One of the important decisions you will make early on is how you will fund your Idea.
A venture can be self funded of course and your control can be full retained. The cost of progress can surprise many people as the costs can quickly escalate into hundreds of thousands. How you get your money is also a key decision. Do you go to a bank? A Business Angel? A Venture Capital firm?
There are many companies out there with war chests of money looking for the next great Idea in Medicine. I am sure many of us have been entertained watching Dragons Den on TV where a successful panel of Entrepreneurs review ideas and decide whether to invest.
The recent explosion of crowdfunding has shaped many peoples’ thinking over the last few years. On the back of this, the rise of corporate crowdfunding has also gathered pace.
Often a big percentage of your company has to be handed over in exchange for the money. The key point here is that you often notice that the panel often invest in business sectors they are familiar with. This is important as they fully appreciate that you are not just taking their money but often the key element is the investor’s, contacts, experience, support and knowledge. That can be invaluable.
Whatever your ambition, the team at Ideas in Medicine can guide you down the right path for your project.