There used to be two ways young people imagined having a dream life and making their fortune: either to become a sports star or a rock star. Today you can add another route to that list: the tech star.
Having a great idea for a social media venture, or coming up with a design idea with a specific technological application, is now an established route to fame and fortune, and a new generation now looks up to a different set of role models the like of which simply didn’t exist a couple of decades ago.
Of course, inspiration can strike at any age. It’s not only teenagers starting out on their life path that might have an idea for a great project, but children and adults are just as capable of reaching that ‘eureka’ moment we all crave.
In the fields of technology and the Internet, the ‘startup‘ company has built up something of a legendary status. A garage with a workbench, soldering iron and some PCBs becomes a world-changing multi-national industry leader; a piece of software that is essentially a college prank turns out to change the way people actively communicate with their friends and family on a daily basis. (Hello, Facebook!)
Of course there is quite a lot more to each success story than the legends tell. All successful projects involve a certain level of business savvy and the millions of start-ups that falter and fail are proof that a firm financial basis is as important to a fledgling project as the original and unique idea at its heart.
Finding funding is not something that the average person behind a tech start-up is usually suited to do. The nuts and bolts of the project are usually extremely time-consuming and the business side of operations doesn’t always appeal to people whose creative energies are being put to work in other ways.
A great idea to help with funding is to speak to an established investment advisor. Government initiatives like Start-Up Chile and companies such as CSS Partners can advise you on your business proposal and give you a full idea about the range of funding schemes for technology start-ups.
This includes the Enterprise Investment Scheme (EIS), a government initiative designed to provide investors with the incentive to make funding available to small companies which are unquoted on the stock markets. There are five stages of tax reliefs offered to investors by EIS and investment advisors can explain which criteria might apply to your project.
Although you will have full belief in your work and may even have a track record to back it up, investment in private companies carries a highly speculative risk and the standards for winning funding under schemes such as the EIS are extremely high. This is why speaking to professionals is advised, ensuring you get the support and business investment you need.
The EIS scheme is designed specifically for smaller businesses, helping to give those traditionally considered a ‘high risk’ the helping hand they need. Investors benefit from the numerous tax reliefs and creates a mutually beneficial situation, while giving you the chance to grow your startup with ample financial support.
About the author: This is a guest post by CSS Partners.