Everyone has an opinion; founders especially so. Growing a business is complicated, challenging and emotionally draining, and whether out of failure, frustration or success, founders have a lot to suggest.
The following excerpts are some of the most common areas of advice that founders in Scotland have for fellow founders just starting out, especially as it pertains to the investment landscape.
Resources of note that founders highlighted included Startup School from Y Combinator, Founders Dilemmas by Noam Wasserman, and Venture Deals by Brad Feld.
“Think carefully about the fit of your product to the investment market you're going into.”
“Get traction before you raise”
“Talk to someone who's been burned before with shit terms and high dilution. Set expectations for follow-on and larger raises outside of Scotland.”
“Talk to other founders. Talk to lots of investors.”
“Learn about the network / investment landscape and the mechanism of investment before you start. You need to be as knowledgable as the investor and capable of speaking to them in their language.”
“Do your research in a timely manner and with some depth. Find the right funding package for you, get support on it and if you have any IP get it protected straight away. Also be wary of investors looking for significant control.”
“Go straight to angels for your first raise, anything past angel look towards the US and beyond for raising as soon as you can.”