good engineers, product managers, biz dev, etc. people where you are ?

You might be able to raise the money from where you are, but if you can't grow the company there then at some point sooner or later you'll have to move.