Tobi Ali is here to take us through the Tech world and how to build a tech business.
Tobi Ali is an entrepreneur and business management consultant. He started his career as a Tech analyst. He is the co-founder of Jawo, a fintech app.
How does one raise funds for a Tech start-up?
The truth is that before you think of raising money, you, first of all, need to look at yourself. No one is going a substantial amount of money into any venture that you yourself are not fully invested in so the first thing you need to do is,
- Get the necessary skills. Do you want to use a non-code application to build? If you can do that, do you even have some money self?
- Get an experience
- You need to create an MVP (Minimum valuable product). You can build it yourself or partner with someone who has an experience in the areas of coding, backend, and front.
Your network is your net worth so you need to first of all start by raising money from your family and friends because some Venture capitalists will not put any money in any startup that at least somebody else has not invested in either and an angel investor who can be a family or friend.
How do you not lose this money?
The truth of the matter is that whether is investing or building a business, there is no way you are not going to lose a business.
There are things you’re going to lose money on but the smart thing you need to understand, is for a startup, for example, needs a lot of money but the way you minimize your loses is that the business in quote must have something called a viable business model.
There has to be something in the business that is bringing in more money in the business than what you’re spending.
See the video below for more!
