Class: 2014 Winter Accelerator
Meetcaregivers is a unique online platform that helps families connect and find pre-screened and qualified caregivers to care for their aging parents. We are using video technology to make the process easier, safer and less expensive. Users are able to watch video profiles of pre-screened and qualified caregivers talking about their experiences, skills, personalities, backgrounds etc. Making it easier, safer and less expensive to hire the perfect caregiver.
Funding Funding Funding:
Looking for funding is certainly something that many startups struggle with including the startup finalists at this winter Merrimack Valley accelerator.
It’s with excitement that many of us were waiting for the funding session with Barrie Atkins, who is well known as the guru of funding around here.
This session was particularly very useful to Meetcaregivers. After spending all my savings, maxed out my credit cards and destroyed my credit score in order to at least put together a minimum viable product of Meetcaregivers. We are in a point where we need to get some type of funding in order to grow the business. Here are SOME of the options that Barrie Atkins talked about and see my comments about them.
1) Self Funding:
§ Personal savings
§ Retirement accounts
§ Home equity loans
§ Second mortgages
§ Credit cards
§ Side job / Second job
I have personally put in all my savings into Meetcaregivers and currently holding a second job to help pay the bills. However, not everyone in the team can afford to put in their savings or hold a second job due to other responsibilities and commitments.
2) Friends and families:
Unfortunately many of my friends can not afford to give away over $ 500 or more. Believe me, I asked already. However, I am very lucky for my friends and family. I know that I always have a place to sleep or food to eat over my friends. Most of them have been very supportive.
So my question here is: Do I need to start friending richer friends who can afford to invest $50,000: $100,000. Time to network
There are not many banks that loan money to startups. Actually companies such as Bank of America (my previous employer) requires that a company has been in business for over 2 years and has already a very strong, steady revenue. They almost never provide loans to start-ups.
4) Strategic partnership:
This is something that we are currently working on. We are looking to partner with companies who understand the innovation that we are building and can benefit from what Meetcaregivers is providing. Vice versa. This can potentially be a good source of funding for us.
5) Angels and Venture Capital
Working on Meetcaregivers and getting ready to start a powerful pitch to Angels and venture capital groups.Come back soon for more updates on Funding Meetcaregivers.