Takeaways from #ExpertNight: Funding for Startups

Elance was back with Expert Night on Wednesday, February 4, this time with the theme “Funding for startups”.

It was a packed meeting room at Rocket Labs on Wednesday, February 4, which could welcome a number of experienced entrepreneurs who responded to questions and shared their best advices to get funding.
The panel had Tine Thygesen, Founders House, Martin von Haller, Bird & Bird, Steffen W. Frølund, Bownty, Jesper Thyme , Eye4Talent, David Ventzel and Accelerace who shared their best bets and discussed among themselves about the possibilities of obtaining funding as startup. Steffen Hedebrandt, Country Manager for the Nordic region at Elance was moderator of the debate.

Focus on your product instead of looking for funding
The panel talked about many areas of funding, ranging from how to attract investors to making the best investment deals.  An advice that several of the speakers agreed upon, was that you have to focus on creating awareness of your product as a startup, before you start contacting investors.

“Be trending before you go to an investor,” was Tine Thygesen’s advice.

David Ventzel from the accelerate program ‘Accelerace’, added that the incubators and investment funds are c
onstantly looking for new startups to invest in.

“Do not look for funding. Focus on growing your startup and then the funding will find you,” was the advice from him.

What is your company worth?
Another topic that was discussed was how the entrepreneur must relate to agreements with potential investors, including what your startup is worth.

Martin Von Haller, attorney from Bird & Bird, contributed with his knowledge about the process and documents that have to be made, when you get involved in an investment collaboration. In particular, an area that he asked his audience to be mindful of.

“The longer a term sheet, the more incompetent an investor,” said Von Haller, who also called for caution when it comes to contracts;

“Be critical and use your common sense. There is nothing worse than ‘dumb money’, who think they are ‘smart money’. “

In the end of the events, each of the speakers shared their best advice, which we shared on Twitter. You can find the advices under the hash tag #ExpertNight.

This was the fourth time that Elance has hosted the popular Expert Nights. Previous events has had focus on public relations for startups, scaling of companies and conflict in relation to the challenges that may arise.

You can get a feel for the events in the video below!