At this week’s Tampa Bay Startup Week, powered by Chase for Business, four experienced founders, entrepreneurs and experts formed a panel to answer just that, in a wide-ranging discussion covering investments, seed rounds and crowdfunding. The panel, titled “Bootstrapping without being Strapped,” included: Albert Lee, President of Tampa Bay BBIC; Sandra Anderson, Vice President of Credit Administration at Sunshine State Economic Development; Charles Long, lead economic development specialist at the U.S. Small Business Administration (SBA); and Sudhir Venmuri, of NIC Infotek. You can check out an entire video of the Tampa Bay Startup Week event below, but here’s a quick look at some of the best tips the panel members had to offer about the fundraising process.
Get Free Business Counseling
Since the U.S. Small Business Administration (SBA) is dedicated to providing a variety of forms of assistance to small businesses, Charles Long’s day job naturally came up. The SBA partner with banks, along with other non-bank lenders and credit unions. Here’s what he had to say on the ways the SBA can help a startup founder: The first step:
Get a Plan on Paper Before You Begin
Albert Lee spoke on the hardest part of figuring out your startup game plan: The financial aspect.
Emphasize the Projections and Marketing
Focusing on the business plan alone isn’t a safe bet, Lee says:
But Include Plenty of Contingencies
From Sandra Anderson:
Supplement Savings With Credit
Sudhir Venmuri spoke from past experience:
Track Your Business Progress
How can you figure out what line of credit you’re qualified for? By keeping track of any metrics your business has clocked up until now. Remember, banks and loan programs are interested in the numbers. From Lee:
Crowdfunding Is One Way To Test The Water
Technology has made funding more available than ever, Lee holds, and one modern-day example is the phenomenon of crowdfunding, notable for allowing entrepreneurs to determine whether their concept can muster a groundswell of attention:
Still Need More?
Here’s the entire hour-long panel discussion at Tampa Bay Startup Week, complete with a Q&A, from Tech.Co’s Facebook page.
Whether you opt for savings, loans, or crowdfunding, the options and — perhaps more importantly — the counseling services at Tampa Bay are open to all interested small business owners. Live from Tampa Startup Week: Bootstrapped without being Strapped – presented by Chase for BusinessThe session features Sandra Anderson from Sunshine State Economic Development Corporation (SEDCO), Albert Lee the President of Tampa Bay BBIC, Charles Long a Lead Economic Development Specialist at the SBA, and Sudhir Vemuri from Nic Info Tek. Posted by TechCo on Tuesday, February 14, 2017 Image: Wikimedia This article is part of a Startup Week content series brought to you by CHASE for BUSINESS. Startup Week is celebration of entrepreneurs in cities around the globe. CHASE for BUSINESS is everything a business needs in one place, from expert advice to valuable products and services. Find business news, stories, insights and expert tips all in one place at Chase.com/forbusiness. Read the rest of our Startup Week series.
