How to raise 10k.

[Saint Benedetta]

I went to an agency to discuss some things and get quote done for a website (one of my babies) and it will cost several k's. I have 3-4 sources/opportunities to raise the money:

Source #1:
One of the people that I work is an angel investor-occasional VC but it has been mainly with biotech. However this time around, he chose IT and this project that I started was due to that company (intrapreneurship?)

Source #2:
Business competition. I am after the final prize and the opportunities to network and gain funding/partnerships with its industry and corporate sponsors.

Source #3:
Government grants. Apparently a very straightforward process but the hoops make it very painful but I want to give this a go.


Your help/advice would be greatly appreciated.

[FlashLackey]

Why not save up and fund it out of pocket?

[J-Luv]

go with #3, but maybe pay somebody else a few dollars to draft up this painful process, my mom used to win grants all the time for the university she worked at and she said there's a lot of meticulious paperwork/documentation that goes along with this and its not fun if it's your first time doing it depending on how much $$$ you're trying to get.

save up or do some contract work to get the money while somebody else is working on the grant $$$

sell your kidney online ...(joke)

[silverx2]

get a job at a bank, on the next holiday take $10000 and head to vegas, put it all on black.. always bet on black. one spin 49% chance of doubling your money.

[J-Luv]

exactly what i did when i gambled in aruba....and won $250 actually....high roller baby.

[Saint Benedetta]

Why not save up and fund it out of pocket?

Yeah I can do that...but I already have a few options to pursue, don't see why I'm not going to go through with them

If I'm going to raise 10K, I'll have to quit drop all of my uni subjects..

[Saint Benedetta]

go with #3, but maybe pay somebody else a few dollars to draft up this painful process, my mom used to win grants all the time for the university she worked at and she said there's a lot of meticulious paperwork/documentation that goes along with this and its not fun if it's your first time doing it depending on how much $$$ you're trying to get.

save up or do some contract work to get the money while somebody else is working on the grant $$$

Hmm getting someone else to write it...good idea.

[FlashLackey]

Yeah I can do that...but I already have a few options to pursue, don't see why I'm not going to go through with them

If I'm going to raise 10K, I'll have to quit drop all of my uni subjects..

The reason I ask is that this is often the first question investors think of/ask when someone is seeking funding from them. Is it that you don't have the means or simply that you don't believe in the project enough to stake personal risk on it? Typically, investors like to see that you are already committing all the personal risk you can afford and not just spending their money on a whim.

For 10k, I would think this is more like something you would seek a bank loan for than to get someone to invest in a stake of the project.

Regarding government grants, I'm not sure where or what type of grants you're looking at. But, if it is some form of art grant, I would think that it would be more for materials needed for you to create the art rather than money to fund professional services at an agency.

[Saint Benedetta]

The reason I ask is that this is often the first question investors think of/ask when someone is seeking funding from them. Is it that you don't have the means or simply that you don't believe in the project enough to stake personal risk on it? Typically, an investors likes to see that you are already committing all the personal risk you can afford, not just spending their money on a whim.

I seriously don't have the means for it. I have 2.8K in my bank account (and live out of home), a full-time uni student, have a mentorship (not paid), work casually, occasionally freelance but I'll have to put it off when uni starts. I can't drop out of uni to get a job and raise the 10K just because of the timeframe - mentorship is for a youth arts festival this year so the target is there and there's also the possibility of me working for a music festival. I could try to get another casual job, decrease units and see if I can raise a bit more on the side but yes, I'll have to look somewhere else.

It's not really an art grant...in Queensland, Australia the type of program that I would be looking at is: http://www.dtrdi.qld.gov.au/dsdweb/v...l.cfm?id=24104 but for creative industries.

[FlashLackey]

Ok. So, there are two different aspects, depending on the funding.

If you seek an investor, you need to show what is in it for them. That would most likely either be potential profits or advertisement, charity type appearances. To show potential profits, you will normally need a business plan. To show ad potential, you probably need to show a precedent for similar projects being funded by similar companies or, if you are good at pitching, present the idea and talk to them about why it will help them help you. You will also have to determine what they own about it vs. what you own. If they are paying for the whole thing, you may have little leverage to hold much ownership of the project when it's finished.

For a grant, you need to determine which earmarked funds the project qualifies for. Typically, grants are for "common good" types of things like research, new technologies, art, etc. I don't know enough about the idea to have an opinion on it myself. But, it may not qualify as a common good type of project if it's main purpose is to seek profitability/competition/professional advancement as you suggested.

[Saint Benedetta]

I'm going to stay away from the grants for the meantime and go for Source #1 and #2. Definitely need to work on that pitch.

At the moment, I have two possible investors in mind. The options should grow when I start the business competition which doesn't start until next Wednesday.

[Googooboyy]

No time for the spin in Vegas then. Go for #1.

[whispers]

hmm..maybe persuing #3 might be so bad.. I know in the US.. if you are woman and a business owner you get to qualify for special loans/grants & contracts for being a minority business owner..

maybe this is an angle you can use to get some loot rasied up?

or how about making shirts to sell for your youth/art festival thingy??

[Saint Benedetta]

Nah it's not for a youth arts festival - although I am doing a mentorship for one (and possibly working for a music festival...fingers crossed!).

Interesting, never really thought that I can go for that angle I've actually been perusing women/business networks - signed up to one which is free while the rest is paid. I'll see what I can dig up.

[Googooboyy]

There's a certain Nell Merlino who aides businesswomen aplenty. Check the following link:

http://www.count-me-in.org/what/index.html
I quote: "The first online microlender, Count Me In uses a unique women-friendly credit scoring system to make loans of $500 to $10,000 available to women across the United States who have nowhere to turn for that all-important first business loan...."

[FlashLackey]

I'm going to stay away from the grants for the meantime and go for Source #1 and #2. Definitely need to work on that pitch.

At the moment, I have two possible investors in mind. The options should grow when I start the business competition which doesn't start until next Wednesday.

Let us know how it goes. Good luck!

[Saint Benedetta]

Thanks to all who replied And exta thanks to FlashLackey for the more detailed responses

[Saint Benedetta]

Update:

# Source 1
I had a talk with one of them, however, there are aspects about it which I need to work on. I've recently started working as an independent contractor for one though and there is a possibility that he can take on a business mentor role. His background and contacts will be absolutely invaluable in the near future...actually the meetings that we've had, he's taken on a mentor-like role. I think this will be helpful.

Background:
Involved in ICT for 15 years, is a panel member for a program http://www.business.qld.gov.au/dsdwe...nt.cfm?id=7634, great international/national contacts, and more.

# Source 2
I didn't get through to the second task! Lol. One of the judges wants to see me back for next year though. The best that gained from that was new networks.

# Source 3
I have decided that I will not go through government grants.


So the conclusion here is that I will either go through a free option or size it down a budget in the hundreds.
There is also a business pitch competition at my uni and I'll be presenting this.

It's a bit difficult at the moment as I have multiple uni/work commitments......argh..