Read more: 鈥�Graduate Special 2013鈥�
Got a great idea for a business? You are not alone. According to a recent survey of more than 2000 graduates, .
The good news is that once you鈥檝e got a cracking idea, you鈥檙e halfway there. 鈥淵ou need a product or service that no one else is making at the moment, so that you have something that people will want to buy from you,鈥� says David Bott, director of innovation programmes at the in Swindon, a government programme that supports partnerships, collaborations and innovation across businesses and government.
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You will probably pitch your idea to 鈥渇riends, family and fools鈥� first, says Bott. But before you pitch it to serious investors, you should be able to answer three questions. What is the problem and why has no one else solved it? How will you solve it? How will the investor get their money back?
Crowdsourcing is a growing source of funding, with investors donating small sums on platforms like , and . Then there is the traditional route in the private market, which involves pitching to 鈥渁ngel鈥� investors and venture capitalists. Ben Selby at , a start-up collective that runs events and competitions, recommends 鈥� a sort of social network in which investors and entrepreneurs can connect. Pitching events, which you can apply to join or be invited to, are held by organisations like Digital Shoreditch, Dreamstake and .
聯You鈥檙e betting the next couple of years of your life on an idea. That risk appetite is both exhilarating and scary聰
鈥淚t鈥檚 worth a go when you鈥檙e young and you have no commitments,鈥� says Bott. 鈥淏eing an entrepreneur means you鈥檙e taking risks 鈥� you鈥檙e betting the next couple of years of your life on an idea. That risk appetite is both exhilarating and scary.鈥