By Hal Miran, Editor-in-Chief, Bite.Tech. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
How Iraqi Entrepreneurs can Raise Startup Money Without a Loan
Raising money for your business is always a challenge. Every startup must prepare and plan in detail how they intend to raise funds for their new startup.
In countries like Iraq, the lack of access to bank loans makes it more difficult for tech entrepreneurs to raise money for their company. This is made trickier by a lack of angel or venture capital money. So, what can you do to raise startup money without a loan?
1. First, look on the bright side!
First of all, looking for business financing externally should be your last option, not your first. When it comes to venture capital or angel investment, you give up a portion of your company in exchange for money and often, strategic advice and help. But, it usually comes with a lot of conditions attached.
2. Bootstrap your way to tech startup success
Bootstrapping is the process of financing a new company with minimal financial resources. It is the first method to raise startup financing that every tech entrepreneur should look into.
A great bootstrapping strategy typically involves using your own money and asking people close to you to invest. This is coupled with clever use of the money you have to make it go as far as possible towards your business success.
Where possible, use free resources and study how to implement growth hacking principles to accelerate your growth at minimal or zero cost. There are now so many incredible business resources online that are free and weren’t available for the tech startup entrepreneur of ten years ago.
How can you raise bootstrapping money for your startup? Here are the most immediate options:
a. Your own personal money
b. Ask your friends and family
c. Attend essential networking events such as hackathons and bootcamps to meet potential investors and make new contacts