Great startups are built during economic slowdowns. Here are top 10 methods to fund your start-up, when the going is tough.
- Use all free services for your website etc.
- Design your own stationery (visiting cards, mailing envelopes, letterhead etc) â€“ Check this outÂ http://www.freeprintablebusinesscards.net/
- Use credit cards (clearly set a limitâ€¦in India have a Rs. 50,000 for all your start up activities)
- Figure out how to use friends and family to provide â€œfreeâ€ consulting.
- Sign up with advisors who can take some equity. Normally a lot of professionals would want to get some equity.
- See if you can get some office space in a incubator or a university.Try this http://www.nsrcel.org/home/incubation
- Become a speaker at someÂ of the trade shows â€“ gives you free publicity
- Sign up with a prospective customer and negotiate to pay some advance. This is the best endorsement you can get for your idea / product. VCs love it.
- Search for grants from the government or research foundations. In India, TDB offers a wide range of grants, soft loans and even equity (though may take time) â€“ Here is that site http://www.tdb.gov.in/
- Finally once you have a product with some customers, start looking for angel investors or VCs. You can start with some place like http://www.mumbaiangels.com/
And please remember time IS money in a Start-up!!! Learn to use time as currency