When it comes to getting your startup funded, there’s a few different financial paths you can explore, but they aren’t always easy to navigate. Do you try to find investors? Write a grant? Crowdfund? It can be overwhelming, but we’re here to help you figure out which route is best for you. This quarter, on our blog, we’ve focused on what it takes to get your project financially off the ground.
A big part of getting funded is persuading others your idea is worth bringing into the world. It can be challenging to get people excited about an idea that might have unpredictable timelines and costs. As informal member Mike Lo explains, there’s a fine line to walk between innovation and feasibility.
Grants:We recently wrote about maintaining this balance, especially when writing grants. And if you're based in the US, we offer some suggestions on where to start looking for grants. The key is to appeal to the review panel, who might have no idea what you’re talking about. Whether you’re looking at government or industry grants, being able to clearly articulate your work as quickly as possible is essential.
Go-to-market strategy: There are the key differences between VC and grant funding, and these aren’t the only funding options. A few months ago, informal cofounder Nate Padgett wrote a three-part series on getting your product to market, from pre-launch to launch to post-launch. Nate outlines some ways to offset costs by partnering with existing businesses or by crowdfunding your concept.
Getting buy-in for your product:Writing a crowdfunding campaign is no easy task. Essentially, you have to convince ordinary people to invest in your idea. This is a great strategy if you think your product is able to bring some hype. Regardless, learning how to pitch your startup is a skill all on its own, and we’re available to help you find the right words.
Member Feature: Lee Wilkins
Freelance writer and artist Lee Wilkins has over a decade of experience helping artists, entrepreneurs, and community organizations get funded through grants. They have written and received grants from municipal and national organizations to fund a variety of projects, from local arts festivals to the Open Hardware Summit. Lee has been a writer for Make Magazine, and Scope of Work, where they write about building technology. They know how to help you convey your ideas to potential funders.
We’re excited to share that informal client Stakt was featured as one of Time’s best inventions of 2023. We worked closely with Stakt to perfect every aspect of their unique exercise mat — from sourcing vendors and managing their supply chain to creating a design that was both appealing to the eye and functional.
The first installment of our new series Unpacking Packaging is about creating unique designs using molded paper packaging.
Cofounder Sam Holland wrote about designing the informal design puck, a tool for better understanding how your product will look when injection molded.
The most recent tech recommendations from our community range from the most ergonomic mouse for extended use to the best soldering iron for your work station.
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