#YoungEntrepreneur #VentureCapital #FundingAdvice
Hey there! 👋 So, I recently had a meeting with venture capitalists about my app idea, and while they loved the concept, they were hesitant because of my age. I get it, I’m only 17. But I truly believe in this idea and its potential to make a difference in the world.
Here are some thoughts swirling around in my head:
– Should I keep pushing forward with this vision or take a step back?
– Is rejection just part of the journey to success, or should I pivot to other projects for now?
– How can I overcome age-related biases and be taken more seriously in the business world?
I’ve taught myself coding, marketing, and more to get this far, and I’m not ready to give up just yet. But I could definitely use some advice and guidance from those who have been in similar situations.
Here’s what I’m thinking of doing next:
– Considering crowdfunding to get initial funding for my app
– Exploring alternative ways to network and connect with potential investors
– Seeking out mentorship or guidance from experienced entrepreneurs in my industry
If you’ve been through something similar or have any insights to share, I’d love to hear from you. Let’s brainstorm together and figure out how to turn this setback into a stepping stone for future success. 💡
Any advice or words of wisdom would be greatly appreciated. Let’s navigate this entrepreneurial journey together! 🚀
Prove the app without funding. It’s possible.
Set 100 meetings. Keep solid communication
Hey sweet heart, I know what this feels like. Though I’m not 17, I am well into my 30s but I had this ambition at your age as well and it’s worth it. I now own 2 businesses that are successful. I know you’re doing this by yourself as a young woman and it must be an extremely stressful feeling, I can imagine the anxiety is very high. I would tell you to keep pushing for funding, and don’t be naive, keep your guard up. Many people might want to take advantage of you, have a higher stake than necessary, etc, make sure you get what’s best for you, don’t just settle because you need a way through. This will get easier. If you are able to succeed with this it will pay off for the rest of your life. More than the regret of not doing it. But regardless I think you’ll do very good in life.
If you ever need any mentorship please send me a message. All the best for you, I admire this hard working spirit 🙂
You’ve done an incredible job getting to where you are at such a young age. Rejection is part of the process, and even the most successful entrepreneurs have faced it. Keto getting punched in the face is the only way to move forward.
Overall I would say that there is nothing that draws a crowd like a crowd, so you need to do what you can to get interest from big players without vc.
Here’s some advice based on years in the field:
1. **Rejection is Normal**: Every entrepreneur faces rejection. Don’t take it personally. Use it as a learning experience and motivation to improve your pitch and strategy.
2. **Start Small**: like others have said consider launching your app on a smaller scale using the $20,000 you have. Prove the concept with a limited release, gather feedback, and show that there’s a market for your product. This initial traction can be very compelling to investors.
3. **Crowdfunding**: Platforms like Kickstarter and Indiegogo can be great for raising funds. They also help validate your idea and build a community around it. Show your passion and vision to attract backers who believe in you.
4. **Find Mentors**: Mentorship can make a big difference. Your math teacher sounds supportive—ask them if they know anyone in the industry who could guide you. A good mentor can provide valuable advice, open doors, and help you navigate challenges.
5. **Refine Your Pitch**: When pitching, emphasize your achievements, the potential of your app, and your plans to mitigate concerns about your age. Highlight your dedication and the steps you’ve taken to prepare yourself for this venture.
6. **Alternative Funding**: Look into grants and competitions aimed at young entrepreneurs. Many organizations and programs are designed to support young innovators like you.
7. **Keep Learning and Networking**: Continue to build your skills and expand your network. Join entrepreneurship programs or startup incubators that provide resources and support for young founders. Networking can lead to unexpected opportunities.
8. **Stay Passionate**: Your passion for creating and innovating is your greatest asset. Remember why you started this journey and stay focused on your goals. Setbacks are temporary, and resilience is key to success.
You’ve already achieved a lot. Keep pushing forward, stay open to learning, and don’t be discouraged by a few setbacks. Your dedication and hard work will pay off in the long run.
You just need one yes!
Startups.com has some good info on how to pitch.
I heard a podcast of a young guy that had put together a good plan and when he went to ask for funding, he too, was turned down due to his age. But, he countered then with, “don’t look at my age, or experience, look at the deal”. With coaching and funding, he put his plan into works. Basically, in other words, don’t think your age is a weakness. It actually makes you stand out to investors. You may have to keep networking but if you offer a great product, it won’t be hard to say no. Good luck!
I would never go into business with somebody who’s not even legally an adult yet. Like, how would that even work, contract wise?
You can’t legally enter into binding contracts by yourself in pretty much all states in the US before the age of 18. Did you consider that any agreements you made with them would be void?
This is ONE meeting of thousands you’ll have in your professional life. You need a plan A, plan B, plan C and learn how to pivot while you’re at it. You can make the app work without funding (difficult but doable). You need some traction and revenue, at least some and they will look at you differently. Keep working hard, and as someone said; don’t be naive, keep your guard up. Trust your instincts. Be as agressive as you can.
First of all, you have done what 99.9% of people would not. Super impressive. You obviously have a lot of drive and follow-through. Keep that going.
Let me tell you a little about venture capitalists. They love to think they are independent thinkers, investing in risky things ahead of the curve. For the most part, they wait for more proof that you have before making a move. It’s probably a bit early to be seeking venture capital based on your description, though I’m happy to be more concrete if you want to share more specifics here or via dm.
VC’s will likely meet with you if they think you might be young talent, or possibly breaking out. They have no downside to meeting, but — this is thebimportant bit — VC’s wanting to meet with you isn’t really a sign that VC’s want to invest in you.
Have you considered trying to raise some angel capital or joining an accelerator program like Y Combinator or Techstars?
Is there a bootstrap path to get going without outside capital?
