When we talk of entrepreneurship, the main question that pops up is: where do I get a funding for my idea?
Up until that point, a brilliant idea ( which I know is brilliant but would need a different level of brilliance to convince others), is only on papers and has no value until tried and tested.
1. To try and test out an idea with success need sumptuous amount of money. Banks or financial institutions will never provide funding for ‘an idea’. They need security or collaterals, which means money from the pockets of the idea generator.
2. Hundreds of Govt. schemes but none really are extended to ‘ideas’. We need ‘tangible’ proof of the success of that ‘idea’. If I can do that, then why would I need a start up funding?
3. The industrial lenders are scared of ‘what if the idea fails’. Hence again they bank upon successful run of an idea.
4. Start Up supportive organisations only have funding and start up support for ‘products’. On papers however there is no support for start ups with ‘service’ ideas. (Experience in IT sectors- nodal body)
The end result is if you have an ‘idea’ you need to be filthy rich to ‘try and test’ out a method and then when your profit (the risk minimiser) starts rolling in then all the funding gates open up for you.
Till then : beg/borrow/steal or forget about the brilliance of an ‘idea’.
#entrepreneurship #tough #times
#Goverment #funding #allSchemes #Nohelp
If anyone can suggest better options for funding, you are welcome to share your ideas👇 here.