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Time and time again, lack of funding could be a startups’ ultimate enemy. Whether you’d need it to amp up your products or services, rebrand or even expand beyond borders. You may have heard the news about startups scoring their first round of seed fund, but you wonder, “How’d they do that”? Sounds familiar? Well, don’t worry because we’re going to tell you what it takes to raise your first round of seed funding!

  • Be mentally prepared.

Did you think why you need the funding? Chances are you do but be aware that funding is not just about receiving money and strolling off into the sunset. You need to be committed to your investors, employees, and customers. For instance, how will the new funding affect your startup, will it expand? Will the scope of work increase? Are you prepared to witness a phenomenal growth for the foreseeable future? Make sure you are well prepared and equipped for what’s about to come.

  • Offer a solution to a problem through technology.

ONEGCC raised 2.5 million from London-based C5 Capital, last year in April. According to CEO of ONEGCC, Alharith, during their participation at C5’s Cloud Scalerator program, ONEGCC had the opportunity to pitch their idea to C5 Capital London. Alharith added, “The technology we are building will not only cater to the GCC, but it can also be applied in other parts of the world, and they saw that potential for such a business, and that’s why they invested in us.”.

One important word of advice Alharith shared is, “Only one in every ten startups succeed, and odds are higher in Bahrain. The way to overcome this is buy building technology you can sell, and market.” Alharith believes that a lot of startups we see today are dependant on many factors, and have no clear way of monetizing their business. He stressed the concept of focusing efforts on how to monetize a business through technology. Go out there and identify whether it’s for companies or individuals, that it’s something they need and can’t live without.

  • Your investor should be like your mentor.

It’s crucial to think about fundraising not concerning cash but in terms of relationships. Your investor should be your advisor and mentor, build a healthy relationship with them by giving and receiving value. Investors are most likely going to affect your business decisions.

With that in mind, set your sights on finding advisers, not investors. To build your relationship quickly, start by asking for advice. Investors might not invest in your startup straight away but by the time they might or even might introduce you to someone else who will.

Don’t just keep your eye on CEOs, instead, try searching for experienced professionals in operational roles like the head of marketing, engineering, etc. They will offer you a wealth of knowledge to help you with some aspects of running a business.

Looking for some team management tips? Two Bahraini-based startups have got some right here.

Douaa Mahran

Douaa Mahran

Douaa joined the StartUp Bahrain community in 2018, developing editorial content for StartUp Bahrain website and social media. And is currently a Digital Marketing Analyst at Bahrain FinTech Bay.