If you are running a business, chances are that at some point you will need to fund upgrades to your equipment, additions to the payroll, new inventory, or some other such expense.  While going to the bank for a loan may be the most straightforward approach to getting the funds that you need, it isn’t always the best route, nor the fastest.

An angel investor can take many forms.  There are those who are at arm’s length, which is to say that you aren’t going to have to throw a big innovation seminar to present your ideas, nor are you going to have to network at a big isponsor event.  You won’t have to do these things, because your angel investor is in your own backyard, figuratively speaking.  It could be a family member – a parent, sibling, wealthy aunt, or a distant cousin who shares your interests.  It may be a friend, former co-worker, or neighbor.  The reason why we mention this is because many business owners are not ashamed to tout their business sense and their innovative ideas at a high tech seminar, while among other business owners and hopeful start-ups.  Yet, those same professionals will shy away from talk about work at all in front of the people most likely to invest in them.  You don’t have to come out and ask for money, but it certainly doesn’t hurt to talk about the new and exciting things happening with the business.  It doesn’t hurt to mention the growth potential and the earnings that your investors stand to earn on their money.  Plant the seed, at least.

If that doesn’t work, then you can reach out to the domains and networks of angel investors.  These are the individuals who openly seek new businesses that show great potential.  They are looking to make a bit of profit on their investments, but really, they just want to invest in something- or someone who just needs a bit of support to become something great.  Keep in mind, angel investors are typically looking for three things:

1. A strong understanding of how to run a business
2. An innovative idea
3. Some way in which they can add value

Remember, the latter is often as important as the first two.  Angel investors are often people who have enjoyed their own successes in business, and they likely do have a lot of valuable information and connections to offer, so be open to dealing with them on more than one level.

Top Tips for Fundraising for Your Start-Up

Building a business is difficult, and it generally requires a great deal more capital than you having on hand.  That means that you will have to seek it from banking institutions, angel investors, or venture capitalists.  In either case, you are going to have to put together a good presentation to convince the entity to invest in your idea.

1. Assemble a Great Team Not only will this give you the chance to practice pitching your idea (after all, you’re likely going to have to sell the idea to those you hope to recruit to your top spots), the more experience and know-how your team has, the more apt the investors will be to take a chance on you. Don’t know where to start?  Consider attending iFestival, and do a bit of meeting and greeting.  That sort of networking can lead you to the talent that you seek for your start-up.
2. Have a Thorough Plan You can be certain that any gaps in your business plan will be quickly discovered by potential investors. After all, these people didn’t make their money being foolish.  They will very likely have a great deal of business sense and many years of working experience backing them when they read through your plan. 
3. Remain Steadfast You will likely have to attend many events – invention seminars, innovathons, etc. – and do many internet searches before you find the private investors most likely to put money into your venture. It is not easy to fundraise.  Know that at the start and be prepared to work through the many obstacles that may present themselves along the way.
4. Realize the Perks There may be times when accepting less-than-stellar financial terms will make sense. Of course, you don’t want to strap your start-up with payment terms that are nearly impossible to meet, but you also have to recognize the perks that come with working with certain investors.  When that person or entity has- and is willing to impart valuable information and connections, then it may be worthwhile to be a bit more lenient in the negotiations, because ultimately your bottom line may be more positively impacted by the knowledge than by the better terms.

Walk into any of millions of stores around this country and you will find a large rack or even an entire wall of gift cards available for purchase.  The gift card market is massive in this nation, and while much of that is for the typical birthdays, anniversaries and holidays, there is a growing niche in the gift card market.  That niche is small business.  Gift cards have proven very effective ways of saying thank you to new customers, clients, vendors, and lenders.  They can, in fact, be very powerful tools when fundraising as well.

