hi I’m Evan Carmichael welcome to another edition of ask Evan in today’s
another edition of ask Evan in today’s
another edition of ask Evan in today’s episode I’m going to answer a question
episode I’m going to answer a question
episode I’m going to answer a question from one of my face book readers George
from one of my face book readers George
from one of my face book readers George who’s an entrepreneur in halifax canada
who’s an entrepreneur in halifax canada
who’s an entrepreneur in halifax canada and what it might buy some how to raise
and what it might buy some how to raise
and what it might buy some how to raise capital so we wrote insane I just
capital so we wrote insane I just
capital so we wrote insane I just started an online business wondering
started an online business wondering
started an online business wondering where to seek investment my business is
where to seek investment my business is
where to seek investment my business is located in halifax canada and i’m
located in halifax canada and i’m
located in halifax canada and i’m looking for start-up investment from a
looking for start-up investment from a
looking for start-up investment from a local and foreign investor can you
local and foreign investor can you
local and foreign investor can you advise me on how and where to seek
advise me on how and where to seek
advise me on how and where to seek investment in the state’s investments in
investment in the state’s investments in
investment in the state’s investments in online service and Halifax very rare
online service and Halifax very rare
online service and Halifax very rare angel investors here i’m also interested
angel investors here i’m also interested
angel investors here i’m also interested in innovations related to the
in innovations related to the
in innovations related to the environment George so thanks for the
environment George so thanks for the
environment George so thanks for the question George a a couple things for
question George a a couple things for
question George a a couple things for you are guys if you’re looking for angel
you are guys if you’re looking for angel
you are guys if you’re looking for angel investment usually angels don’t invest
investment usually angels don’t invest
investment usually angels don’t invest in companies that are far away from
in companies that are far away from
in companies that are far away from where they are angels like to be close
where they are angels like to be close
where they are angels like to be close to the companies that they are putting
to the companies that they are putting
to the companies that they are putting their money into they want to be able to
their money into they want to be able to
their money into they want to be able to drive to you and talk to you if
drive to you and talk to you if
drive to you and talk to you if something’s going wrong with their
something’s going wrong with their
something’s going wrong with their investment and it’s pretty rare to have
investment and it’s pretty rare to have
investment and it’s pretty rare to have people who are in other countries if
people who are in other countries if
people who are in other countries if you’re looking at the states in
you’re looking at the states in
you’re looking at the states in particular to have successful angel
particular to have successful angel
particular to have successful angel investors one invest in a company in
investors one invest in a company in
investors one invest in a company in halifax canada so it’s a little too far
halifax canada so it’s a little too far
halifax canada so it’s a little too far for for most angels it’s not impossible
for for most angels it’s not impossible
for for most angels it’s not impossible but it’d be a hard back to try to go and
but it’d be a hard back to try to go and
but it’d be a hard back to try to go and get those guys if you really do need the
get those guys if you really do need the
get those guys if you really do need the capital another way to look at it you
capital another way to look at it you
capital another way to look at it you can’t get a local investor is the crowd
can’t get a local investor is the crowd
can’t get a local investor is the crowd source method a lot of people are
source method a lot of people are
source method a lot of people are raising funds on web sites like
raising funds on web sites like
raising funds on web sites like Kickstarter that’s part of the most
Kickstarter that’s part of the most
Kickstarter that’s part of the most well-known but I don’t think you can do
well-known but I don’t think you can do
well-known but I don’t think you can do it if you’re Canadian company there are
it if you’re Canadian company there are
it if you’re Canadian company there are other options to look at it but you can
other options to look at it but you can
other options to look at it but you can look at the Kickstarter type of crowd
look at the Kickstarter type of crowd
look at the Kickstarter type of crowd sourcing raising capital method and
sourcing raising capital method and
sourcing raising capital method and basically here you’re asking lots of
basically here you’re asking lots of
basically here you’re asking lots of individual people to support you if you
individual people to support you if you
individual people to support you if you need a hundred thousand dollars or more
need a hundred thousand dollars or more
need a hundred thousand dollars or more I don’t know how much you know you need
I don’t know how much you know you need
I don’t know how much you know you need for your online company but you can post
for your online company but you can post
for your online company but you can post that as an amount and people from around
that as an amount and people from around
that as an amount and people from around the world small chunks will give you the
the world small chunks will give you the
the world small chunks will give you the money to hopefully get your business off
money to hopefully get your business off
money to hopefully get your business off the ground that being said it’s still a
the ground that being said it’s still a
the ground that being said it’s still a new industry and honestly you probably
new industry and honestly you probably
new industry and honestly you probably your best bet is to try to bootstrap the
your best bet is to try to bootstrap the
your best bet is to try to bootstrap the beginning that
beginning that
beginning that a lot of investors face is they’re being
a lot of investors face is they’re being
