Buy Black Podcast | The Voice of Black Business: 047: Defining Social Entrepreneurship & Attracting Venture Capital Investors w/ Outro App Co-Founder Joshua Bunch

047: Defining Social Entrepreneurship & Attracting Venture Capital Investors w/ Outro App Co-Founder Joshua Bunch

Jul 16, 2018

Serve Society & the Marketplace Through Social Entrepreneurship

In this very exciting episode my guest, Joshua Bunch, teaches us about Social Entrepreneurship and how to attract different types of investors to get a tech startup off the ground. He and his co-founders developed "Outro", a Yelp-like app that allows users to rate and review bars, clubs and social venues based on safety, atmosphere, and enjoyment. Josh demonstrates how he combined his passions for people and technology to help bring this potentially life-saving app to the public. Join us with pen and paper in hand! This man's got some wisdom to share.

Attracting Investors

How to get funding for your app
- Bootstrapping
- Bank Loans
- Angel Investors
- Venture Capitalists
Crunchbase.com - "The Master Record of Data on the World's Most Innovative Companies"
Types of Venture Capital Investments
- Seed - Money to turn an idea into a product
- Startup - Money for the initial building phase of the business
- First Round thru Fourth Round - Money to build, grow, and scale while adding value to the business
Venture Capitalist Offerings
- Cash
- Resources
- Workspace
- Any or all of these are provided in exchange for a stake in the company (i.e. - ownership equity)
Venture Capitalists Look for Strong Management
- Capture data from users
- Capture feedback from users
- Make your app user-friendly, highly responsive to feedback
- Founders & Managers must know their roles and be proactive

Networking Skills are Critical

Always have a business card on you
Talk to as many people as possible
Attend as many conferences and events as possible
- Free events and conferences are all around you
- Go. To. Them.