Startup Funding

Best way to build a startup with no money or a team?

Marc Rubin Developer, entreprenuer aspirations

June 30th, 2017

I'm a software developer and have several great business ideas that addresses B2B challenges and to reduce the cost and increase the networking opportunities for a targeted marketing. I do have the tools to develop the web apps but with very limited resources and team. How do I get about it to build a startup with no funds and extremely limited team? I know that there are some successes that have done it without funds out there. A great advice will be greatly appreciated.

Elian Dupre founder quadify.ca, high school student.

Last updated on July 3rd, 2017

Talk to people. I saw that Lazarev Vyacheslav is already interested in helping you out, which is great! The more people you talk to about your idea the more interest it generates and the greater chance you have of finding founders.


Sooner or later you're going to need funding, which you've already pointed out. Obviously pitching, public speaking, and presentation skills are going to have to come in sooner or later along with that. And then it gets ugly with legal things, management, office space, etc. but let's focus on the early startup phase. Speaking strictly from the investor's view, you need to build a strong and dedicated team.


When I was in San Francisco doing some workshops with a synthetic biology team I'm a part of, we had a presentation from Ron Shigeta at IndieBio, which is a biotech accelerator that he is the CSO (Chief Science Officer) of. He went over the importance of pitching with our team, and the various ways to present your ideas to investors. But the biggest turn-off for investors? When you don't have a co-founder or a team. Simply if you can't even convince one person that your idea is great, why would an investor even be convinced to give you money? Every investor knows you have a "billion dollar idea", but they're betting that billion dollars on your shoulders and your team's. Make sure they can trust you to build it because execution is everything in a startup.


Speaking from my experience (and what Ron said), focus on building a team first and getting them hooked on the idea. The rest will fall in place. Remember that there's no "best" way to build a startup, but you can improve your chances of it working by focusing on a team, getting people on board, and keeping that motivation and discipline a leader needs. An idea is useless unless your team can execute it. Good luck!

Bill Lennan Red Rope Social - everyone is an influencer.

July 5th, 2017

Ideas are everywhere and most of them don't solve pain points that real people will pay for. Step 1 is always to sell it ( nothing ever happens until something gets sold ).

People who have ideas that no-one wants to purchase don't really understand their market. These are hypothesis until you've got sales data to backup the idea.

  1. sell your idea to 3+ potential clients. You have to be good enough at explaining the solution that they ask for a contract. If you can't do this - stop, you don't understand the market well enough.
  2. Get the 3 contracts done and money in the door. Those 3 contracts should be services contracts for you to implement your solution and learn on the clients dime.
  3. Implement and learn. Right now, you have hypothesis and desperately need data. How did this all work out? What was the cost vs profit margin? Is the client ecstatic? Do they want to renew? What have you learned for future sales efforts?

If you were fabulously successful at #3, then you may have something to take to a VC or maybe you've got a great cashflow machine ( and don't need VC ).

If #3 didn't work as anticipated, you've had excellent learning opportunities - and can pivot.

Either way it's a win and the only limit is your willingness.


Go!!

Lazarev Vyacheslav Software developer

July 3rd, 2017

Hi Marc, I can team you up, if your ideas are really that great, pm me. I myself faced with the same situation.

Anonymous

July 5th, 2017

It's very easy .. simply you chat with people and go though your simple idea .. tell them about your software .. how they can get benefit from it . Social media sites are the cheapest way to chat with people and get forward your idea .