Currently I’m in the stage of building the MVP of my idea. Idea is not something unique. Already has a lot of competitors. In that scenario what is the chance of somebody investing in my startup. And I am also not from any tier 1 colleges or not an ex employee of any unicorn startups. In fact I am a college drop out from a tier 3 college. What is chance of I’m getting funding?
Almost Zero
Thanks for the feedback. How can I increase my odds? Will building the MVP help? I have one month runway left.
VC look for a 10X outcome. They want to invest in companies that grow 30% month on month. If your idea is not unique and in a competitive market if you don’t have any differentiation with your product then forget funding, it becomes very hard to even get users. First get users and think funding.
You sound not so positive about the idea yourself. Why are you choosing to pursue it?
My initial motive is making money. I wanted to start this 6 years ago. Even I started working on the idea. But when I talked about this idea with people I know everyone discouraged me by saying it’s not something new and there are lot of competitors already. Eventually i also lost the confidence in it and I quit working on it. My network is not very startup savvy. I come from a village. I don’t know any tech startup founders personally. Even though I worked in tech. None of my colleagues or friends were startup aspirants. That’s why I’m seeking advice from strangers from Internet here. At least you guys will have better knowledge and better experience than my network. After seeing the success of the startup I mentioned in my previous answer. I feel regret about not pursuing the idea initially. Maybe right now the chances of success maybe low. But If I don’t pursue this the chance of success is always zero. I know I shouldn’t be so positive about the idea. But I also believe that I should be the one who believes in my idea more than anyone else in the world.
Bring revenue...and be profitable from week 3rd
Funding will follow
I can bring revenue but till that I need to survive. I don’t have any other income source as I recently quit my job to work on this full time. I had saved up 6 months of money to build the product and the initial launch. Due to some unexpected financial need at my home I only have one month’s money left right now. And I moved back to my home to keep my expenses low
We can talk?
Tg @vedanta20
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