Offer Gift Cards as Donation Rewards Crowdfunding has become a massive industry in its own right.  For small businesses, this provides an avenue to reach angel investors, who will put their funds into something they believe in.  In return for the donations, most crowdfunding campaigns will offer small gifts of gratitude.  These may be something as simple as a t-shirt with the company logo, but can also be much more involved.  Authors have gone so far as to name characters after financial donors as part of their crowdfunding efforts.  Gift cards can be another option.  If you have an established business in place, a gift card to your own store or for access to the services that you offer can be a great option.  If you are just forming a start-up, you might consider gift cards to companies in a related field.  So if you are starting a business in the pet health sector, for instance, then perhaps you offer a gift card to a national pet supply chain.  If you are launching a new smart device, then perhaps you offer an imusic gift card, so the tunes can be loaded on your product.

Gift Cards after Meetings It is not just the crowdfunding campaign that can benefit from the inclusion of gift cards.  You can also use them as a memorable way of saying thank you.  Perhaps you send a gift card to a local coffee shop to those who attended your small innovation seminar, or you could send one to the owner of an organization that agreed to be a new isponsor for your start-up.

It is such a simple concept, but spending a few dollars to send a gift card with the thank you note can really make the effort far more notable and may just entice future investments as well.

Bringing Your Small Business before a World Audience

That may sound like a very intimidating title, but if you are operating online already, then you have already started this process.  In truth, this article is for the small company that hasn’t yet embraced the potential of internet marketing.  With the right approach to technology, nearly any business in nearly any sector can enjoy a much larger customer base.  That may even extend to the global marketplace.

Get Past the Old Mindset The first step to taking your business online is to lose the “I can’t” attitude.  Yes, it is very likely that the transition will not be entirely smooth, that it will feature obstacles, and that it will require you to step entirely outside your comfort zone.  That said, though, you will likely find that a lot more doors open for you when you make the jump.

Meet, Greet, and Ask Questions Initially, ask questions of those around you who have experience operating small business online.  Inquire about the tools, the software, and the services that they use to make things easier.  Asking these questions can greatly reduce the learning curve.  Once you have tapped your immediate network, move on to bigger knowledge bases.  Attend innovation conferences aimed at small business.  Sign up for an online-based iseminar about growing your small business online.  Take the time to watch the idemonstrations about apps, programs and services that you are considering for your small company.  In short, take the time to learn as much as you can before delving in too far.  It can make the move to the virtual world much easier on you.

Hire an Expert If you don’t have the know-how to get your business online, hire someone who does.  This may mean fundraising or seeking an angel investor to swing the added salary in the first year or two, but in the end, it could mean a huge improvement to the bottom line that will more than make up for the added cost today.

There are so many tools and services available today that can make it easier for you to reach your intended audience online, and to address them in a personalized manner.  You just have to know where to find them and how to use them, or you need to hire someone who does.

A recent article by a large media outlet outlined the decline in small business lending over recent months.  The first month of the year saw far fewer small business loans enacted by U.S. banks.  This, of course, is being largely attributed to more stringent vetting by the banks.  There was also talk, though, of entrepreneurial uncertainty.  In other words, people are hesitating to start- or to grow small businesses due to the political state of the nation.  Even that, though, may not account for the entire decrease in bank loans issued to small businesses. After all, the average innovation conference in this country is still seeing a wealth of creativity and bright ideas.  Amongst those showing off their new concepts within such industries as pet health, ivirtual reality, and health & technology, there are also many who are prepared to invest.

The truth is that start-ups and existing small businesses hoping to grow want to secure angel investors.  The draw of lower interest rates and better payment terms is often enough to push the budding entrepreneurs to see private investors.

The private investors (whether angel investors or true venture capitalists) want to invest in promising young companies right now.  Though the stock market has seen a surge just recently, it was sluggish, to say the least, for a long stretch of time prior to that.  That sluggishness means smaller gains for investors.  CDs, money markets, and other such standard investment channels are paying miniscule rates of return right now.  That leads investors to seek other channels, other means of making decent interest on their money. 

That said, it is very possible that the large number of potential start-ups that we see at events like iFestival aren’t going to the banks for conventional loans.  Instead, they are seeking the private investment that benefits both parties.

