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Bootstrapping your Business

Bootstrapping your Business. March 23 rd , 2011. What we do. Support the growth of new and existing businesses with innovative opportunities Facilitate connections Innovator Member Program. How do I finance growth?. Equity – your own investment Leverage it Love money – friends and family

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Bootstrapping your Business

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  1. Bootstrapping your Business March 23rd, 2011

  2. What we do • Support the growth of new and existing businesses with innovative opportunities • Facilitate connections • Innovator Member Program

  3. How do I finance growth? • Equity – your own investment • Leverage it • Love money – friends and family • Leverage it • Angel Investors • Leverage them • Loans • Government support programs

  4. Programs frequently accessed by business • Northern Ontario Heritage Fund (NOHFC) • Employer supports • Youth Interns (FedNor and NOHFC) • IRAP and OCE • Wage Subsidies • IRAP • Canadian Youth Business Foundation

  5. Government Sources • http://www.gfundsonline.com/index.php • http://www.ontario.ca/en/business_program/categories/ONT04_036384.html?category=&itemCount=200&sOrder=Desc • http://www.sse.gov.on.ca/medt/investinontario/en/Pages/Government_Programs.aspx

  6. Bank Financing • Know what you need • Short term vs. long term financing • Set objectives • Shop around • Not all banks are the same • Prepare • Fact vs. Fiction • Performance History

  7. Types of Bank Financing

  8. Show Me The Money • Bankers are methodical not intuitive • Use logic not emotion • Prepare a proposal • Company description, management team, performance history, marketing and production plan, human resources • Remember the 5 C’s of lending!!!!

  9. Strategies to use • Illustrate “skin in the game” • Be proactive – plan • Manage your cashflow (Toys or Tools?) • Do your homework - research • Show market traction • Communicate • Utilize your resources, build the team • Stage your growth – milestones, credibility

  10. Thank-you! • Let us know if we can help Judy Sander NWO Innovation Centre 1294 Balmoral Street, Suite 150 Thunder Bay, ON P7B 5Z5 807-768-6682 judy@nwoinnovation.ca

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