14 Mar 2014

5 top tips for getting your social startup funded…

By Lily

There’s a lot of funding out there for good ideas, but there’s also a lot of competition – so what’s the best way to make sure your application stands out?

1. Go meet your funders in person.

Not only does this make your application more memorable but it also allows funders to see the progress you’ve made between your first meeting and your application. Investors like to see lines rather than dots, so it’s never too early to meet them! Almost all the teams we have taken on Bethnal Green Ventures we had met previously in open office hours during our call for ideas. It helps us get to know teams and  helps them work out what we’re looking for.

If you’d like to come and meet us about our current call for ventures please drop us a line at hello@bethnalgreenventures.com – we’re available for coffees on Tuesday, Wednesday and Thursday afternoons.

2. Be specific about the problem.

Having real experience and understanding  of the problem you are trying to solve is a sure way to impress funders. Especially if you can identify a particular aspect of it that needs changing – rather than broad catch all solutions.

3. Measure your impact.

Think about how you will know what you’re doing is working AND how will you build that measurement into your solution.

4. Tell us about your competition.

An empty marketplace, by definition, doesn’t have any people in it, so competition is no bad thing. Tell your funders why what you’re doing is different/better, rather than hoping they won’t notice. If you don’t, they will simply assume you haven’t done your research.

5. Show off your team.

The quality of the team is almost always how funders make their final decision. We’ve written a bit about what we think makes a great team here. Remember to highlight your complimentary skills and experiences but also be open about areas of weakness and how you plan to address them. Discuss among yourselves how you will work together, who does what, and how you will deal with conflict – and tell your funders about it.

Good luck! If you’re interested in using any of the above to apply to Bethnal Green Ventures Summer programme, applications are we’d love to hear from you: https://bethnalgreenventures.com/apply