our company has been working on a semantic technology for the past 15 months. we have achieved amazing results and are a few months away from launching the actual product. we do have access to government grants but for our own contribution and ongoing costs, we require close to $500K capital. at this stage: - we are past the bootstrapping stage - do not have any traction (no product has been launched) need advice on how to deal with this.
You seem to be in a similar position that a lot of seed stage startups are in. At this stage, angel investors are usually appropriate to talk to about making a seed investment.
Keep in mind that "traction" can mean different things at different stages. At your stage, traction could include early customer interest, pilot program commitments, etc. Of course, it's always better to have customer/revenue traction but use what you have.
We raised several hundred thousand dollars before we ever launched. But we were able to show prototypes, early customer interest, and confirmed lead customers.
I'd begin the rounds with angel investors in your area and in your field for "feedback meetings." Try to find mentors that are willing to advise you, even informally. Remember, ask for money -- receive advice. Ask for advice, receive money.
Best of luck and let me know if I can be of help.
Answered 11 years ago
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