Options for funding a startup

Investors and entrepreneurs in Illinois may be interested to learn more about the different approaches to getting a startup company up and running. Some people choose to invest their time applying to accelerators and others go with a more organic approach towards getting a new business off the ground. In order to apply to an accelerator, founders need to pitch the startup. Many choose to create a brief presentation or short video to pitch the basics of the idea.

Many successful professionals in the industry attest to the importance that teamwork plays in bringing a startup venture to fruition. After a cohesive team has been formed, the collective can focus on identifying a problem to solve and a target group with a similar need to be fulfilled. However, the most popular accelerators receive thousands of applications for startups at a time. The number of promising teams from the pool of applicants may be reduced down to a few hundred promising teams.

Each of these teams typically enter a 25-minute interview phase that may last for two to three months. From the pool of promising teams, less than 10 percent may actually be selected to receive coaching for up to three months. People who choose to obtain startup funds through more conventional means may rely on savings, credit or asking friends and relatives for loans. Some founders choose to outsource the development of the minimum viable product in order to reduce startup costs.

Entrepreneurs and investors who need more information about startups and business formation might benefit from consulting a lawyer. Legal counsel may be able to provide detailed explanations for specific questions relating to the particular startup under consideration.

Source: Entrepreneur , "The Many Paths to Starting a Startup (Infographic)", Geoff Weiss, December 19, 2014

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