There are hundreds, probably thousands of good business ideas out there. Some totally new, some because the community has grown into them. Many, if not most, have the same challenge … adequate funding.
Not all entrepreneurs, especially the younger ones, own their own home, or have a wad of discretionary money sitting there to feed the business idea. There is no such thing as a missed idea as someone, sooner or later, will see the need and have the means to follow through with it. It is just sad that an entrepreneur does not have access to angel investors on Vancouver Island.
The TV shows such as Dragon’s Den and Shark Tank have certainly aided a few but of course you have to meet the show’s criteria as it has to an idea that will appeal to the audience. Traditional banks tend to be very conservative and want to see lots of collateral to back up any loan. Community Futures might be a little more open to ideas but still has to be assured that there is collateral to back up the loan.
This leaves the investors who are willing to part with some money for a piece of the action although most times it is dependent on the success of the venture. They may be involved in the day-to-day or choose to be silent in the background.
Angels are willing to take a risk, but it is up to the entrepreneur to do their research well, exhibit a thorough business plan and, most of all, show passion for the business. Passion actually is the number one thing that all lenders look for, and, if they don’t see it, you won’t see the money.
If you want to see angels, believe, and do your homework.
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