Got an Innovative Business Idea? 10 Point Investor Ready Checklist
Have you got an innovative business idea? If only you could get some help with the funding to get your business off the ground.
The LEO Innovation Investment Fund is a new investment fund of €1.5 million available through the network of 31 Local Enterprise Offices, targeting Investor Ready LEO Clients who wish to start, grow, or develop innovative Micro Enterprises.
Applicants will apply online and will be selected to participate on a short highly focused Investor Ready Programme incorporating 1 to 1 mentoring which will assist you prepare an investor ready plan. To help get you in the headspace, we’ve prepared this short 10-point Investor ready checklist:
What problem are you solving and are people going to pay?
You may have a great idea, but is it sustainable as a business? Would you be willing to pay for it? And how much would you be willing to pay? These questions will help you to know if your idea has the potential to become a business.
Is the idea scalable?
Investors love to put money into start-ups that are scalable. So, to become an Investible business, you will need to be able to demonstrate that your idea has sufficient room to grow.
What is your value proposition?
Your value proposition is a clear statement that explains how your product solves your customers’ problems or improves their situation. Consider well-known and effective examples such as “Low Fairs. Made Simple”, from Ryanair, and “Remember Everything”, from Evernote.
Do you have a business plan?
A business plan should be one of the first items on your to-do list for your new business. It’s the foundation upon which your success will be built, and contains the summary of what your business is, and how it’s going to grow. Preparing a business plan allows you to quickly work out some of the kinks and evolve to a more effective business model.
Do you know your competitors?
Who are your competitors? And why is your idea better than what’s currently been offered?
Have you carried out market research?
Perform the research yourself or pay to get the data but you will require this if you want to prove your potential worth to investors.
Do you have financial models?
When do you expect the business to become profitable? Include metrics such as costs, sales, profit, and growth. Investors want to see a long-term solution so you’ll need to chart your potential growth over the first, three, and five year periods.
Do you have customers or potential customers?
If you can acquire even a handful of testimonials from potential customers, investors will be much more interested in working with you.
Can you take your idea forward?
Are you or your team capable of handling the first stages of development and business growth? If you have experience in the industry, you’re already in good shape. Otherwise, you’re going to need to upskill or have a plan to bring in the expertise from outside.
What will you do with the money?
You need to show investors where their money will be going. There’s a big difference between saying, “I need money for my idea,” and, “I need x for an office, x for a first product run and x for marketing.”
If you considered some of the above, you’re already well on your way to being able to submit your application and mandatory video through our online form at www.liif.ie