I don't know who else to ask about this so here goes.
The startup I work for is in financial trouble. I'd rather not say which field. We have a product that is ready to be deployed but requires certification that turned out to cost much more than was told to us originally. We already have clients we have contracts for but we cannot finish the job due to lack of said certification. We're based in EU. What are our options for getting investors? Anyone have any portals or sources where I can read up on this?
literally wtf is this shit? like wifi in rural areas where there usually is no wifi or what?
Jeremiah Nguyen
Its a small all-in-one router+battery that can be deployed to run anywhere. First-responders have these sorts of products already but we developed one that costs 5x less, is smaller and faster to deploy. We also use it for public WiFi in cities which is mainly what we're doing so far.
Wi-Fi Alliance. Apparently they were very vague with the full price of the cert. The system is designed so that small competitors have a very difficult time getting their new gear certified. I don't wanna say the amount we need but it's more than 10k less than 100k EU
Side note If anyone on Jow Forums is an entrepreneur and employs people and has invested themselves in their own idea both financially and with time and energy, I salute you. You have balls of steel.
Camden James
Don't run a shit moneyhole and you'd have been fine.
Caleb Nelson
you should shill your product to politicians in the european union or european countries. they might even pay that certificate if you shill hard enough. also try to shill your product to the WHO and UN - they love shit like that. just talk about disaster relief etc etc.
Ayden Diaz
wait... so... your company is going to die before it gets off the ground because of government redtape?
We've been trying to do the EU thing heavily for months now but apparently it's not enough. They promise a lot but getting the actual money is a different story. I could go into more detail but I don't think it's nescesarry. Ironically we should have been more focused on getting more funding rather than developing the actual product. as apsurd as it sounds, we would be in a better position now.
I'm going to try and find local investors that could be potentially interested in what we're doing.
it was run better than you think. we really have something that's has tremendeous potential worth but at this point, that's exactly what it is, potential.
It's not gov't redtape, it's bigger companies bullying other companies and pushing to set standards that are difficult or impossible to meet. But yeah, government isn't helpful in this case either. Honestly, as someone who was previously interested in entrepeneurship and starting my own business I'm seeing a totally different side to it now and it's making me feel quite small in the world, like it's impossible to get a business moving and stable. Making new tech is so risky man
Ian Lee
You need to gamble, there are plenty of ways to go about it, bank loans, investing firms, random IT firms than may have interest, people that are not even in that area but are willing to take a risk or just deploy it with hope that you'll make the money for the cert and get it before the shit hits the fan.
Jace Carter
Just release it anyway. How bad could the fines be... when compared to going bankrupt immediately?
Brandon Harris
we cannot do the work that we have to do by the contract if we don't have the required certification
Xavier Campbell
so, Wi-Fi Alliance protecting you from using not certified product. cool story. now you know why other product costs 5x. try to open cheap restaurant.
Asher Thompson
kickstarter
Evan Peterson
lol working for “startups” in 2019
Nicholas Mitchell
Get the cert somewhere else or move location of your startup
