From Struggle to Success” Getting an investment
One more great news! Our friends from BethClip got their second investment and we are really happy for them. We want to congratulate them for the great work. We decided to interview Rashid Aliyev for the second time about getting an investment, as this is one of the main struggles of almost every entrepreneur. You can also read their first interview “From Struggle to Success”It is all about the team and follow their journey.
1. Where were you looking for investment?
We were looking around world, online and offline. We were attending events and meetings.
2. How long it took to get one?
Averagely it takes from 3 month to 1 year. Currently it takes about 3 month to get an investment.
3.What was the process like?
We were meeting with investors on events and we were having different discussions. Getting to know people in this place and also doing networking. We were asking investors what they were doing and talking about what we were doing and our business. If it’s the right (interested) person, then we were doing elevation pitch. Sometimes you agreed to send e-mail with pitch deck and information, sometimes to meet in office. After few mailings/meetings, you both decide to go to strategic talkings, calculations and pricing. After all, if agreed in equity, document checks are starting.
If all goes ok the next steps are signing contracts and waiting payments.
4. What was the main struggles?
Of-course you are trying to give less equity, investors try to get more. Main struggle is (if there is one) previous investors talks and agreements.
5. What is your advice to other entrepreneurs when looking for investment?
Just be patient. It takes long time. Try to follow, not too much, but also not so less.
6. Can you tell me just a bit about your second investment and how you plan to develop the company?
We agreed to make strategic changes in product and go to market and start sales with the second investment. This investment is mostly for development of paid subscriptions and sales, as well as subscription functions. We are finally enabling paid subscription (From February 2016)
If you want to learn more about the company, you are more than welcome to contact them at: firstname.lastname@example.org
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July 22, 2016