When is it time to seek for funding?
Lately, I have been wondering when is the best time to look for funding. How developed the company must be for this to make sense.
Recently, several VC funds contacted me and even though I was not looking for financing, hmm... I may be making a mistake not taking into account the possibility of external financing for https://youtu.be/umtngsv_Vrw
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I'd say it depends on when you should seek out funding as every project is different. Some need funding before development begins while others need it to expand into other territories.
So it depends on your product and what you need it for, but the most important thing to keep in mind is that you should get funding when you personally feel like you and your are ready.
Let's consider I am mentally ready to get funding.
It seems to me that the company should be prepared in some way in order to be able to consume additional capital. I imagine that e.g. a defined development path and the need to build a larger team to go this path, may determine the way in which additional capital could help.
Is there any checklist that would say do not seek funding if you e.g. your product is not ready to market? Or you do not have idea how to consume it in a productive way.