So you want to start your own business? You have a great idea? The right people to execute it.
Alas! You don’t have enough money for fulfillment of your dream.
Well, well. You have come at the right place. In this article we will discuss in detail how you can raise funding for a startup in Pakistan, which companies can help you, what processes are necessary and how you can attract audience and sponsors towards your business.
Companies that fund startups in Pakistan:
- Y Combinator: It is a Company that invests on startups and help them develop. They started this process in 2005 and from them 1,464 startups owe them, their success.
- Jump Start Pakistan: It is a company that is working towards changing Pakistan through Entrepreneurship. It is an organization with the idea to help, guide and ensure growth of Startups in Pakistan. The young talent, with brilliant ideas, but in need of guidance and resources should definitely look for Jump Start Pakistan.
- Dot Zero: It is a company that invests on startups that have established the notion that their product, idea or service attracts or will surely attract the mass audience. Then they help the entrepreneur to connect with people, resources and technology required.
- Peracha: It is a project that uses expertise and knowledge of its experts to advice, guide and encourage new entrepreneurs in Pakistan. They counsel and recommend companies on how to always stay ahead of competition and remain innovative.
- LUMS Centre for Entrepreneurship: It is a Centre that is established by LUMS to lookout for gifted ideas presented by the youth of Pakistan at entrepreneurial events. These events are organized throughout Pakistan. They select promising ideas, mentor the members and provide professional advice to them.
- MIT enterprise forum Pakistan: The enterprise has developed a startup school to provide training, tools and resources to fulfill the needs of Startups.
- Plan 9 in Pakistan: It is a project by Punjab Information Technology Board that gives opportunity to Startups to develop and grow by providing incubation for tech ideas.
- Telenor Velocity: It helps Startups establish themselves in the market.
- Small Grants and Ambassador’s Fund Program: This program support community development and projects that fall under USAID priority sectors in the country.
- DYL Ventures: It is a consultancy that mentor, fund and market Startups.
- Small and Medium Enterprises Development Authority: SMEDA provides business development services to Startups in Pakistan.
Processes essential for a Startup that needs funding:
- Social Media: When you are starting a business, you have to spread it to the people. You need consumers not just for your business but also if you want companies to fund you, they won’t fund you if they don’t see audience getting attracted to your idea, service or product. So use social media to spread your business. Facebook, WhatsApp, Instagram, Twitter, LinkedIn, Email and other communication applications would make life easy for you.
- CrowdFunding: Corwdfunding is a process through which you can raise money for your project by approaching to people through Internet. There are Crowdfunding sites in Pakistan like Indiegogo, Fundstalk, Rockethub, FundAnything, FundingLab etc.
- SeedFunding: Seedfunding is a process in which an investor can invest in your Startup and in return you offer him an equity stake in the company. So it is a give and take process for raising money for your Startup.
- Conduct Events: Conducting event about your Startup can attract audience as well as a sponsor. You can ask a sponsor to fund your event and in return they can display their product to the audience. Events can create awareness in audience about your Startup Project.
- Buy Marketing Contact List: Use a legal procedure to have numbers of major marketing and business tycoons that can connect with your Startup. You need to have Contacts with the right people if you want to establish your business.
Points a Startup should keep in mind:
There are certain points that a Startup should bear in mind:
- Nobody would fund you just on your idea, so have ample savings and income source before you start. At least begin your project before you start looking for fundraisers.
- You need to have a Unique Selling Point (USP) in your product or service to appeal people and fundraisers. Being different in anyway can help pave your way towards success.
- Be prepared for everything. If you know your idea is brilliant sooner or later you will get support. Don’t leave your idea on midway. Be patient!
- Don’t count on Shortcuts. They will lead you in no man’s land. If you are a technology Startup and you willingly accept food sponsor in your product. It can get you money for time being but it would displease the audience.
- Your work would speak for itself. Just don’t stop hardworking.
Image via: YourStory