Following on from the last post where Steve Vosloo, Mobile Impact Evangelist at mLab Southern Africa (SA), interviewed Ryan Delk, here are a couple of questions that Ryan suggests every startup should be able answer:
- What is your company’s target market for the product?
- Are you aware of other competing or substitute products?
- What barriers to entry exist to keep other competitors from entering the market?
- How does your company plan to monetise this product?
- What are your immediate needs for growth?
- How are you handling the technological infrastructure for scaling up?
- Do you have any customers currently?
- Why are you asking for this amount of money? Where exactly will it go and how will it be used?
- What are your current and projected profit margins?
- Are there any positions on your management team or board of directors available for a venture capital firm or investor to potentially fill if they were to invest?