Make Your Meetings More Fun!

If you ask most workers what their least favorite part of their jobs are, they will most likely place company meetings near the top of the list.  Meetings are important and they most definitely do have a place in the modern business landscape.  They can, however, be less than productive and downright boring if not handled correctly.  If you are hoping to inspire creativity and to encourage innovative thought, then you better ensure that your employees aren’t those despising meetings.

Enter with a Smile When you walk around the iFestival or any other innovation convention of the sort, there is one thing that you will quickly note – people are happy.  They want to be there, they want to witness the creativity of others, and, in turn, they feel inspired to be innovative as well.  Meetings often fail to include any kind of happiness or excitement.  If you want to encourage a more energy charged environment, and one that is conducive to creative thinking, then you need to enter the room with a smile.  Others will feed off of your energy, your excitement, and your mood.

Call on People by Name If the people in the room are not familiar with one another, be sure to make introductions, or encourage everyone to introduce themselves one-by-one – not just by name and title, but also by sharing some small detail about them on a more personal level.  Throughout the meeting, speak to individuals.  The best way to keep others engaged is to interact with them directly.  So, commend a person for doing something well, or ask that person a question when you think he or she will be capable of answering it.

Move the Meeting Rather than having your meeting in the same place every time, consider field trips.  Hold a meeting outdoors, at a coffee shop, or at a restaurant.  The change of scenery can inspire creativity and also create a more intimate feel for your team.  This is especially true if you order coffee, snacks, or a meal during the meeting. 

Make your Meeting More than a Meeting Rather than having everyone sit around a table for an hour, consider scheduling events and conferring about work while experiencing something.  This is why business on the golf course is so productive.  People tend to think more innovatively and with more passion when they are partaking in some activity.  iFestival, for instance, hosts many events intended to inspire creative thinking.  Host an iegg hunt in the spring, watch an ifilm together, or participate in a fundraising irun.  These activities will create lasting bonds between team members and also get the creative juices flowing.

Statistics suggest that patent applications are at an all time high within the last few years. More people than ever see a clear path from idea to marketplace, but keep in mind that it’s not as easy as coming up with an idea and watching the checks roll in. You must create a solid business around your invention to get the most out of your idea. These tips can help.

• Start with Feedback: Your family members would support your idea even if were a really poor one. Instead, you want authentic feedback from those who would be in your target market. If they’re in before you spend too much in development, you’ll know how to move forward.
• Create that Business Plan: You’re going to want to plan everything as closely as possible. Learn how to write a business plan, then create one. You can always adjust it as you move forward. The best part of this step is that you’re more likely to get the capital you need to make your business successful if you have a solid plan in place.
• Start Making Sales: You’ll want to do what it takes to actually begin bringing revenue in. Ever wonder why one of the first questions investors on reality TV shows like Shark Tank ask is “How are your sales?” People don’t want to make an investment in your company if no one is buying. Sell in any way possible to start getting those numbers as high as they can go in the early stages.
• Network: Attend invention conferences like iFestival so you can work with others who share your passion. You’ll have a chance to learn more about the bumps in the road you may be facing in the near future, as well as make some contacts so you can get the funding you need.

Determination and action. They’re the stuff of legend among entrepreneurs and inventors alike, and for good reason. History is filled with stories of successful entrepreneurs who just wouldn’t give up. What history isn’t full of, though, are the stories of those who didn’t win. Those who simply couldn’t get it off the ground. Those who weren’t successful. The simple reality is that most new inventions are the ones that just won’t make it. The market for new, innovative products is nowhere near as large as you might imagine, but how do you know if your invention is one that actually could make it in the real world? These tips might help you decide.

• Create a business plan. You’ll want to revise your business plan after you actually launch your business plan, but you’re going to need to do some pitching initially, and creating a business plan can help you do exactly that.
• Take a closer look at the industry. What products are actually working well within that industry? Is there anything out there similar to yours that might be competitive? Understanding what works and what doesn’t may help you decide whether to move forward.
• Think about your limitations. If you want to develop and sell your product yourself, you may need to do some research to learn exactly how to handle that. If you’d prefer to license it, you need to think about what might happen if licensing isn’t an option for you.

