WEEKLY MINUTES: ADVICE ON RAISING SEED MONEY an interview with Seth Braddock
In this episode of Madison Noteworthy’s Weekly Minutes with Brandon Williams we interview Seth Braddock, the CEO of Kilter about raising seed money for your startup. Seth is in the process of raising money for his business Kilter, an online service that provides travelers with individual and bundled deals to gyms, exercise studios and lifestyle boutiques based on user preferences and location.
Seth shares his experience and advice in raising capital, the big takeaways include:
- Don’t raise seed money if you don’t have to. Make sure that your business concept, product or idea is vetted, making sure that whatever problem you are trying to solve exists and that your solution is one that consumers want.
- When searching for investors, try to find someone who is passionate about the business, industry or mission as well as you.
- Investors may not be sold solely on your business plan or product. They are also searching for a strong team and the opportunity for growth.
- Here are Seth’s 3 must-do steps to raise capital:
- Get out there and figure out if your product or business concept meets a need or solves a problem. Don’t get held up on a business plan before you know if your concept is well received by its market.
- Build a strong team, you can’t do it all by yourself. You need to have a team that shares the same mission and motivation that will move the business forward.
- Try to find an investor that is passionate about the industry, business or product that you are trying to sell. Don’t raise money just to raise money, finding an investor that is passionate and that can help you along the way is an extremely valuable asset.
We’ve pulled together a few additional articles and resources on the topic of raising money and listed them below:
- 12 Tips for Finding Seed Funding from Entrepreneur
- Are You A Startup Thinking About Raising Seed Funding? Here’s What You Need to Consider from Forbes
- This is How You Raise A Seed Round in 2016 from Medium
- 6 Tips for Raising Your First Round of Funding from Entrepreneur
To learn more about Seth Braddock and his business Kilter, here is the Kilter company profile from Madison Startups.
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