By Ashley Morris
Star-News, Wilmington, N.C.
WWR Article Summary (tl;dr) So how can you raise money for your budding business? While there is no one right way to go about securing investments, below is a list of possible funding streams that could help you bring your idea to fruition.
Even after some initial capital raised in Wilmington, Ed Hall has had to trek across the state and country to secure funding for his startup Petrics.
According to financial experts, that is not something unique to Wilmington or even the state. Entrepreneurs have to cast wide nets and pitch to potential investors, while also developing their product, marketing their brand and managing all the activity.
There is no one answer or path startups follow in securing investments — in fact once the companies breach a value of $10 million, they have likely had a combination of the different funding streams.
Hall had the idea for Petrics soon after graduation from the University of North Carolina Wilmington. Hall invented a pet collar that not only tracks pet activity and gives pet owners real-time health data on an app, but also unlocks the food bowl for that specific pet as it approaches. Anyone in a multi-pet household understands when food is dished out into different pet bowls, a dog is likely to gobble up the cat’s extra food at feeding time.
The company is still in the testing phase. Even after raising hundreds of thousands in capital funds, Hall said there is still a long way to go.
After getting $50,000 in exchange for being part of an entrepreneur boot camp in Winston-Salem, he signed on with an investor in Silicon Valley who offered a $500,000 investment, but it was all an uphill battle that is ongoing.
“It is not for the faint of heart,” Hall said.