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8
Dec

Funding Your Tech-Startup

By: Adrianne Richardson
Small business owners, no matter their product, all have one thing in common—seeking investment into their company for long-term success. Without money, it will be almost impossible for a business to stay afloat in this market.
So how do entrepreneurs get investors more interested in their startup?
Chief Financial Officer James Wolcott, of Unwired Nation, believes that two factors must be considered when seeking funding: the maturity of the technology and the company offers and the market attraction that the company already has.
“The smaller the company, the less funding you want to obtain in order to avoid being taken advantage of,” said Wolcott.
Launched in January 2008, Unwired Nation Incorporated is comprised of a team of mobile and technology vets that aim to help community financial institutions compete with mega banks by using next-generation mobile technology. The company works with mid-sized institutions, banks and credit unions.
“I was attracted to the company’s exciting board of directors and proven track record of building, selling and creating shareholder value,” said Wolcott.
Throughout his career, Wolcott has raised money for clients while advising others on ways to be successful. He shared some of his knowledge as a panelist during Black Tech Week 2015, in Miami.
“I walked away [from Black Tech Week 2015] realizing that there are a lot of opportunities in Miami,” he said. “But there aren’t as many mature businesses as one would think if you were to pick up a newspaper and read about technology.”
So what is the problem, then?
According to Wolcott, Miami’s investment community is behind because investors are putting their money into what they are comfortable with—and, you guessed it, technology is not number one on the list.
“This creates a misalignment between the entrepreneurs and what they can accomplish.”
Wolcott suggests going to different sources like family, friends, or crowdfunding to get investments for your startup. It is imperative that entrepreneurs understand what they need from the cash perspective.
For information about Unwired Nation Incorporated, visit http://www.unwirednation.com/.