Fundraising · Seed funding

What are the critical positions that a startup needs to have covered at a seed stage?

Sumit Garg Having total experience of more than 5 years.

March 17th, 2017

My cofounders and I are in the process of putting together the slides for our Seed fundraising round. We are looking to bring our Saas idea to life. For our story and execution I was wondering what are the typical positions that will need to be filled and that we should include in our presentation? I ask this because part of the funds we raise will be allocated to this critical piece of building and scaling the business.

To give you an idea of where we are at we are literally at the idea on a napkin type of stage. Thanks for the help!

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Rob Kornblum

March 17th, 2017

Hi, I wold not recommend that you try to raise money at the idea stage. Investors are not looking for ideas, they are looking for businesses. Even if you are lucky enough to raise money, it will be incredibly dilutive.


My advice is to build a prototype (MVP), get real customer feedback, get some real paying customers who love it, then try to raise a little seed money.

Jothi Kumar Bio

March 18th, 2017

Way too early to raise or bring anyone on-board first of you would need do product validation, rework your idea based on feedback, draft business plan and then an MUP - Minimum usable product. Get user base again validate & get feedback. Now complete business plan. First level team would just co-founders and any developer you could have. Go for seed funding now...



Regards,

Jothi

Heather Holst-Knudsen CEO & Founder, HatchPad

Last updated on March 22nd, 2017

You need the positions required to hit the milestones you are including in your presentation. At this stage, your team will be heavily focused on engineering. You'll also want some form of representation on the business side since engineering a SaaS solution for the sake of engineering a SaaS solution is not an attractive value proposition. You will need someone to speak with knowledge about the market opportunity, pricing model, customer acquisition , scale and growth. That knowledge needs to come from you and your co-founders.


And I definitely agree with those who are saying "don't hire" just yet. You really need to be able to do whatever you can with your co-founding team.

Steve Owens

March 17th, 2017

Don't hire anyone yet. Go to our website (or lots of others for that matter) for a deeper explanation why you should not fill any positions at this time.


Do market validation first.


Raise money from the three Fs (Friends, Family and Fools).


Build further market validation and MVP.


Raise seed round from Angels


Get first revenue


Raise A round to scale.


For an idea of how to do a pitch deck - just google Kawasaki Pitch Deck.


Good luck!





David Cruz e Silva Innovator & Business Developer

March 27th, 2017

You really need to validate those ideas before even thinking about getting investment.