Many of today’s startup businesses struggle to raise their own funding. In fact, only 15% of entrepreneurs actually receive the funding they need. That’s where Texas Entrepreneur Networks (TEN) comes into play. TEN connects entrepreneurs with a network of Texas-based investors to acquire investment capital and grow their companies. Since its start in 2009, TEN has helped more than 70 entrepreneurs raise over $106 million in capital for their businesses.
But first, entrepreneurs need to find out how fundable their product or service is before TEN will start connecting them. After a quick questionnaire on TEN’s website, entrepreneurs will receive a “Fundability Score.” Founder, Hall Martin says these questions are crucial to find out how far they’ve come with their product/service. “We want to know things like, do they have a management team? Have they built a prototype or the actual product? Do they have customers, or any revenue? The further they’ve gone, the easier it us for us to help them find backing.”
If you receive a passing score, you’re given the go to enter the Funding Portal. This online platform is used to showcase the campaigns to an active network of accredited investors. “Our investors range from individual angel investors, to venture capitalists and private equity. Many of them are looking for startups and growth companies with strong management teams and some initial sales traction,” said Hall.
Entrepreneurs have up to 90 days to campaign for funding in the portal. Hall says if they don’t find the funding they are looking for during that time, they need to reevaluate their strategy. “We will help with preparing their presentation to investors which includes a three minute pitch video, a 250 word description, and some additional information on the management team and financials,” said Hall.
But for some entrepreneurs, finding funding can happen in just a few days. Jack Hall needed investors for his startup, Roadhouse Tickets. After a little over a week he found the exact deal he was seeking. “We were contacted by five highly qualified investors immediately after the presentation, and three others within a week. We closed our round of funding after only eight days. We were able to select an investor that is highly compatible with our approach to business. After 30 years in tech startups, I have to say it has been my single best experience in fundraising,” said Jack Hall.
And TEN isn’t just for entrepreneurs, but also communities. Hall says it's a great tool for community leaders, homeowners associations and others to raise donations for community programs. He says working with the Collide Center has really helped them expand their reach, “An entrepreneur must first raise funding from their own network including their family and friends and their community. With their local community behind them the entrepreneur can then reach out to other networks to raise funding. ”
For more information on acquiring funding with TEN’s help, visit the company’s website at http://texasenetworks.com.
About the Collide Center
The Collide Center aims to support emerging technologies and to develop innovative industries within the City of McKinney by providing a range of services to entrepreneurs and start-ups. Curious Complex and McKinney’s Economic Development Corporation developed The Collide Center as a hub designed to provide workspace, education, support, events and workshops to businesses in McKinney. The Collide Center is a co-working space with Incubator and Accelerator programs geared toward fostering success for entities. Additionally, the center provides a “Collide Corridor” area for anyone to come to, meet up, work and otherwise collide with other innovators to spur new ideas and collaborate on possible ventures. Visit www.collidecenter.com for more information.