So you have an idea of your own prototype of your product service. No matter what you’re working on , chances are you need funding to help accelerate progress with your work. Or you may have just reached a point where you are at a read black and you need money to go ahead.
If you have a business plan already with financial projections, good. What do your projections say, do you need $200,000 to start? Chances are you are not going to get $200,000 or even $50,000 or $10,000 unless the money is coming from your family.
It is going to be hard to find investors to put money into something that is not in the market unless the idea is breathtaking. Watch Shark Tank and see what happens to most people who have hundreds of clients lined up (pre-orders) but don;;t have their products out in the market, they usually get nothing. This is not to discourage you, but to put you on a more realistic path.
First step to raising funds is investing your own funds into the business. When you walk up to any investor who wants to fund your business, one of the questions they will ask is how much of your money you have invested into the business. Now I know you are students and must be thinking, I don’t have to much money. Well its probably still a good idea to invest some of your money (a reasonable amount), it just shows more commitment. There is also seed funding provided by the college. You can apply by visiting the link: https://gustavus.edu/econ-mgmt/seedmoney.php
I invested some money into Venew and also got some seed funding from the college, that was how I was able to start.