I’m pondering the feasibility as a first-time founder of trying to secure VC funding for an idea that’s still in the conceptual stage, pre product and pre revenue. I’m based in the UK is this impossible in the current economic climate. Has any one successfully raised funds at this early stage? If so what was the journey like, what factors do you believe contributed to your success? Or is this something founders with a successfully track record can only do? Thanks

  • dalehurley@alien.topBEnglish
    1·
    1 year ago

    The current situation is extremely difficult for anyone, even the experienced ones. Many VCs are bedding down and supporting their current portfolios.

    I won’t say it is impossible.

    I will ask:

    • do you absolutely require the money right now?

    • can you do anything to validate the market?

    • can you delay raising till the market comes back?

    • can you work on the project without funds?

    • can you take the idea to an incumbent who could sponsor it as a side project/ joint venture?