Recently I was talking to an ex-colleague and shrewd business man, discussing the fact that we feel we’re ready for investment. He listened carefully to the PAYG story, our business plan and said he felt that it should be possible to raise the kind of capital that we’re after. But, he said, ‘you have to kiss a lot of frogs’. My reply was that I had already kissed a fair few……(Actually I wasn't referring to investors, was thinking about all the potential customers / business partners that had come and gone, grant applications filled in, time wasted following up leads which turned out not to be etc etc etc)
Later in the week, talking to an investor, I mentioned that to him. Probably not such an intelligent thing to say to a prospective investor, and I could have kicked myself, but his immediate response was, ‘yes – so do we….’
Small wonder that you now get companies who specialise in vetting entrepreneurs, and investors, providing a match-making service between the two.
A few months ago I wrote a blog entitled ‘The Rollercoaster startup Ride’, talking about the highs and lows of a new venture. If I went back and read that blog (but I can never bring myself to read any of my past blogs), I’m sure I would still feel exactly the same way, and depressingly it will probably the same story in a year’s time...
Most of our current projects are in the social enterprise sector, and that makes a big difference, I think. Although we clearly are aiming to make money, there is the added ‘carrot’ of feeling as though we’re going to do some good along the way. I don’t have rose tinted glasses; I don’t think we can cure the world of all its problems, but it’s always nice to think that some peoples’ lives are going to be enriched along the way. As, of course, we ultimately are looking to enrich our own lives, let’s not kid ourselves about that.
To read the reat of Liz's blog, check out http://www.linkedin.com/share?viewLink=&sid=s831840902&url=http%3A%2F%2Ft%2Eco%2F5cb9nAiE&urlhash=TvcM&uid=5565905497678159872&trk=NUS_UNIU_SHARE-lnk
Liz is the founder of PAYG solutions and author of Will there be another M-PESA?