Westpac Funding Your Startup

At Westpac Funding Your Startup event, and listening to Kylie Frazer, investor in residence at UNSW Founders talk about Fundraising paths.

Key takeaways:

Best way to fund your business is with customer revenue.  Take as little external capital (and dilution) as you need to get to be customer funded.

Unless you are deep tech, you need to look at new ways of funding including super sophisticated angels (those angels who can give your more than just cash) and some of the new banking offerings that are starting to be made available.

It is all about the jockey not the horse.  It’s about the team and why now for your idea, solution.

Make sure you build a product your customer wants and loves.  You want real ARR (annualised recurring revenue) and not ERR (experimental recurring revenue) where customers churn away

Figure out your definition of success and align this definition with potential funders definition of success to improve your chances of successful fund raise.

And an added tip from Anastasia Latin, Co-founder and COO Preview Health; be creative and look at ways to save or reduce burn to extend runway.  In other words, be better with money.

Wayne Wanders is an experienced Business Advisor and Outsourced CFO who can help to scale and grow your business profitably. Wayne may also be able to assist you in preparing your business plan. 

Contact Wayne on wayne@arealcfo.com.au or 0412 227 052.

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Want a confidential discussion on your business situation, help with your grant application or to learn more about my Outsourced CFO Services, simply email me at wayne@aRealCFO.com.au or call me on 0412 227 052