Accessible Funding Resources for your Startup

If you take a deeper look at today’s stories about entrepreneurs and how they manage to start and maintain their own businesses, you will notice it is more about the financial options they can opt to than it is about their journey. We all grew up learning about how the owner of the most successful company started from scratch, with no capital whatsoever; or how this product was invented by a lucky incidental idea that turned the life of its owner upside down (in a good way!). However, does making it in today’s market as a successful business owner require the same components as before? In this blog, we will point out many resources that entrepreneurs can opt for that will take their project to the next level.

• Incubators:

This option is ideal for the young individuals who have an innovative idea for a business but do not have the means to launch it. This is common as the young generations are the most energetic and enthusiastic. If a business idea is validated by an incubator, you can rest assured that your business will take off!

If you decide to go for an incubator to help turn your business idea into reality, you still have a wide range of options to choose from. There are incubators that are open for any type of business activity you might want to conduct. By the same token, some incubators are specialized; this means they will only accept the business ideas that will add value to their respective industry.

• Accelerators:

The major difference between incubators and accelerators is that accelerators come at a later stage, where the business is already established but needs mentorship from a more experienced team. Although it is not standard for all accelerators, startups go through this stage for a short-term after which they either succeed or fail.

• Crowdfunding:

We all come across many things throughout our daily life without defining them. One of these things is crowdfunding. You must’ve seen an ad on social media platforms asking you to fund a project in return for a reward you’ll get later on once the product/service is out. This is called crowdfunding. Simply put, it is when a startup is funded by the crowd.

You can read more about crowdfunding in our blog Crowdfunding for Startups.  

Do the above (and maybe more) funding resources mean that startups stand a bigger chance to succeed? Is capital the only challenge that entrepreneurs face? Read our next blog to learn more about other inevitable challenges that newbies in the business world should overcome to sustain their businesses.