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LETS GET DOWN TO BUSINESS.

Question :
Hi, Using my industry experience I have developed a Virtual Reality tool for elite athletes. Putting them into high pressure situations without high pressure on their bodies. I have put together an expert team to uniquely position us to create a concept that aims to revolutionize how athletes prepare and perform. After refining features and methods to produce the best possible quality product, we are now ready for Funding. Due to the current environment, investment talks have stalled. I feel like now more than ever my sport (rugby) and others need this tool, Does anyone have any suggestions how I push forward and get in front of the right people during this time.I am keen to speak privately at elitevisionentrainment@gmail.com

Question submitted 21/04/20 @ 07:00am
Industry: Digital and Technology
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  • I would start by developing a pitch deck / document that outlines the following:
    – what you do
    – example of your tech
    – size of total addressable market (TAM)
    – your competition
    – your unique selling proposition (USP) aka your secret sauce
    – your traction / customers
    – your model
    – your revenue to date
    – your team
    – your plan to spend funding and return expected

    You can find other resources and examples here:
    https://www.cirrusinsight.com/blog/startup-pitch-decks

    Outside of that it’s important to determine where you want to secure your funding (ie NZ or international) as that will have a large impact on funding & resources available to you.

    I’d then make a list of companies from which you want to secure funding, and leverage your network for introductions. NZTE, Callaghan Innovation, Icehouse Ventures, Movac, Blackbird are all reasonably easily accessible from within NZ, which is where I’d start.

    Good luck~

    Hi Eve, sounds like a great VR platform.

    Sorry to hear investment talks have stalled. The answer to your question does depend on how much you’re looking for and at what stage your business is at – it sounds like it’s at the very initial stages.

    Generally investors will like to see some “skin in the game”, i.e. your own savings/funds funding the company (of course you have also invested time developing the IP for your VR tool). At an early stage, you might want to turn to your friends and family who might want to invest say small sums (e.g. $5k-50k+) of their own personal finances as they want to support your idea and feel loyalty to you and your cause. However, that might be challenge right now.

    You could also look for angel investment (typically groups of wealthy individuals or entrepreneurs) who invest in start-ups.

    I’m happy to discuss some of the options that I typically see with the start-ups I help – feel free to email me at edwin.lim@hgmlegal.com

    Good luck
    Ed

    Hi there – some good advice, what I am telling people right now for raising funding is that it is unlikely going to come from ‘strangers’ who you don’t already know – that is the harsh reality. If you have 6 months – then you can start forming relationships with the parties via Zoom and attending virtual events, but to get a deal done inside the next 3 months when you don’t actually know them already is going to be very challenging.

    From previous presentations I’ve done here’s a couple of slides that may be helpful. A very high level of the funding landscape in NZ.

    Investment options overview

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