To get started in any industry takes enormous effort and tons of paperwork, neither of which include funding. You can always muddle through with bootstrapping, but it’s neither the fastest nor most efficient way. This is where venture capitalists can help. Venture capitalists can provide the needed funding, but there are always strings attached. How do you ensure your business retains its identity when partnering with venture capitalists?
In this episode, we discuss how diverse suppliers can secure capital for their growth and expansion. We share our thoughts on venture capitalists and the many benefits and drawbacks of working with them. We describe what details to look for in a contract, especially regarding shares and ownership. We explain other ways to get funding and terms to negotiate. We also discuss why venture capitalists can be a door to more opportunities.
Topics discussed in this episode of Breaking Barriers, Building Hire Ground:
- The pros and cons when engaging with venture capitalists
- The bootstrapping stage
- The purpose of partnering with venture capitalists
- What typically attracts a venture capitalist
- Venture capitalists and mentorship
- The dangers of working with venture capitalists
- Why products can push out way too fast with venture capitalists
- Considering your market position when gathering capital
- Non-diluted lending
- Who you should hire to look at the contract
- Terms you can negotiate with supplier diversity partners
This podcast is brought to you by Hire Ground.
Hire Ground is a technology company whose mission is to bridge the wealth gap through access to procurement opportunities. Hire Ground is making the enterprise ecosystem more viable, profitable, and competitive by clearing the path for minority-led, women-led, LGBT-led, and veteran-led small businesses to contribute to the global economy as suppliers to enterprise organizations.
For more information on getting started please visit us @ hireground.io today!
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