Not all projects need to get an investor most projects do not need it.
Therefore, before taking action to locate or convince investors, you should ask yourself if your project really needs it. Above all, considering that this would become a type of DUE.
How can I determine if my idea or project is ready for sponsorship?
To start, you must eradicate the thought that to start your project you need investors. You really would have something solid to start with, when with your skills you can build at least the smallest version of your project. If not, then you still wouldn't be ready to look for investors.
Common mistakes.
A very common mistake is to believe that you have a great idea if your project is an improved version of some novel business success.
For example:
"Believe that you can create a blockchain 50%, 70% or 100% better than Steemit".
If this is your idea, chances are you will fail.
No "Clone" Works if you are only doing an incremental upgrade.
We can find real use cases about it:
Google Plus
This social network created by the internet giant tried to imitate Facebook by offering an increased version and failed.
Due to low user engagement and disclosed software design flaws that potentially allowed outside developers access to personal information of its users, the Google+ developer API was discontinued on March 7, 2019, and Google+ was shut down for business and personal use on April 2, 2019.
Snapchat vs. Instagram
Snapchat emerged as an incremental improvement to Instagram, promising to improve it by 100%, but it did not succeed, it only introduced the novelty of "filters" and does not allow publications to remain permanent on your profile, they only remain for 24 hours in your state. Also, limit your posts only to your contacts.
This created rejection in the youth, who made up the user base.
However, Instagram allows you to permanently post, react, comment, and have filters. Besides, it allows more interaction between the user base and has a more dynamic interface.
The Tik Tok Phenomenon
It was presented as an option that did not offer twice the improvement, but increased the quality of the product 10 times, compared to Instagram.
This happened thanks to his "Engagement". That is the level of interaction of the user base with the product.
Prev. Conclusion
So, to be sure that you have an idea that merits a sponsorship, you must first be sure of your skills, which should allow you to develop a solid base of your project before requesting sponsorship. And on the other hand, you should focus on "original ideas", since imitating or cloning a pre-existing product or project implies that you should surpass it many times in quality and genius, otherwise you would be doomed to failure.
What does a Project need to be able to request Sponsorship?
- It needs to be a Scalable model.
This type of model should provide "Hyper Growth".
From a point of view, we could say that this is a model that allows us to increase the scope without having to increase internal spending by hiring more personnel or increasing its infrastructure.
- It must be an Existing Real Product.
There is no place here for the term known as "Business Model Canvas".
"Family, Friends and Fools" will be your sponsors if you just have an idea.
- The Product must be "Sticky".
This is demonstrated with demonstrable use traction. In other words, many people who try your product for the first time maintain the intention of continuing to use it. This reflects the level of user satisfaction.
Conclusion
Before you go looking for sponsors for your project or idea, you must be sure of yourself, have something tangible to offer, an original and catchy idea that represents a scalable model.
Everything will depend on each business and its reality, and it is always possible to "bootstrap *" and cover expenses with the profits generated, thus creating a self-sustainable model.
Please, see the original version of this post at my steemit's blog:
https://steemit.com/hive-175254/@juanmolina/how-and-when-to-get-sponsors-for-your-personal-project
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