If after following this advice you still think it’s prudent to move forward, do so! Make certain you register for our invention seminar, too, to help you get your idea moving forward!

If you are having trouble attracting investors for your new start-up company, it could be that you haven’t showcased your ideas at the right innovation exhibition, or it could be that you aren’t giving those prospective investors the right information.  Before you show up at any invention conference, you should be sure that your business plan includes the following information:

Future Financial Projections Many innovators make the mistake of believing that the average investor is interested only in the product or service that the new start-up will have to offer.  That, however, is not the case.  While your pet GPS system, the idrone, or the new augmented reality device may be incredible, what the investor really wants to know is whether or not your company will turn a profit.    They want to see numbers and a lot of them.  You should give financial projections for at least the next three years, and be able to explain how you derived those figures.

Your Resume Your business plan should most definitely include information about your professional background.  You can be sure that this is something that potential investors – including angel investors – are going to want to see.  They want to know what you have done that is relatable to the industry you are intending to enter, or what skills you have obtained that would have prepared you for business ownership.   Accidents and mistakes do happen, but investors don’t want to pay for them, so they are looking for a business owner that knows what he or she is doing.

Competition Comparison They want to know what competition your startup will be facing right out of the gate, how your product or service will differ, and how you intend to get ahead.  This sort of information will help you prepare for presentations at an iexhiition as well, so it is really good to do the research whether or not you need additional funding.

Market Size Finally, be sure that you know exactly what your niche is.  Who are you selling to?  Describe the niche and give a clear picture of how large that market is and how you intend to expand upon it in the future.

With the right information presented in the right way, your start-up will perform very well, whether you approach investors one-on-one or speak to them at an event like iFestival.

If you are trying to figure out how to pay the initial costs of starting a new small business, then you may find yourself a little unsure of where to start.  Don’t feel bad.  This is a common problem faced by the founders of most small companies.  Unless you have saved enough money to pay for it all out of pocket, you are going to have to seek the funds elsewhere.  The good news, though, is that you do have options.

Go to the Bank This is where most people start, but that doesn’t mean that it is your best option.  If you are going to opt for bank financing – for the full amount or some portion of it – be sure you do your homework.  Don’t sign on the line with the first bank that you talk to.  There are some that will offer special programs for small businesses.  Others will have specials on small business loans during certain times of the years.  And, there is always a slight variation in the terms of the loan, including interest rate.  Needless to say, it is a good idea to talk to several before deciding on the best fit for you.

Find a Partner If you don’t really want to get the loan through the bank, because the interest rate is really high or because the payment plan is going to provide too little time for the company to start turning a profit, then you might want to consider finding a private investor.  Of course, if you are a new business owner with little experience in the field, you may find it difficult to find someone willing to front you the money.  This is why so many small companies are owned by partnerships.  This gives the investor a lot of say in the financial decisions made, and gives you the money you need to get things rolling.  If may even be possible to meet your future business partner at an invention seminar, but we’ll discuss that more below.

Consider Crowdfunding The crowdfunding sites are a lot busier than they once were, but that doesn’t mean that you can’t raise money in this way.  It will take a bit of marketing expertise to get word out there, in order to find the people willing to invest in your idea.  However, you’ll need those same skills to market your products or services anyway, so this is a great way to raise funds and get a bit of practice.

iFestival Above, we mentioned that you may be able to meet your future business partner at a high tech seminar.  It is true that events like the iFestival are often responsible for bringing investors and innovators together.  If you have a great idea, it is worth considering bringing it to an idemonstration, where investors come to find the next big thing.  Some are looking to invest in the future of pet health, while others prefer health & technology, but you can be sure that the I festival has room for nearly every industry to be represented.

More than 80 million American households have at least one pet in residence. Statistics suggest the pet care industry does nearly $70 billion in sales every single year, and your new startup could get a very big piece of that market. Here’s a quick look at a few of the trending pet technology products your company could consider.

