What are your recommended tips and strategies for securing seed funding? originally appeared on Quora, the place to gain and share knowledge, empowering people to learn from others and better understand the world. You can follow Quora on Twitter, Facebook, and Google Plus.
It is a lot easier to convince investors early on to support your idea if it is something you have real experience with. It’s not just about being “passionate” about something, it’s being able to prove that you know the space you’re in, inside and out. It’s one thing to believe in a product or idea you stumbled upon vs. having a deep understanding of a specific domain/space and convincing investors that based on that experience “you know how to fix the problem.”
In my specific case I’ve been in the enterprise collaboration and messaging space my entire career, so I was able to articulate the story of what is broken with the current landscape, and how it could be done right. It was then easier to get investors to believe in the vision and direction of the product and company and make an investment.
Here are a couple things that are essential:
* Be ready to tell a great story - where you got your idea, how you thought about your solution, and how you’ll execute. Storytelling is significantly more important than anything else when you’re at this early stage.
* Realize that no matter how good your demo is (if you even have one), they’re really investing in your team, the people. Anyone can hack together a prototype, but not everyone is going to be a visionary leader.
This question originally appeared on Quora. More questions on Quora: * Chief Executive Officers: How do you perform the CEO role on a daily basis? * Collaboration: What are the key skills for good collaborative work amongst a team? * Startup Strategy: What are some of the best skills to look for in an early employee for your company? Photo Credit: DigitalVision/Getty Images