How to Find the Perfect Investor
Lisa Fraser is the CEO of Wearable Therepeutics Inc., which developed the Snug Vest for people dealing with autism and anxiety. Last year, the company turned down an investment offer from the Dragons. Fraser explains why she chose to look elsewhere for capital.
When I started in 2011, I wasn’t actively seeking investment, but I knew I would eventually have to raise money. From day one I was talking to that community to prepare myself. I appeared on Dragons’ Den last year, and the Dragons offered me half a million dollars for 40% of my company. During the due diligence process, the consultant I was working with at Arc Capital Development turned and said he wanted to invest. More than six months had gone by, and I decided the deal with the Dragons wasn’t the right fit.
Ultimately, you’re the CEO and you can say whom you want to work with. But what everybody said to me was dead on: Raising money is the hardest thing you’ll ever do. It’s ridiculously time-consuming. You have to be tenacious and very patient.
This article is from the How To package from the August 2015 issue of Canadian Business. Subscribe now!
MORE INVESTOR-IDENTIFYING TIPS:
- What It Takes to Land Your Dream Investors »
- How to Get Financing with No Revenue »
- What Investors Want »
- The Case for Taking on VC Cash »
- 4 Steps to Giving Financiers What They Want »
How did you find the perfect investor to back your business? Share your experiences with capital using the comments section below.
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