Ian Mashiter of Boston University-Questrom School of Business has some funding tips for entrepreneurs.
Mashiter is senior lecturer of strategy and innovation at the Questrom School and director of Buzz Lab, Boston University’s center for entrepreneurship. He gave his tips in a commentary piece for Fortune.
“Entrepreneurs often forget the basics of good business when searching for funds,” Mashiter said in the Fortune article. “They think money from any source is good money, and in the process, set themselves up for failure.”
Among his key insights:
- Equity financing isn’t right for every startup.
- Other sources of funding include business plan competitions, incubators/accelerators and even customers who pay in advance.
- Having investors can complicate operations.
- The best investors have experience, relevant expertise, a good network, a tolerance for ups and downs and a compatible personality.
- Getting a strong introduction to a potential investor is essential.
At Buzz Lab, Mashiter oversees offerings including mentorship, co-working, events, and rapid prototyping space. According to his Buzz Lab bio, he is an angel investor himself and a member of Hub Angel and Launchpad Ventures. His experience includes serving as a board member, CEO, and co-founder of telecommunication companies including Quarry Technologies, Ennovate Networks, Dymec, and Kinetic.
Buzz Lab holds open hours from 10 a.m. to noon EST on Fridays. Upcoming events include the Pitch & Pizza Competition on Feb. 5 and Startup Bootcamp 2016, a one-day intensive program slated for March 19. Keep up with other entrepreneurship happenings at Boston University by signing up for the Buzz Lab & Entrepreneurship at BU newsletter.