Currently I am in early stage of client acquisition for my very unique product as on cloud solution for Salary appraisals in HRTech. Some of my seniors in industry have said, they are willing to invest. Is it the right time to seek funding or should I spend some more money and resources to get some clients on board and then reach them. Thanks in advance.
Hello, you have a very interesting product in an interesting and growing industry. Anything with automated HR solutions is probably a good venture right now. There is a client of ours actually, www.BetaBulls.com who has specialized in automated Human Resources software (SaaS) as a CTO for other companies. I have learned a lot from working with them and based on that experience and the few startups I have launched myself including an online job posting platform and a game, I would say that generally speaking a good time to go for outside investment is when you have a validated concept, all legal documents in place and any type of demand from either partners or clients. Think of it as a business loan - you should only get one when you don't really need it, but for strategic leveraging is better to leverage borrowed money than your own. An investor should be the same, you get an investor if you need to buy yourself more time to improve on your technology or for market reach such as production or marketing. Not to prove the concept. It sounds like you are already there, so my recommendation would be to proceed with caution not giving any major control in any one area of your company or product.