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LETS GET DOWN TO BUSINESS.

Question :
How do I source funding / sponsorship for a wellbeing website

The key to this is answering three key questions :

  1. Why You? Why are you the most credible person to build this business? Are you a qualified therapist/trainer/etc who has seen a gap in the market
  2. Why is now the right time for your business to exist? Wellbeing websites, while well-needed right now, have been in market for some time and it is quite a competitive space. What is unique about your idea and why is it different/better?
  3. Why Us? This is about you doing your homework on the investors you want to approach and to work out why they will be most useful  to your business.

I would recommend trying to get a MVP ready on your time/funds, showing that it can attract visitors and then going to raise money.

Just note that fundraising now will take longer and will be harder, especially if you are raising from angel investors.

Question submitted 26/03/20 @ 06:40am
Industry: Funding & Finance
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  • Stark reality would be from people who are prepared to write a cheque – people will do that if they believe in what you are doing (emotionally, financially) and/or stand to benefit from you doing well – so that in the end means you have to convince them to support you – no easy answers – really hard when you are starting out, but you have to find a way for a person/organisation to say yes to writing that cheque. Think about who you know, who believes in your vision and would back you.

    Agree with Andy, if its investment you are looking for there is currently a lot of unplanned reinvestment going into investors existing portfolio companies, to ensure they can operate through this period.
    I am hearing any new investments need to:
    1) clearly demonstrate path to profitability within a shortened time-frame
    2) be demonstrably “different” (versus ‘a better version of an existing’) and
    3) be ‘a must have’ in a time when many will be operating on tight budgets
    Considerations for you are not only funding you need to build your site/app but how will you win and retain paying users in this tighter market (assuming it is paid by consumer).
    If its ‘sponsorship’ (assuming not-for-profit/community initiative) then there are a number of Foundations in NZ (i.e. https://www.lionfoundation.org.nz/) that provide funding grants for community initiatives.
    I obviously know nothing about your product/vision, your capital needs and the ROI so if you believe in it then go for it…there is money out there, the bar is set higher but it’s definitely there for the right opportunities.
    Also, COVID-19 will not last forever so now could be a great time to continue refining your product and go-to-market for a time when investors are more inclined to look at new opportunities.
    Wishing you all the best with your initiative!!

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