Your top 5 Startup Questions, Answered
Founding a start-up is like our generation’s ‘becoming a rockstar’. It’s a straight path to fame, fortune… and you might just change the world along the way. Pretty alluring, right?
But, it’s not that easy. Nine out of ten start-ups fail, and this statistic is largely unchanged across all industries. UNSW Founders see a lot of start-ups come through, all with the potential to become that ‘one in ten’.
To help get them there, UNSW Founders has a proven track record of success as Australia’s leading university-based entrepreneurial program. Since 2018, we’ve:
· Provided entrepreneurial skills training to 4,500+ individuals each year
· Provided over 1,800 coaching and mentoring sessions each year
· Supported 200+ start-ups each year
So, as the leading university-based entrepreneurial program, what are the top 5 burning questions UNSW Founders gets asked about start-ups?
How do I get funding for my idea?
You should really be asking ‘why would someone fund my idea?’.
It’s easy to dwell on what you’re giving up when beginning a start-up, your time, effort, and potential earnings. But when asking an investor to part with money to back your idea, you’re asking them to believe in you. This means you need to consider the question of funding from their perspective. What have you proven? What market traction do you have? What customer research have you done? In all, what distinguishes you from what’s already been done?
Re-framing the question from a ‘how’ to a ‘why’ can pave the way to answers that will drive your start-up journey forwards.
Do I need a co-founder?
No, but it is easier to weather the challenges and celebrate the achievements of start-up life with a team.
Statistics do show that having two founders increases the odds of a start-up’s success, which could be attributed to diversity in skill sets and perspectives, and more accountability. Plus, venture capital funds and angel investors often look more favourably on start-up’s with more than one founder. But likewise, teams can be an influential factor in a start-up’s demise, as an absence of collective vision and passion, even when extensive experience among the team is present, makes the start-up weaker.
A team can matter a great deal, and having the right one can be a step towards being that ‘one in ten’ start-up. Besides, who doesn’t love a good water cooler chat?
How do I work or gain an internship for a startup?
UNSW Founders can help you out here! We have access to a network of fantastic start-ups driven by UNSW students and alumni, like Earlywork, who specialise in connecting early career professionals to opportunities in tech & start-ups.
Joining the UNSW Founders Community will give you access to not only resources for a successful career in start-ups, but also a foot in the door to launch said career through advertisements of available jobs and internships. Sign up to the Founders newsletter here and start your start-up experience.
What if someone steals my idea?
The Social Network. WeCrashed. The Dropout. Or even Super Pumped: The Battle for Uber. Start-ups all come down to a game-changing original idea, right?
Before racing to #lawyerup, consider this: taxis existed before Uber. Shared office space existed before WeWork. And Facebook wasn’t the only social network around (MySpace anyone?). Most ideas can’t be protected, and anyway, investors aren’t paying you for an idea – they’re paying you because you prove you can execute that idea better than anyone else.
So, while having a good idea is a start, the journey to bring that idea to fruition better than anyone else would have is the real clincher of what makes an entrepreneur.
I have an idea but I have no clue what to do with it. Where should I start?
Start here! UNSW Founders is here to help students, staff, and alumni to turn your ideas into start-ups.
We have programs tailored to every stage of the start-up journey, and for every type of person wanting to get involved. Just curious? Come along to Foundations, where we hold events and workshops on the first principles of entrepreneurship. Have a great start-up idea? Amazing! We have the Peter Farrell Cup where we support you to take your idea from brainstorming to pitching. Already have a start-up and want some professional coaching? Get involved in Accelerators where we provide seed funding and mentoring from industry leaders and experts.
We also have programs dedicated to empowering today’s generation of women entrepreneurs, New Wave connects women (identifying?) entrepreneurs to industry experts and provides resources to launch start-ups. And for all of the above and everything in between – we have Coach & Connect, 1:1 coaching to help with everything ‘start-up’.
No matter what your idea is or your experience level, UNSW Founders is here to help you make your interest in start-up’s even more interesting.
Follow us on our socials and come along to our next event, and who knows (we know) – your idea might just be the next ‘one in ten’ start-up that’ll change the world!