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.
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