WHAT ARE THE ELIGIBILITY CRITERIA FOR PRE-SEED FUNDING?
Every day a new startup hoping to earn a good name and capture a substantial chunk of the niche market launches its unique products and services. While the business doesn’t depend upon one element for its success, its financials is one such element that helps in achieving other aspirations of a business.
Acquiring funds is a head-wrecking task, and this made it requisite to understand the funding landscape of the present and the future. In this article, we will focus on explaining the eligibility criteria of a startup to raise pre-seed funding.
● A business plan is a must-have document that every startup should create. It is a first requirement to build a market-fit product or service.
● Applying under the Startup Seed Fund Scheme (SISFS) requires you to use technology in the product you are building to solve the identified problem. Either you use technology in your core product or service, distribution model, method, or business model.
● Indian government prioritizes businesses made towards solving problems of society, environment, healthcare, agriculture, waste, defense, etc., under the SISFS.
● Understanding financial and the business aim is requisite. I will cover things related to money like how much money your startup needs, when it needs it, where you will use them, etc.
● Before pitching in the ultimate idea, you need to understand the ecosystem of funding and the top investors. Do your research before making your pitch.
● Work towards building your legal structure. Finish all tasks related to the partnership agreement. Incorporation papers, and other licenses.
● Finally, put yourself in creating an attractive pitch to be presented in front of your investors. It should outline everything your business has from its financial plan, business plan, competitors, objectives, target audience, etc.
HOW CAN FIRST FUNDING HELP YOU CONNECT WITH INVESTORS?
First funding is a platform that helps you to get investors for startups for pre-funding to successive funding rounds. Its adroit team assists entrepreneurs in starting and expanding their businesses by connecting them to top investors.