a lot of investors face is they’re being bombarded with a lot of new start up
bombarded with a lot of new start up
bombarded with a lot of new start up pitches and when I was in the VC
pitches and when I was in the VC
pitches and when I was in the VC community we got bombarded with new
community we got bombarded with new
community we got bombarded with new start up pitches and nobody had
start up pitches and nobody had
start up pitches and nobody had customers almost there what’s most of
customers almost there what’s most of
customers almost there what’s most of them are just an idea and what you did
them are just an idea and what you did
them are just an idea and what you did the challenge you have here is you need
the challenge you have here is you need
the challenge you have here is you need to separate yourself from all these
to separate yourself from all these
to separate yourself from all these other guys we just have an idea and
other guys we just have an idea and
other guys we just have an idea and aren’t able to actually take action on
aren’t able to actually take action on
aren’t able to actually take action on it so your best bet would be to try to
it so your best bet would be to try to
it so your best bet would be to try to bootstrap the start go get some
bootstrap the start go get some
bootstrap the start go get some customers go get a little bit of revenue
customers go get a little bit of revenue
customers go get a little bit of revenue you don’t have to show that you’re
you don’t have to show that you’re
you don’t have to show that you’re making tons of profit but sure that you
making tons of profit but sure that you
making tons of profit but sure that you can get a customer show that one guy is
can get a customer show that one guy is
can get a customer show that one guy is willing to buy from you and already
willing to buy from you and already
willing to buy from you and already you’re ahead of ninety-five percent of
you’re ahead of ninety-five percent of
you’re ahead of ninety-five percent of all the other people who are submitting
all the other people who are submitting
all the other people who are submitting the plants angel investors so if you can
the plants angel investors so if you can
the plants angel investors so if you can show that somebody will actually buy
show that somebody will actually buy
show that somebody will actually buy from you even if it’s a prototype you
from you even if it’s a prototype you
from you even if it’s a prototype you know your Minimum Viable Product just
know your Minimum Viable Product just
know your Minimum Viable Product just something bare-bones it doesn’t have to
something bare-bones it doesn’t have to
something bare-bones it doesn’t have to be full-featured but if you can show
be full-featured but if you can show
be full-featured but if you can show that somebody’s willing to pay money to
that somebody’s willing to pay money to
that somebody’s willing to pay money to you as a customer and you have a little
you as a customer and you have a little
you as a customer and you have a little bit of money coming in then it’s not
bit of money coming in then it’s not
bit of money coming in then it’s not easy to go to the investors and say hey
easy to go to the investors and say hey
easy to go to the investors and say hey look I’ve got it off the ground a little
look I’ve got it off the ground a little
look I’ve got it off the ground a little bit now when you money to expand and
bit now when you money to expand and
bit now when you money to expand and really make this into a business that’s
really make this into a business that’s
really make this into a business that’s a much easier value proposition to take
a much easier value proposition to take
a much easier value proposition to take to even a local angel investor then hey
to even a local angel investor then hey
to even a local angel investor then hey I have an idea I hope you can help me
I have an idea I hope you can help me
I have an idea I hope you can help me fund it and not to say that your idea
fund it and not to say that your idea
fund it and not to say that your idea isn’t great it’s just that from the
isn’t great it’s just that from the
isn’t great it’s just that from the investor side with you they’re being hit
investor side with you they’re being hit
investor side with you they’re being hit all day long with tons of pitches from
all day long with tons of pitches from
all day long with tons of pitches from these startups with just an idea but
these startups with just an idea but
these startups with just an idea but having to you know aren’t able to take
having to you know aren’t able to take
having to you know aren’t able to take it to the next step so you want to show
it to the next step so you want to show
it to the next step so you want to show that you are that guy you are the
that you are that guy you are the
that you are that guy you are the entrepreneur who can make it and stand
entrepreneur who can make it and stand
entrepreneur who can make it and stand out from the crowd by going I’m trying
out from the crowd by going I’m trying
out from the crowd by going I’m trying to get a little bit of traction on your
to get a little bit of traction on your
to get a little bit of traction on your own the start hopefully that helps
own the start hopefully that helps
own the start hopefully that helps George maybe not the answer you want to
George maybe not the answer you want to
George maybe not the answer you want to hear but this like it is if you
hear but this like it is if you
hear but this like it is if you guys like the video please give it a
guys like the video please give it a
guys like the video please give it a thumbs up below it makes me want to do
thumbs up below it makes me want to do
thumbs up below it makes me want to do more of these videos for you guys and
more of these videos for you guys and
more of these videos for you guys and you have a question about raising
you have a question about raising
you have a question about raising capital or another question for your
capital or another question for your
capital or another question for your business I’d be happy to answer it if
business I’d be happy to answer it if
business I’d be happy to answer it if you want to leave it in the comments
you want to leave it in the comments
you want to leave it in the comments below so thank you and we’ll see you on
below so thank you and we’ll see you on
below so thank you and we’ll see you on the next episode
”
Be First to Comment