Get your questions about start-up funding answered by a leading venture capitalist.
Securing business funding is probably one of the most difficult tasks that business owners have to face. We recently co-hosted an event with Slate.com where Boston area venture capitalists and angel investors shared their wisdom about business funding. A common thread among the VCs on the panel was the importance of your company having a strong team. Most investors take a chance on the people within a company over everything else.
We also had the opportunity to speak with each panelist one-on-one. The panelists included: Andrew Parker of Spark Capital, Johannes Freuhauf of BioInnovation and the newly launched Lab Central for life sciences companies and Joe Caruso of the Bantam Group.
In the video above, Parker, a partner with Spark Capital, who also worked at Union Squares Ventures, shares his start-up funding advice. As an early stage venture capital firm, Spark often invests in companies prior to seeing a product or even a prototype. Since this is the case, business owners need to have a handle on what their final product will look like to share their vision with investors.
Parker goes on to say that business owners should evaluate their motivation for launching a company. Start-ups are difficult. You should start a business because you’re passionate about it, not because of the money other start-up founders may have received.
View Parker’s video for additional insight on start-up funding. Additionally, visit the Hiscox YouTube channel for more business funding advice.