(Source: The Windsor Star) Bringing an idea from concept to execution is only one of the challenges facing new entrepreneurs.
By far the trickiest part is accessing funding to turn a dream into reality, according to Rob Whent, director of the entrepreneur-in-residence program at the WEtech Alliance, an incubator and support agency for entrepreneurs with high-tech ideas.
“Entrepreneurs can spend 80 per cent of their time looking for funding and that’s the same whether or not you’ve got a new high-tech start-up planned, you’re opening a restaurant or launching a new product,” said Whent. “Big ideas cost big money even before they hit the market.”
Traditional sources of funding and financial support include the entrepreneur’s own savings as well as friends and family. Others include government programs, which usually require a co-pay, angel investor networks and venture capitalists, who are more often than not are looking for an already successful business. Read more.