In a talk organised by the Entrepreneurial Society, successful entrepreneurs Piers Linney and Omer el Fakir, among others, shared their approaches to funding their start-ups.

Piers Linney, CEO of Outsourcery and panel judge on the BBC TV show Dragon’s Den, shared his extensive experience of venture capital gathered from both sides of the fence; both as a funder and an applicant. He shared a number of warnings about the potential pitfalls when raising funds for a start-up. 

Founders should boot strap for as long as possible before going down the more formal route of approaching funders. Piers Linney, CEO of Outsourcery

Omer el Fakir, co-funder of Block Wearables, described the journey that he and his co-founder went through to get to the prototype stage of three product. Using beta testers raised them $50,000 in two days. Block Wearables then attracted an angel investor to provide further initial funding before raising $1.6m via crowdfunding. 

Based within the Imperial College Incubator, Omer stressed how important the strong network and eco-system has been to them. A defining moment for Block Wearables was entering a competition run by Intel. Although they didn’t win, this was a key forum to make useful contacts. For Block Werables, that meant meeting a future supplier and maker of chips for their product. 

The event was made possible thanks to Rory Sadler, Danny Lowney, Pascal Sabatnig and the rest of The Entrepreneurial Society, and was supported by VIT-HIT and InvestDen

Sign up for future events form The Entrepreneurial Society on their Facebook page.

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