Financial Modeling

Fundraising, sales, grant searches, pitch competitions, which is the best route while getting your start up off the ground?

Jeremy Holloway Founder & CEO

April 3rd, 2021

Paul Garcia marketing exec & business advisor

April 7th, 2021

None of these. Getting off the ground starts with planning, not fundraising. Before you can approach any potential source of funds, even friends and family, the work to do first includes your business plan, marketing strategy, validation of your marketing strategy, and then revision of your business plan.


Investors care about risk. If you do the steps above, you are discovering and addressing risk. When you validate your marketing strategy, you become informed of so many things, including whether your idea can actually turn into a business or not. Importantly it also tells you what resources will be required to move forward. Armed with that information and proof you could approach investors, however I recommend you consider a different strategy.


Figure out how you would start your business if you never received an outside dime. Since about 90% of businesses will never get money from investors who aren't friends or family, how would you start differently knowing you needed to be self-funded? What pieces could you do with your current resources that turned into more resources that you could expand into your bigger idea? Starting a business whole hog isn't always the best way to get what you want. Yes, that's the way most people prefer to do it, but what if patience actually led to greater success?


In the fourth business I started, I chose to take a much bigger risk knowing that I was taking a big bite with lots of complexity. Looking back, I would have been better off to start with one of the four components I tried to do at the same time, built a stable company with just that component and slowly expanded into the other areas as resources allowed and customers asked for more. I would have risked far fewer dollars, and would probably still running that company because I'd have done it with a more thoughtful foundation.


The broad answer to your question which is not how you get off the ground but how you fund your idea is, take it slow, validate before you act, and assume you won't get any outside funds. The more thoughtful approach is perhaps less glamorous, but it does tend to have more success. Investors prefer to invest in companies that do not need their money, but by adding money there's a leap forward. Build that foundation for a bigger enterprise and you'll eventually have greater opportunity for leaps with investors. Investors don't fund you to experiment.


Good luck.

John Laughlin Technical Partner Linking Up with Non-Technical Founders w/ Domain Exp + Validation to Build MVPs

April 8th, 2021

As a technical partner and LEANSTACK model advocate, Paul's advice is on-point. How can you prove out your idea/demonstrate value to potential paying customers with the least effort, least cost, and least complexity. Think Excel spreadsheet, think manual effort/know-how of market, think no code/low code option. THEN, once you have this validation, think about pitch competitions, accelerators, maybe pre-seed round.

Jeremy Holloway Founder & CEO

April 13th, 2021

Thanks yall for the insight.

David M

April 8th, 2021

Jeremy,


First of all, the need you are seeking to meet is both huge and the pursuit commendable. Not sure if you have a business plan. If you do, either it needs more clarity or your web presence needs to better follow that clarity/organization. I am a firm believer in the need and purpose of a living breathing organic business plan. Most, I would say 90% of the ones I have seen, are FAR from where they need to be. Most entrepreneurs hand me 10 sheets and tell me that is a business plan, which at best it is an overview. Do you need one to succeed? No. Does one increase your chances for success and decrease the amount of pitfalls you will face, absolutely…a hundred times over. I won’t invest my time with an entrepreneur who doesn’t have one or isn’t willing to write one. Just not worth my time. But again, you may have one.


Your business is going to definitely involve a more evolved and changing business plan than someone selling a simple product, because you are dealing with and learning what works with human beings.


Your web presence is a bit scattered and confusing between the two domains. On the Achi site it looks like it is merely one division or program of this parent company, however on your tellegacy site it appears to represent itself as a company.


Personally if it were me, without reading your business plan, (which I am happy to look at) I would make tellegacy its own company and seek partnerships with health companies around the country as an added benefit.


You need to keep your mission pure to the purpose.


Every business deserves to make money. I am 100% against the idiocy currently facing this country with pushes for socialism which we are now seeing jump socialism to practices evident in communist and totalitarian societies such as censoring freedom of speech and canceling out. Dangerous slope this country is on especially for entrepreneurs.


However, that capitalism must be conscious and compassionate capitalism and responsible capitalism.


When I read on the achi site

“Claims data analysis to identify the most costly patients/conditions” you lose me. This right here…I thought “what is the scheme these people are running trying to make money off of the elderly.” Now…I trust based on everything else that the intent is sincere…and this is just poor wording.


But this is a human being, and when you label them “costly patient” the connotation is cold.


You won’t be able to monitor all the practices of health care companies tellegacy partners with, but if you keep your company element pure and true to the compassion for helping the elderly, you can at least make sure you have a grip on your vision.


Some of the sleaziest people and richest people I have met made 10’s even hundreds of millions on “non profits” or companies that work in philanthropic endeavors.


You have to have a foundation before you build the house. The blueprints are you business plan. If you have that plan, my advice is follow the energy. Tell people what you are doing. Research, research some more…research…reach out to anyone who might provide a need for your business.