This makes it clearer in which direction the startup

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needs to be developed. There may be several such goals, they may change if external conditions have changed or the company has chosen a different direction of development.

Find a mentor
When you lack skills or experience and have no time for training, it is worth finding a mentor. This method helps to gain the missing experience in a short time. A mentor can help with a variety of tasks: attract investment, create a good product or assemble a strong team.

A mentor can not only share experience and say how interesting your idea may be to investors. He helps to establish useful connections with partners, suggests what trends should be taken into account when developing a product.

An investor can become such a mentor. There is a type of investor who invests not only money but also their knowledge in a startup. They are called business angels, they choose the best startups.

A startup will be lucky if it is possible to use the help of business angels, as they are usually experienced businessmen. They help improve the product. This is facilitated by extensive experience, knowledge in sales and marketing.

A business angel can invest money in a startup if he or she is interested in the lithuania phone number list project. Usually, business angels receive a share in the company for their help. Sometimes business angels invest money in startups of their friends, so you can look for such investors among your circle.

This type of mentoring also has its downsides. A business angel can start to control the startup and make all important decisions independently.

How to Attract Investments to a Startup
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CB Insights collected stories of real startups and analyzed the reasons why they close. It turned out that many creators of Internet startups faced the fact that they were unable to receive funding in the required amount on time.

To attract investors, you need to learn to speak the same language with them. This is the language of facts and figures. Tell them and show them with specific figures that your project will bring income. It is important for investors to understand that the startup will be successful, they will not invest their money in it in vain.

Therefore, a startup needs to draw up a business plan, a financial model of the startup, and calculate the unit economics of the project. These figures need to be demonstrated in a presentation so that investors can see the real value of the company.

Another piece of advice: you need to show investors an MVP — a minimum viable product. This is the first version of a startup product with basic features. If there is no money to create an MVP, you need to create a video about the product to demonstrate how it will look and work.