The importance of adopting new technology for small businesses cannot be stressed enough. Perhaps the most compelling reason is that technology will help you attract new investors so that you can grow your brand.
However, it is difficult for most start-ups to get funding as investors set a very high benchmark for them. As an entrepreneur, you, therefore, need to embrace technology for business and play your cards right in order to get funding.
Here are the reasons why embracing technology can attract investors for your business:
Networking is one of the best ways to get funding and access to people who can invest in your business. Today, there are many social media platforms that businesses can use to market their products and services across verticals. Apart from interacting with their customers, social networking tools are also effective for startups and entrepreneurs to connect with potential investors.
However, with so many networking tools available, it’s important to look for networks that best suit your niche and type of industry. An effective networking strategy is meeting like-minded professionals who may want to know more about your startup through LinkedIn.
Additionally, you have to know how to set the right profile that will be appealing to any investor. Moreover, you can share office space with individuals who are likely to connect you to investors.
Use of Digital Platforms and Sites
Simply by using the right digital platforms and sites for your business, you will be able to make sound financial plans. This is great for attracting investors. You can find useful sites and apps that are designed to help you organize your expenses and examine the potential value and risks involved. This is especially useful if you are a busy entrepreneur. Some of the solutions may include online loan calculators, iBank,Mint.com, MoneyDance, and others.
Crowdfunding apps and platforms have made it possible to attract investments without necessarily getting it from major capitalists. There are at least 600 crowdsourced platforms in the world including Lending Club and KickStarter.
In order to benefit and get funding for your business, you will be required to create a great profile and an engaging blog. This will help attract more supporters and publicity for your business. Once you are successful on these sites, you will get more cash in your pocket.
It is important not to overrule other sources as they may make sense for some industries. Other sources of money that you should think through include loan programs and grants. Some states have grant programs that offer loans at reasonable interest rates to businesses with great ideas.
Also, Bitcoin which is a digital currency, is definitely a game changer for online businesses. Although the currency has been associated with hacking before, it’s a great technology for business. Additionally, it offers great possibilities for bootstrapped startups. This is because it is easily accessible, has low transaction fees, and allows for anonymous transactions.
It can be a difficult and complicated process to start a business and try out new ideas. However, when you invest in the right technology, you are likely to attract new investors who will help grow and improve your business.