I increasingly meet graduates who have their sights on becoming entrepreneurs, rather than heading for the corporate world.
One such graduate from London South Bank University is Berti Stevens who has just raised $14 million for his enterprise flubit.com.
It was great to hear him speaking at an alumni event and to hear what advice he gives to graduates raising funds for their own business. He believes investors invest in people, more than they invest in ideas. So establishing why you and your partner are worth the bucks is key. He also warned against the VCs who are too terrifyingly professional for the small start up; much better to find some friendly business angels who are in the mood for a gamble (either on you or the horses). Best place to find business angels: naked in the men’s showers at the sports club … is that sexist or not!!
But the point was completely valid: you’re more likely to find investors from your network of mates, rather than from cold calling.
As for flubit, apparently they discovered that it meant masturbating in private after they had ran with the name. Now it means diverting the path of purchase from people like Amazon. Good luck to them!
Think business angels rather than VCs for your first start-up
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