SHANNON PIERCE | NEW OCEAN HEALTH SYSTEMS | HEALTHCARE TECHNOLOGY
How old is your company?
18 years
What was the funding advice you ever got?
Not all money is smart money. Strategic investors often offer mentorship, experience, and connections that trump money.
Who was the first person to bet on you?
A neurosurgeon and healthcare CEO helped me file a patent and form an LLC.
How long did it take to raise your first round or amount you wanted?
About $100,000 in angel funding, a $10 million raise, and another $2 million investment from 2007 to 2013.
Did you consider bootstrapping?
Lots of bootstrapping and personal investment. We paid back the angel funding. Otherwise, no debt.
Where did you find funding reasources?
Mentors and potential customers. Business plan was circulated among targeted strategic investors. Oversubscribed in 3 days.
What has been the biggest factor in achieving achieving funding goals?
Honesty, preparedness, doing things on time and under budget.
What is your number one piece of advice for founders seeking funding?
Money is just a tool. Know what you plan to accomplish with it.
I wanted to know how to do what our accomplished investors had done more than I wanted their money. It is a big responsibility to take other people’s money.
RAY LATTIMORE | MARKETPLACE PROFESSIONAL STAFFING | EMPLOYMENT SERVICES
How old is your company?
26 years
What was the best piece of funding advice you ever got?
Purchase your own office space instead of renting.
Who was the first person or organization to bet on you?
An employee: Ms. Willie Buchanan.
How long did it take to raise your first round or amount you wanted?
Three months after submitting a business plan to BOA for $100,000.
Did you consider bootstrapping, using your own money or credit? Why or why not?
Yes, I did initially, using a home equity line of credit.
Where did you find funding RESOURCES?
Local Chamber of Commerce.
What has been the biggest factor in achieving or not achieving your funding goals?
Having collateral (accounts receivable, real estate) and an existing banking relationship.
What is your number one piece of advice for founders seeking funding?
Be prepared and have a concise, factual business plan.
JOHN WARNER | INNOVENTURE, LLC | SERIAL ENTREPRENEUR
What was the best piece of funding advice you ever got?
Successful capital raising is about building relationships with investors.
Who was the first person or organization to bet on you?
My mother.
How long did it take to raise your first round or amount you wanted?
Having started multiple businesses, sometimes it’s been quick; sometimes it’s taken a long time.
Did you consider bootstrapping, using your own money or credit?
I have bootstrapped.
Where did you find funding RESOURCES?
Generally angel investors.
What has been the biggest factor in achieving your funding goals?
Credibility of me and the business plan.
What is your number one piece of advice for founders seeking funding?
Begin building relationships as early as possible.
ERIN MEHAGAN | LIVI LOU LAINE | RETAIL COMMERCE
How old is your business?
18 months
What was the BEST piece of funding advice you ever got?
Don't just look for money. Look for funding sources that are a good match for your business with experience in your industry... and have money.
Who was the first person or organization to bet on you?
We bet on ourselves.
Did you consider bootstrapping, using your own money or credit? Why or why not?
We've been self-funded to date, and in order for us to go to the next level we need to look at outside sources.
Where did you find funding RESOURCES?
GVL Starts, NEXT, Small Business Development Center and mentors.