Don’t Make These Fundraising Mistakes

Raising money is hard, whether it be for a for profit or not for profit. You will need a plan and the right people to do it. For most entrepreneurs, it is a full time consideration.

If you plan to raise money, here are some mistakes to avoid:

1. Not having a capital raising plan
2. Not learning how to tell your story or finding someone who can
3. Focusing on features and not benefits
4. A product or service that is not ready for investor prime time
5. A product or service that is not ready for health system prime time
6. Wrong people on your team
7. You suffer from Founder’s Syndrome
8. You suffer from Craniorectal Inversion Syndrome
9. You make too many rookie mindset mistakes
10. You don’t have a VAST business model that is evidence based
11. You have not mastered the fundamentals of entrepreneurship
12. You haven’t navigated the bumps in the road
13. Not paying attention to new trends in financing ventures
14. You are Linkedout and have limited networks
15. Your website is all about you. I’ll bet you think this blog is about you, don’t you.

Here is why your startup will fail, and , more specifically, why your digital health startup will fail.

Raising money, like all business, is about developing relationships with the right people at the right time. Re-read How to Win Friends and Influence People.

Better yet, I know you won’t take my advice since that will take more time than watching a 3 minute You Tube video, so here is a summary. OK. Here’s the You Tube video too.

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Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs at www.sopenet.org