Congrats on getting to this point. We fund a lot early-stage companies and first-time founders at the Webb Investment Network, so we’ve previously given this question a lot of thought. We broke our roadmap to fundraising down to steps that I hope any first-time founder will find useful. I’d like to give a hat tip to Jonathan Pines, general partner, who helped me with this answer.
Build a model of how much capital you need and want. The first step is to assess how much money you will need. We suggest at least enough to cover operations (headcount, resources, etc.) for 12 to 18 months—no one wants to be raising money every six-to-nine months. Then, build in a good buffer, for example, six months to cover any uncertainty.
Image: Margaret Jaszowska/Unsplash; Memed_Nurrohmad/Pixabay
