There are no set guidelines to raise funding as a Web3 Founder, and you can go through tonnes of rejections before your big breakthrough. So how can you strengthen your proposition and idea to get your project moving?
Here's 10 check-points to ask yourself before you launch your start-up:
Start with the macro problem to set the stage. Ultimately, this needs to be concise and home in on a specific customer pain point.
This can naturally be a long answer. Have the answer nailed down, and be concise. What are you doing first and what do you want to do later?
Is the project consumer-facing? Clarify the users. Is it enterprise facing? Clarify the role or function.
Most ideas aren’t unique. You will need an edge to be seen as the diamond in the rough.
Easy enough to answer, yet vital to get right. VC’s want good ROI, it must be scalable.
Be bold, be big, be inspiring and ambitious. You’re on the brink of getting (potentially) millions of funding. Where could that take you?
This will show meaning and purpose. Weigh your current move up against other approaches and already existing solutions (again, remember that most ideas aren’t unique). Why is this the best move to make?
Or can you scale your audience? 1k users, 10k users, 100k users, etc. You need to show that you have the evolution and growth in mind for the project.
Great projects can fail due to timing. Are you catching the start of emerging tech? Are you setting up to be regulation compliant?
Not even the most successful projects run in a straight line. What will keep you thriving when times get tough?
The best VC’s will dive deep into your answers and you’ll need to be prepared for this. Be concise and clear with direction. And remember, practice makes perfect!
Author: Ethan Kirkwood