Fundraising is a crucial part of the startup life. Eldars Loginovs, CEO and Co-Founder at Fabula, came over to our meetup to share some insight details of his startup journey and the recent investment round of �470k. Giving out valuable tips, he compared startups to unpredictable weather conditions that change and teach you to be aware of the good, bad and crazy times of fundraising.
The good: everybody raises money
Startups disrupt the comfort zone, even in fundraising. �Everybody raises money,� Eldars says outlining that fundraising on your own simply does not work. The process is not a one-man battle, but involves a contribution from all co-founders no matter what role they play. If you want to co-found you need to be ready to share the responsibility to develop the company!
With the team behind the creators of Fabula have overcome the whole spectrum of ups and downs � after being rejected by the local investors they searched for regional options and fought for them. Not only that served as an introduction to the international market, that likewise let them build a good net of contacts.
Eventually, taking care of the relationship, teamwork and thinking outside the box ensured the growth of the community and media interest, and it also added the necessary credibility for future investors and business angels.
The bad: hope is not a plan
When thinking about fundraising, don�t focus on hope. �If you have just one investor who can potentially invest, you don�t have a plan,� Eldars reckons, �nothing will happen�. Long investment rounds on most occasions bring just uncertainty and stress.
Startups need to forget about seducing investors as it takes too much time and is too difficult. They need to work on a concrete and development-oriented investment plan instead, contact other investors, talk to them, pitch and see where it leads. Keep it simple!
The crazy: how far can you go before you give up?
Not a single minute in a startup is easy. It�s tough to hear �no� from investors. Living with zero income is just as painful. Quite often the life becomes crazy asking you � how far are you willing to go to save the business?
Dedication matters in fundraising too! Continue the journey or fail and look for new challenges! Watch Silicon Valley TV series! Plus, find a hobby to reboot!
Watch his full talk below:
This meetup was supported by strategic partner Lattelecom and Altum. For the meetup history and upcoming ones visit meetup.com � you�re more than welcome to join us on August 13th!