This week we received another great success story from one of CanadaStartups members!
Danilo, from Vancouver, BC was able to receives government funding support of $12,390 in the form of a government backed loan as well as a connection with a private investor in order to further develop his software development business.
In order to learn from Danilo's exciting business and how he was able to successfully obtain funding, we asked him some questions that you may be able to use in your funding search.
Asking Danilo about Government Funding Support:
What made you join CanadaStartups?
I was a follower on your Twitter for a few months and just slowly watched your messages. I noticed that there has been a lot of new updates and changes to the Funding Database and this got me interested. I started looking and even did your Startup Assessment Tool. But what really turned me to register as a member was the fact that there were other success stories of software developers who were able to get funded..
What are the tools/resources that you used the most, or that helped you the most?
I had the business already running, so I really needed help with the funding, or finding somebody who can mentor me. Your Funding Database helped me find the right government program with a very low interest rate, so that way I didn't have to worry about payments. On top of that I was extremely happy when I reached out to one of the investors you had in your database who dealt mostly with tech companies. He will be the one to mentor me and provide support on -going.
How did you apply for funding?
I followed the timeline you guys have and picked out the most relevant programs offered by the government. I took the information that was presented and called in to the funding agencies to get more info - they actually provided me with the applications and a lot of help as well. And for the private investor, I reached out on Twitter as well.
What needs of funding did you apply for?
My business really was just hitting a brick wall because I needed the capital to be able to get the right equipment to be able to advance. But also needed support in how to get out there in the very competitive market. We had a few applications which we developed and they brought on success, but I had a team of people that I had to pay for but little money coming in. So we needed equipment purchase, training and also funds to pay salaries.
What type of funding did you obtain?
We applied to 11 different programs but only got one application filled. This is the application that gave us a very low interest loan that was government backed. We asked for $15,000 which would cover a few of the things we needed and we got $12,390. We joined CanadaStartups at the end of August, so we are hoping that some of these other programs will still be able to reach back to us with a yes.
What would you do different if you could?
I think asking for more money from the funding agency that approved us. But who knows if we hit the spot with what we asked. Better not be greedy. We are satisfied with what we have.
What is your advice to others like you, and other startup entrepreneurs?
The first step when you are looking for funding is to make sure you have a business plan. Because if you don't, every single funding program will refuse you. If you don't have a plan yet, use the business plan tool provided in your membership (that is if you are a member of CanadaStartups), and if you aren't....make that the first step.
Danilo sure did seem happy and very satisfied with his success, and he definitely had some advice for you…Join CanadaStartups and start your business plan, get your own government funding support and run your business.
If you found success, what is your story?