Archive | May 2013

Startup Funding: I’m 15 With An Amazing Product Idea

quora_question_answer_funding_startups

Hi, I’m 15 With An Amazing Product Idea

Recently on Quora a bright eyed kid asked for some advice.

Like most youngsters they had come up with a great product idea. A simple idea that could solve a common problem. They asked:

“Q. I’m a 15 year old with an amazing product idea. Should I ask for funding?”

“I feel like I have a stellar idea that everyone will benefit from, but I don’t have a lot of the skills needed to make the software. Should I go to a local firm and pitch my idea so I can receive support and/or hire a contractor or two to help me write the code, or am I being too ambitious?”

We are not given too much more information but on the surface this looks admirable. You have to admire the kid’s ambition. Certainly easy money may be available, especially to motivated young people. However it all feels too soon to be knocking up investors for cash.

We suggest: “Build it first, then ask for money.”

Build It First, Then Ask For Money

We think the key here is to build evidence demonstrating the idea is actually a good one. Good in the sense it is commercially viable to put money into. Or simply will this product idea create value.

Start by validating your idea. Ask family, friends, teachers, acquaintances and potential customers if they would buy or use the product.

Then look at building a prototype or minimum viable product. First prove to yourself that the product is worth pursuing. Then worry about funding.

No one is going to throw money at you until you can demonstrate – i) you have taken time and effort to think about the idea; ii) you have gone out and validated the idea; and iii) you have drawn out a plan for getting the idea to market.

They may however throw some money at you when you’ve proved you are truly interested in taking the concept forward. And don’t forget, those friends and family you speak to early on, may well offer to help out – with money or their time!

Closing Point

The one benefit of being young is that many adults are likely to give you a moment of their time. Therefore if you can put together a strong plan and proposal – the money, or at least the good (free) advice will follow.

If your 15 with an amazing idea. Drop us a line. We’d love to hear your story.

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You might also enjoy:
+ The Startup Dictionary – Learning the Lingo #3
+ Learning From Other Startups – 6 Real Life Stories
+ Startup Myths – I shall not be fooled again by gurus
+ The Bootstrap Challenge – Walking the Talk

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