The largest struggle business owners often face is securing capital. Fortunately, there are businesses that have dedicated themselves to helping entrepreneurs find the funding and support they need. We found three examples of businesses that have committed themselves to providing resources for startups.
DreamIt Ventures – This company is a six year-old startup accelerator. Located in Philadelphia, DreamIt Ventures has successfully launched 12 companies. Companies that participate with DreamIt “gain access to premier legal and accounting services, mentoring, access to capital, and a creative, rigorous environment.” Founder David Bookspan believes the key to creating a business that will last is getting funding during the earliest stages of the company’s growth. DreamIt has recently increased its efforts to support Philly startups by creating a goal to raising a $30 million investment fund for alumni; so far they have raised about $10 million.
Pioneer Capital Group – After just one year of operation, this company has provided funding to over 130 small to mid-sized businesses. A unique attribute of this company is their Line of Capital program. The Line of Capital program is able to offer next business day access to capital for restaurant and retail organizations, all without hefty paperwork. Pioneer Capital Group also prides themselves on their personal relationships with their clients. The company creates individualized programs to best suit each client’s needs. Founder Patric Palcic believes this practice is what “makes us different in a marketplace that tends to be rooted in online applications and pre-determined products.”
Upstart – This novel company provides investments in people, not their ideas or business. Dave Girouard quit his job as head of Google Enterprise to found Upstart and pursue his goal of helping recent college grads achieve their dreams. His fresh idea is to get borrowers to obtain funding from investors in exchange for a percentage of their future income. Upstart utilizes a unique algorithm to determine a candidate’s likelihood for future success. If you know a recent college grad with a big idea, send them over to Upstart.
DreamIt Ventures, Pioneer Capital Group, and Upstart are just a small fraction of companies out there that can offer alternative sources of capital and create new opportunities for your business. Have you experienced issues finding access to capital and found a creative way to deal with it? Please share your strategies and success stories with us; other small businesses can certainly benefit from your savvy.
Photo Credit: Thetaxhaven, Flickr