6 things I learned from attending the Fundica Roadshow in Ottawa
I believe attending events is a crucial activity for a startup. Doesn’t matter if it’s one team member or several, having a presence is paramount. As a startup, you’re always looking to meet new people that can help you in some way, shape or form. It could be an investor, a connector, or just simply showing up to support the community.
For those of you who don’t know what the Fundica Roadshow is, it’s a group organized by Fundica that travel to 11 cities across Canada connecting investors with startups. Below is a screenshot taken directly from fundingroadshow.com
The top 7 things I learned from attending the Fundica Roadshow:
Second, the importance of incubators and accelerators: For example, Lee Sylverstone from Gymtrack met Dave McClure, founder of 500 startups at a startup event in Montreal and literally, that same conversation, Dave asked Lee if he would join 500 startups which started 3 days from when they met. No application needed! They obviously decided to do so and they said it’s life changing in regards to the people they meet, investors, advice, mentorships etc. Oh ya, and they just closed a $2.5M seed round… hint hint!
Some of the investors said it loud and clear. They don’t really care about your product as much as they do about YOU, your team and your startups story. If they see the potential in YOU (humility is key) they are far more interested. They love hearing “started from the bottom now we here” type stories.
The speakers essentially said that angels and VC’s all have a specific niche they like funding in. If you approach an angel or VC who loves investing in SAAS and you’re a mobile app then you’re wasting your time and most importantly their time and have not done your homework. It’s important you always start a pitch with things that RESONATE with them. “Hello Mr Investor, I’m so and so, looking for X for Y. I know you love the mobile space and congratulations on X, Y and Z. I’m really excited and want to show you what we ave today…
There are so many resources (tools, peoples, funding etc) available to startups not only in your city but online as well. For example for us in Ottawa, we have SREDS and IRAP and a few other resources available through fundica. We have establishments like Invest Ottawa and the Ottawa Network. Get your name and product out early because if you’re liked and you’re working on something cool the word will get out. There’s nothing better then going out and you have some key people coming up to you saying “ohh hey Monty what’s bumpn” In fact, ever since I started becoming more active in the startup community I started building relationships with Startup Ottawa and Startup Canada who are helping us get the word out.