Business Funding Success Story
This week we received another great success story from one of CanadaStartups members!
Danilo, from Vancouver, BC was able to receive government funding support of $12,390 in the form of a government-backed loan, as well as a connection with a private investor, in order to further develop his software development business.
In order to learn from Danilo’s exciting business and how he was able to successfully obtain funding, we asked him some questions that you may be able to use in your own funding search.
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Asking Danilo About Government Funding Support
What made you join CanadaStartups?
> I was a follower on your Twitter for a few months and just slowly watched your messages. I noticed that there have been a lot of new updates and changes to the Funding Database and this got me interested. I started looking and even did your Startup Assessment Tool. But what really turned me to register as a member was the fact that there were other success stories of software developers who were able to get funded.
What are the tools or resources that you used the most, or that helped you the most?
> I had the business already running, so I really needed help with the funding, or finding somebody who could mentor me. Your Funding Database helped me find the right government program with a very low interest rate, so that way I didn’t have to worry about payments. On top of that, I was extremely happy when I reached out to one of the investors you had in your database who dealt mostly with tech companies. He will be the one to mentor me and provide ongoing support.
How did you apply for funding?
> I followed the timeline you guys have and picked out the most relevant programs offered by the government. I took the information that was presented and called the funding agencies to get more information. They actually provided me with the applications and a lot of help as well. For the private investor, I reached out on Twitter.
What needs for funding did you apply for?
> My business was really hitting a brick wall because I needed the capital to be able to get the right equipment to advance. I also needed support in how to get out there in a very competitive market. We had a few applications that we developed and they brought some success, but I had a team of people that I had to pay with little money coming in. So we needed equipment purchases, training, and funds to pay salaries.
What type of funding did you obtain?
> We applied to 11 different programs but only got one application approved. This was a very low-interest loan that was government-backed. We asked for $15,000, which would cover a few of the things we needed, and we received $12,390. We joined CanadaStartups at the end of August, so we are hoping that some of these other programs will still be able to reach back to us with a yes.
What would you do differently if you could?
> I think I would ask for more money from the funding agency that approved us. But who knows if we hit the spot with what we asked for. Better not be greedy. We are satisfied with what we have.
What is your advice to others like you and other startup entrepreneurs?
> The first step when you are looking for funding is to make sure you have a business plan. If you don’t, every single funding program will refuse you. If you don’t have a plan yet, use the business plan tool provided in your membership (that is, if you are a member of CanadaStartups). If you aren’t, make that the first step.
Danilo sure did seem happy and very satisfied with his success, and he definitely had some advice for you. Join CanadaStartups and start your business plan, get your own government funding support, and run your business.
If you found success, what is your story?