Fundraising is hard
What a winding path to where I started.
First, my project – App that helps you generate cease-and-desist letters to debt collectors and monitor collection calls for consumer rights violations.
Get a Mentor
I call it a project and not a business because social justice is my driving motivator. This moment of clarity came when a mentor forced me to answer this question. It was not easy for my mentor – I thought I was having a conversation about equity splits and VCs – you know, the fun stuff.
These were the questions I was asked to answer with honesty and clarity:
- Who are you? (seriously)
- Why are you doing this?
- Why does it matter?
This is why you need a mentor asap. My "business" was starting to look more like a non-profit...
My experience with VCs
You see, I had approached a dozen or so VCs, ready to scoop up truckloads of money they would surely dump on my lap. But the feedback has been anemic. Most simply did not respond. I got one “interesting” and 2 “too early for me.”
In hindsight, it makes sense. Why would anyone care about an MVP that hasn’t even launched? How much would it even make for them?
They concluded that six customer interviews were not enough. I agree.
We came to a similar conclusion about approaching angel investors and equity funding platforms like wefunder.
I came to accept that I am not going to have MRR and that’s okay. At its foundation, the app was meant to help people struggling through life.
Grants
So, the mentor suggested looking into grants – grants for startups, state and local grants, corporate grants, grants from charities, fried shrimp, shrimp sandwich, you get the idea.
I don’t have a success story to share with you, wrapped up in a neat little box. The story is playing out as I write this. Later this week, my mentor will give me a warm introduction with a grant writer.
And I am going to sit on my hands either. Applying the lessons I have learned, I am exploring non-profits and donations. Last night, I started a GoFundMe campaign to gauge interest. I feel vulnerable putting myself out there, but I need to face it for personal growth if nothing else.
If this resonates with you, please forward the GoFundMe link with your network. And if you are feeling generous, please donate $5, as it would help me gauge how much interest is truly out there.
Good luck with your fundraising.
