Seed funding

How do I raise funds?

Fahad Uddin Computer systems engineer and investor

Last updated on February 20th, 2017

I have an idea of a website user testing startup.


Description:

Client submits his website and deposits $5 to the site. 4 people do user testing of his site and provide feedback who are given $1 each (these are people from Pakistan, India, Philippines and Bangladesh where converting from dollar becomes a good amount of wealth.)


Requirements:

I am having trouble finding clients for this idea. I am looking for funding to show Google and Facebook ads to get clients.



Gabor Nagy Founder / Chief architect at Skyline Robotics

Last updated on February 20th, 2017

Build the Web site / service on a budget, and get paying customers.

Most investors today will only fund you, once you have a product, customers (traction), and a revenue stream.

At which point, you don't need funding...

https://www.linkedin.com/pulse/investors-window-why-would-i-want-your-capital-once-gabor-nagy


Grant Olsen Founder RiffBiz.com

February 21st, 2017

Sounds like you have an idea and potentially a good opportunity, but you are a long way from raising funding. As Gabor mentioned, investors will want to see much more "traction". One of the biggest challenges of all startups isn't building the product, but finding a scalable and affordable way to acquire customers. Google and FB ads may be the way you do this, but I suggest you do some research fist to understand if it would be worthwhile. I'm building a tool to help you do exactly this (RiffBiz.com). In just a couple minutes, you could plug in some keywords for your idea and get back a summary of the number of searches, cost per click, and even a projection of how much revenue you could make. Check it out and let me know if you have any questions or suggestions for improvement. Hope it helps!

Paul Goldstein Chief Software Architect at Wearsafe Labs Inc.

Last updated on February 23rd, 2017

Might I suggest you think about who your customers are and adjust your model a bit before trying to raise funds? Do people want to spend $5 for user testing on a site? I think fee should be higher if you want the U.S/Europe market as customers. Sure there is the "fiver" market, that works too I suppose but if someone has gone to the trouble of building a site they actually need testing and feedback on then they are willing to spend more than $5. Also you should consider paying your testers for finding bugs, so they have real incentive.


Develop some pricing options: one time fees, monthly fees, yearly fees, and adjust based on how many web pages or domains are to be tested and or how many test cycles that get run every month.


Add the option of Test Scripts vs "Ad hoc" testing.


Make this work. $5 gets me almost nothing. $100 gets me 20 quality bugs plus usability feedback on 3 web pages that I need to push live this week. Something like that.


The idea is fine, just adjust the knobs, add options until the $ projection for your revenue is looking really good and it is totally believable. Then start raising funds.


Just my 2 cents.



Anonymous

February 20th, 2017

Learn to code and do it yourself