I was running late due to the TTC, and the Meetup Android app hadn't updated the recently-changed location. So I wandered through an empty building trying to figure out where I had gone wrong.
Luckily somebody (who had obviously had more sleep) pointed me to the open door I had just walked past, and I was able to join in and take down some notes about raising investment:
- The Canadian Angel investing community is not as established as in the US
- Tech startups are getting more popular -- getting harder to find developers here
- Canada is "a couple steps behind" but heading in the right direction
- Investors are looking to invest immediately and get their returns in 5 years
- Currently near the end of a 5-year cycle -- little money available
- Something to check out: Angelist
- Canadian companies get government matching and SRED, so big financial advantage
- It's not beneficial to hold back on communicating the details of an idea
- What is the right time to approach investors? Probably not the idea stage
- Government grants, funding, etc. can work at the concept stage
- Having solid market research can help with grants
- There are grant writing companies who will help you apply for a cut of the cash
- Board of advisors
- Not easy to establish
- What's in it for them?
- Angels place a large value on your board
- Angels tend to be on the team more than the idea
Glad I finally found everyone this morning. Next time I may need a pre-LeanCoffee coffee :)
See you then!