Find a more experienced person to handle business side and partner
Concept, audience, offer, sales.
Are you familiar with this CAOS framework for starting a business?
Write out the offer, whatever the app does that creates a flow of money. It could be that your app costs money up front or on a subscription, could be that it gets a ton of downloads from a particular market segment and those people are then shown targeted ads, could be that there are in-app purchases, whatever. What is your value proposition and how is it monetized? Get that written down clearly.
You’ve a concept you believe in, you need to find an audience willing to put their name on a registration of interest list. Google form on a landing page would work fine. Find a way to get the app in front of the people you intend the app to be for, and then grow that list as much as you can, to a level where you’ve undeniable proof of the viability of your concept. If you have a product investors like and a document with 2,000 names on it saying they like it too, it’d be hard for an investor to deny you when you present that list with a clear plan of how it makes money. You may not be concerned about the money but that’s ALL the investors in it for.
Do LAPS.
Leads, appointments, presentations, sales. Only, sales is replaced for now with simply getting people to sign their registration of interest. Anyone you know or hear about that is in your target demographic, chase down that lead and show them your app and ask them to sign the interest form. Make appointments with anyone you can that could maybe benefit in the professional space from use of your app. Make presentations to groups of people and get them to sign the form. You may even be able to find your 2-3 employees from all this canvassing.
If you can build that audience and your app really connects with them, you can probably eliminate the need for advertising at first as word of mouth will get the ball rolling and then you can get funded later by telling investors how big the audience has gotten on its own and that you need help advertising to a larger market.
I won’t say what others have said already, just add a few things.
You started with saying that you created an app, but in the end you said it’s no software!?
You said that one of the reasons to look for funds is to work together with people. So why not find a cofounder? Someone with business knowledge and experience maybe. Of course it would cost you equity but you would also lose equity if you got venture capital. But IF you look for a cofounder make sure that you share the same values and vision, that’s more important than the skillset or experience. And be careful. Make sure that you can start the idea again alone if the collaboration doesn’t work out.
Another aspect. Why isn’t it possible to bootstrap? Is it really necessary to have several people working on it? Would marketing not be possible by social media marketing, content marketing, referral marketing etc.? Did you study the story of successful indie hackers like Pieter Levels?
Mentoring was mentioned already as well as awards. You are going to talk to many people on your way. Ask them: What do you recommend me to do? If YOU can’t help me, WHO could? Can you introduce me? Etc.
Did you consider applying for Shark Tank or the equivalent in your country? Your story is exceptional, and shows like that like exceptional stories, of course.
Sorry if I missed something that you wrote. Good luck, and I’m confident that you will go far.
Reflect on what happened and learn from it, you will quickly take on board any adjustments to perfect your pitch- make it hard for the VC to say no. And most of all; just keep trying and learn how to handles being told No, it’s all about the learning curve 🙂
First of all, bold moves , this is quite apt, I use to have this type of dreams too , when I was at your age, I think I just finished secondary school then and I was about to enter the university when I started having the mindset of owning a company ,
I knew what I wanted to build, I knew how to generate ideas but the problem i always had was how to build it, growing up now , I have started building my things with teams and employees who help me a lot on this now at 28 years. Now I just build and don’t work for people againn. My background is product and design and I have been doing that for the past 7 years before venturing into what I wanted to do.
So you ask me what changed, I think it’s the fact that that skill I wanted to use to build weren’t ripe enough, my experience was very less compared to what I have now and I also need to tell you I am boostrapped .
Even if I had offers for funding in my startup , I choose to ignore it for now because we have not reached a level of maturity, i think you should go boostrapped d and make some money off the business before you go and raise funding , that will be the ideal thing to do in all scenarios , I don’t think anybody will turn you down if you want to do that
If you are looking for help with making your first [pitch deck](https://pitchdeck.design/make-deck) , I could help you with that so you can use it to raise later on
You’re too young to be legally bound by a contract. You would need your guardian to also be there. It’s not rocket science.
I hope you had them sign an NDA
You were turned down not because of your age, you were turned down because you haven’t proven anything with the app. Venture capitalists see great ideas all the time. I would suggest to build some traction. Build out a splash page and generate interest in your idea. If you have 100 or 1000 prospects interested then you can go back to the BCS. Also VC funding is a little early without traction. Go find some angel investing or ask friends and family.
Being an entrepreneur is a grind and any investor wants to see the opportunity that you can show them. Don’t blame your age and keep building. You will find success.
Ageism. Sue them, get rich, no need for entrepreneurship. /s
Listen man, if what you say is true, someone will eventually have the balls to give you some startup money. I suggest talking to anyone who could give you a platform, like a podcast or something to attract as many viewers as possible. Maybe you could put the app out for free, to prove to investors that it’s worth their money.
Anyways, I wish you the best of luck and am looking forward to an update if you decide post one in the future 🙂
Don’t give up! Your determination will pay off, explore crowd funding and networking further.
They rejected you because you are too young to sign a legally binding contract. They’d have no protection dealing with you.
You’ll get there. Give it a little time.
Dude, build the app yourself without funding. I build profitable apps alone and don’t need funding ever. Read The Lean Startup. I could use extra money for marketing maybe, but it’s easy to convince investors when you’re already generating revenue.
If you need a team and funding to build your first app, your ambitions are probably too high and you should start simpler and smaller.
Why not launch it in the alpha test stage, iron out the bugs and make it in the beta test stage available to the masses.
If you generate revenue and growth they won’t look at your age really soon, just bootstrap it.
If you can’t bootstrap it with an app, chances are the additional money wouldn’t matter anyways (yes I wrote app to specifically make a difference to capital intensive ventures as say running a data center for AI training/inference focused customers).