bootstrapping your business
DESCRIPTION
Bootstrapping your Business. March 23 rd , 2011. What we do. Support the growth of new and existing businesses with innovative opportunities Facilitate connections Innovator Member Program. How do I finance growth?. Equity – your own investment Leverage it Love money – friends and family - PowerPoint PPT PresentationTRANSCRIPT
Bootstrapping your BusinessMarch 23rd, 2011
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What we do• Support the growth of
new and existing businesses with innovative opportunities
• Facilitate connections• Innovator Member
Program
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How do I finance growth?• Equity – your own investment
– Leverage it• Love money – friends and family
– Leverage it• Angel Investors
– Leverage them• Loans• Government support programs
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Programs frequently accessed by business
• Northern Ontario Heritage Fund (NOHFC)• Employer supports
– Youth Interns (FedNor and NOHFC)– IRAP and OCE– Wage Subsidies
• IRAP• Canadian Youth Business Foundation
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Government Sources• http://www.gfundsonline.com/index.php
• http://www.ontario.ca/en/business_program/categories/ONT04_036384.html?category=&itemCount=200&sOrder=Desc
• http://www.sse.gov.on.ca/medt/investinontario/en/Pages/Government_Programs.aspx
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Bank Financing• Know what you need
– Short term vs. long term financing– Set objectives
• Shop around– Not all banks are the same
• Prepare– Fact vs. Fiction– Performance History
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Types of Bank Financing
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Show Me The Money• Bankers are methodical not intuitive
– Use logic not emotion• Prepare a proposal
– Company description, management team, performance history, marketing and production plan, human resources
• Remember the 5 C’s of lending!!!!
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Strategies to use• Illustrate “skin in the game”• Be proactive – plan• Manage your cashflow (Toys or Tools?)• Do your homework - research• Show market traction• Communicate• Utilize your resources, build the team• Stage your growth – milestones, credibility
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Thank-you!• Let us know if we can
helpJudy SanderNWO Innovation Centre1294 Balmoral Street, Suite 150Thunder Bay, ON P7B [email protected]