• Pet GPS: When you know you want to pinpoint your pet’s location right away, a GPS tracker is easily the way to go, and while the market is fairly large right now, there are all kinds of ways your company could move forward here. Today’s units offer alerts when pets leave a given area or transmit data to smartphones. It’s hard to tell what other add-ons might get connected to this unique technology, though!
• Pet Feeding Devices: To date, there are only a few of these on the market, but with so many people demanding a much larger IoT market, these are easily going to become more popular. You can dispense food at a given time, dispense treats, or only feed a certain pet within your household. There’s quite a bit of room for expansion within this market too!
• Pet Wearables: If you’re addicted to your own FitBit or you just want to keep a closer eye on pet health in your home, wearables are easily the next big thing to hit the pet industry. Track heart rate, calories burned, calories consumed, and much more with today’s devices. A great startup, though, will take this industry quite a bit further than that.

The pet care industry is virtually recession proof, and if you’re looking for a big business opportunity, this may be the perfect place to turn.

Innovation may create a good startup, but the simple reality is that most startups can’t get the funding they need without a good business plan in place. The idea behind a business plan is a fairly simple one – it’s a written description of what you plan to do and how you’re going to do it. To make sure investors want to be part of your company, though, it has to be more than a template you downloaded online. Instead, you have to find a way to make your business plan standout, and these tips can help.

• Don’t Get Carried Away: There are a number of things that your business plan should include, but the reality is that it needs to be as to the point as possible. You want to capture an investor’s attention and hold it within those first few words, so ensuring that you’ve covered the required material without going overboard is a must.
• Define Your Difference: Above all, investors want to understand how you’re going to separate your company from any other option. There are competitors in your industry, and if you haven’t uncovered them yet, you’re not doing your research properly. Find those companies within your vertical, then ensure your business plan addresses how you’re truly different.
• Create an Honest Portrayal: Investors look at hundreds of business plans each day. Make certain you’re honest about your company. This isn’t the time to sound like a midnight infomercial.

Ready to find investors to help you get your startup off the ground? iFestival may be the perfect venue for innovative companies like yours. Learn more now.

For several years, there has been a lot of talk about business innovation.  At some point in the fairly recent past, business owners really started to realize that there was money to be made from the ideas of inspired employees.  Thus, a movement was started that was aimed entirely at fostering thought sharing and innovation in the workplace.  Open concept offices, inspired employee lounges, and incentive programs are great examples of just how far business owners are willing to go in order to reap the benefits of forward thinking workers.  However, along the way, there has been one major problem that has commonly plagued those companies so desiring employee input – employee resistance.

 It didn’t really seem to matter what sector the companies were operating in.  It was the same for all of them – ifood & beverages, pet health, human health, & technology.  The reports were eerily similar.  The vast majority of employees simply did not want to embrace the change in environment, the brainstorming sessions, or the new inter-office competitions. 

People are notoriously hesitant regarding change.  Despite the fact that we now live in a world that includes the idriverless car, augmented reality, and the idrone, people still shy away from great change.  So, what can you do to encourage innovation in the workplace?

Reward Differently Instead of giving a monetary bonus for great ideas, give employees the opportunity to go on meaningful trips for the company – to the iFestival to learn more about how other companies are thinking innovatively, for instance.  Experiences tend to be remembered, whereas money is forgotten as soon as it is spent.

Expand your Knowledge Pool Avoid hiring employees who are overly shy and unwilling to contribute their thoughts in meetings and brainstorming sessions.  Look to customers to provide insight when employees won’t.  And, network.  Attention an invention seminar.  Bring a few of your workers along to an invention exhibition.  It may prove very inspiring.

Acknowledge and Accept Failed Ideas Not all invention proves successful.  Accept when an idea just wasn’t as great as you thought, and be honest about it with employees.  This can result in less fear of failure among your staff, which could ultimately mean that they become more open to offering up new ideas.