Beta Boom Blog

About startups, funding, rising tech scenes, diversity and tech.

How to get seed funding for your tech startup by thinking like an investor

Seed funding was meant to enable innovators to build and prove out their solution in the marketplace, but with the increasing size of seed rounds (often $1.5M or more), investor’s expectations have also swelled. What was an exceedingly difficult task in the past has only gotten more challenging, and startup founders need to work harder to distinguish their business from a multitude of other promising companies.

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New accelerator seeks to bridge the capital gap

Beta Boom inaugural accelerator launches in Salt Lake City this summer

Startups in markets outside of the pre-eminent technology and capital hubs often have little trouble finding early-stage support from local institutions and tech community builders. However, in dozens of conversations with civic stakeholders, investors, and founders in emerging technology regions such as Salt Lake City and Nashville, we have discovered a gap: many of these startups lack sufficient access to early capital to get them beyond the seed stage — capital which still tends to be centered in hubs like Silicon Valley, New York, and London. In addition, there are fewer mentors with specific domain knowledge and global experience in these smaller markets. This lack of access to early-stage capital and suitable mentorship makes it difficult for native startups to succeed.

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Beta Boom Twitter Pitch Competition

We are excited to announce our weekly Twitter pitch competition aimed at helping startup entrepreneurs from all over the world to promote their ideas.

The competition will run weekly until June, and we will pick and announce the winner every week on Friday at noon Pacific Standard Time. The winner will get a $50 cash prize (minus any transfer fees). All entries made before 10AM PST on Friday will be included in the current week, and any entries after that time will be batched with the following week’s pitches.

The format for submitting your pitch is simple. First, articulate your idea. If you wish, you can also write why your idea is important. Second, mention Beta Boom using @gobetaboom. Third, add #startup #pitch as hashtags. Here is an example:

A mobile-based marketplace for universities and large institutions, so people can sell and trade their used stuff with people they trust rather than creepy, unreliable strangers.

@gobetaboom #startup #pitch

We also encourage you to apply to our summer startup accelerator program that will be taking place in the beautiful Salt Lake City area. More information below.

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The most important thing you can do as a founder of an early-stage startup

I had the pleasure to attended a great panel discussion put on by Strawberry Creek Ventures and Castor Ventures, firms that invest in Berkeley and MIT alumni respectively. The two panelists were both fantastic entrepreneurs working on genuinely world-changing solutions, and over the course of the evening, they recounted their entrepreneurial journey. After the moderator finished asking her questions, the discussion was opened up to audience questions.

I asked the two entrepreneurs how they got their ideas off the ground at the earliest stages of their enterprise. This is a topic that I’m obsessed with given that it’s my job to help entrepreneurs launch their startups. Both answers were great, but one truly resonated with me.

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Getting VC funding without a huge network or diploma from Stanford

The other day I met a very charismatic, intelligent, and driven young man at a venture capital summit in Silicon Valley. He had a compelling vision for an app that both solved a pressing social problem and had great commercial promise. He floated around the room striking up conversations with one person after another, and out of the hundreds of people that were there, he out-hustled all of them, by a long-shot. I had a chance to catch up with him briefly at the end of the summit asking him how meeting investors was going. He looked up at me, exhausted and simply replied, “It’s been better.”

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