Guest and business inquiries connordeckpodcast@gmail.com. Connect with Prashant! LinkedIn: https://www.linkedin.com/in/pka3300/ Chapters

00:00 Introduction and Background

01:53 Defining Startups Beyond Technology

04:29 Challenges of Starting a Technology Business

08:38 Building Viable Technology as a Non-Technical Founder

11:49 Resource and Time Requirements for Building Software

14:44 Exploring Funding Options Beyond Venture Capital

21:36 Mistakes in Approaching Venture Capital

24:38 Research-Based Approach to Finding the Right VC

25:35 Understanding the Conversion Ratio in Fundraising

26:50 The Relationship Between Founders and VCs Post-Funding

28:54 The Control VCs Have Over Startups

32:13 Selection Criteria for VCs

38:08 The Democratization of Technology and its Impact on VCs

45:55 Best Options for Securing Initial Funding

Summary

Prashant Agrawal, a former banker turned consultant, works with startups and small businesses to develop their business strategies and improve their pitches. He emphasizes that startups are not limited to technology companies and that any tangible business solving a real problem can be considered a startup. Prashant advises founders to focus on understanding the problem they are solving before incorporating technology into their solution. He also highlights the importance of diverse funding sources and recommends exploring options beyond venture capital, such as bootstrapping, crowdfunding, and government grants. The conversation covers post-funding dynamics and the relationship between founders and VCs. It emphasizes the importance of finding VCs who are aligned with the founder's vision and purpose. The VCs can act as allies and mentors, providing support and guidance throughout the journey. The VCs typically have some level of control and monitoring through board membership and regular check-ins. The conversation also touches on the selection criteria for VCs, highlighting the focus on the problem being solved rather than proprietary technology. The democratization of technology has made it easier for anyone to build similar products, but investors are still interested in the scalability and viability of the solution. The most popular funding options for founders are bootstrapping and friends and family.

Takeaways

Startups can be any tangible business solving a real problem, not just technology companies.

Understanding the problem and developing a clear solution is crucial before incorporating technology.

Diverse funding sources, including bootstrapping, crowdfunding, and government grants, should be explored before seeking venture capital.

When approaching venture capitalists, it is important to research and target those with aligned interests and priorities. Finding VCs who are aligned with the founder's vision and purpose is crucial for a successful partnership.

VCs can act as allies and mentors, providing support and guidance throughout the entrepreneurial journey.

VCs typically have some level of control and monitoring through board membership and regular check-ins.

The focus of VCs has shifted from proprietary technology to the problem being solved and the scalability of the solution.

The democratization of technology has made it easier for anyone to build similar products, but investors still look for scalability and viability.

The most popular funding options for founders are bootstrapping and friends and family.