10. Alternative Funding
There are always alternative ways to get funding for your new business. Here are a few for you to consider whether the circumstances work for your business.
Enter start-up competitions
Numerous businesses have been able to fund themselves and grow using competition winnings. “It’s not only a great way of securing funding, but also of getting your business out there. Winning an entrepreneurship competition often brings with it a prize and excellent exposure,” explains Modise.
In 2014, StartupSA was won by a local on-demand cleaning service called SweepSouth. The founders spent two months in Silicon Valley, where they got great exposure. In 2015, they secured funding from investors; Vinny Lingham and Polo Leteka. In 2016, they secured R10 million in funding from Edge Growth.
Partner with another company
Your start-up might receive a boost by forming a strategic partnership with an established business.
Fitbit partnered with Adidas and together they created the Adidas-branded Fitbit Iconic. This reinvigorated interest in Fitbit. Adidas not only lent financial support, but also a fashionable, influential fan base that they had been cultivating over the past few years.