Navigating the Funding Maze (X-Post from PlanetHatch.comMeaghan Seagrave, Executive Director at BioNB admin May 22, 2014
MAY 5, 2014
There is a labyrinth of funding opportunities available in the province of New Brunswick, and depending on the sector and the stage of your company there are multiple doors open to you. We hear a lot about Angel and VC investing but the reality is that less than 10% of companies looking for funding are really investment ready so their real funding opportunities lie with groups like New Brunswick Economic Development, NRC-IRAP, ACOA, LearnSphere and others.
If you are looking for funding for your company consider the following stages and options. *yellow: purely R&D, *blue: validation and early stage, etc.
If you are unsure about these acronyms or programs visit our funding navigator at bionb.org. Most of these funding mechanisms apply to multiple sectors – not just bioscience.
When you are bootstrapping, you are always thinking about where the next $dollar is coming from. Take a step back and consider looking for partners and early adopters instead of just the next round. With a well identified market, you know who your target clients are and chances are someone in your network or your advisor’s network knows how to get you in the door. An early adopter to pilot, test or trial your product is as good as cash and adds credibility and validation to your technology.
Having spent over 10 years in start-ups, I know how difficult it can be to keep your company going during the validation and early stages. A little advice – if you want it:
• Build champions within each of the funding groups, get to know the purse-string holders and build relationships that will see them go to bat for you when your application is circulating desks.
• Make friends with the folks in your industry association, chances are they are being asked to weigh in on the validity and viability of your technology. The more people who understand your story, the better.
• Network, network, network. Never turn down an opportunity to meet and greet. Ask me about how a coffee date on a stop-over in TO turned into an impromptu meeting about the Next Einstein project. You never know where it might lead.
More resources from Planet Hatch: