Blog excerpt provided by Great Lakes Innovation and Development Enterprise (GLIDE).
Written by John Rastetter.
If you’re running a startup I’ve got one important bit of advice: you will never have enough funding. You will (and should) always be looking for your next source of funds. Well, maybe never is a bit over the top, but never is a good benchmark during the first five years of any startup.
Making your money last is one of the most important concepts for any early-stage company. One of the biggest reasons startups fail is they run out of capital. Early-stage money is extremely limited. Let’s look at the primary sources for early-stage funds. There’s 1) self-funding by the entrepreneur, 2) friends and family financing, 3) grants and awards, 4) angel and venture capital and 5) crowdfunding.
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Originally published May 18, 2016.