I have sent our pitch deck to many investors for the advice and 70% of the feedback I have gotten is thumps-up, and 30% was more around the representation of the numbers. We have made those edits, as well as create a business plan.
We are working on a matrimonial app. We are positive that we would be able to release the beta in 90 days on iOS.
We have been approved by a couple of accelerators and incubators but they are very $costly and we need to go to their location.
We have been also lucky enough to accepted by the CoFounder Startup Accelerator program. Did anyone work with them in the near past and successfully able to land funding?
I am almost convinced that you have to be in Silicon Valley to raise big funds. I have hired a fundraising expert in valley and paid him $money but all he`s is doing lip service.
I also heard that lately investors/VCs are reluctant in investing Matrimonial/Dating App.
is it true?
David is right, it's unwise to hire someone promoting themselves as a fundraising expert. It's often an empty promise. A record of past success is absolutely no indication of future success. Your conditions are entirely different than another company, therefore your results will be entirely different. There's no one who knows your company better than you do.
As for CFL Accelerator, it is not a traditional accelerator program. Accelerators are typically investors in established businesses. They do not help startups. They do not help companies that don't already have customers and revenue from products. They put their own money in and assist with more rapid growth, usually because they've identified one thing that is a roadblock that they know they're talented at breaking through.
CFL's accelerator program is a more efficient way to acquire knowledge about how to wrangle your startup, but it doesn't invest in your company, it doesn't offer a path to funding, and it is available to anyone regardless of the strength of your plan, if you have customers, or if your product is ready. It is literally intended to accelerate the pace at which you move forward through the standard steps of developing your business, but it is not the same as what the rest of the world considers an accelerator (a special subset of incubators).
Yes, incubators and accelerators usually expect you to locate your business where they are. Either they have local incentives, or their experts are local, or real estate is part of the deal. These are positives, and those programs are not right for everyone. At the same time, picking up and moving in can be the kind of concentration that a business needs, especially when it's been rag-tag and virtual. Being face-to-face with everyone does move things more rapidly and causes problems to be resolved more quickly.
Good luck. I see you here often. I am still disappointed that you work on building your product before building your marketing strategy, but one of these times you'll get a hit. I'm glad you keep trying. Perhaps consider business plans that make their own money, not rely on investors, for your next attempt. How would you build your business differently if you knew from the start you would never get any outside money? That should help you build a much stronger foundation for your business.
Saquib, no you are wrong. I have started companies on all types of budgets. With regard to the individual, who cares how much he has raised... Get a contract with deliverables. Put it in writing. You never pay someone to look for funding. Don't beat yourself up. I have seen a lot of people make that mistake to my absolute shock. It happens though. Paul alludes to my same perception of you. You seem all over the map and to be throwing half executed ideas, and a lot of them at a board and hoping something sticks. You seem to be passionate about entrepreneurship...but you appear to lack focus. There is nothing noble about having so many ideas and projects that you can't get traction. Don't get caught in the false glamour of "serial entrepreneur" which in itself is a bogus term anyway. Focus on one project and actually develop it fully and thoroughly before jumping to the next...at least give it a try.
Saquib, I like the concept, would you be able to connect with me when possible?
Saquib, are you sure you need to raise significant funds rights now? Have you considered a bootstrap model to get your product built with minimal funds and then start generating early revenue to prove the concept and market viability? There’s a lot that can be done with very little money. It’s hard work but it’s doable.
@ Gregory - here`s the website http://www.muslimbetterhalf.com/
You never pay a "fundraising expert." Legit people who raise funds collect compensation when they deliver. You seriously need someone to guide you with your businesses. I have read these posts over the years and you continually seem to be making rookie mistakes. There is nothing wrong with that the first few times. After a while though it does not put forth a good image.
@David - We all learn from others and our own mistakes - If someone showed you, and verify that he has raised $1.5M dollars for his startup, and assured you that he can raise funds for your idea with promise of returning $money- what would you do?
I guess you will be okay to take the risk since he is not asking a hefty per hour rate without a face value.
That being said, making mistakes is a part of learning! I am guessing, you never ran a startup with shoestring budget and put hard earn $money. You miserably failed due to whatever reasons but yet you stand-up with the same passion and belly in your fire to make your next idea better - it takes a lot of courage and guts!
I am proud of making mistakes and I will continue to make and learn from them!
Have a blessed weekend, all!
My favorite thing about startups is that they don't require anyone's permission- Brad Feld
Great advice @David
It is an interesting application. Hope it is going good. There is a lot of opportunity in this space. Modernizing the Muslim marriage culture and make it as efficient as the western dating culture.