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

Defining Social Entrepreneurship with Going Outro App Co-founder Josh Bunch

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 venture capital 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.

Key Quote

“Opportunities won’t come to you.  You have to go to them.” -Josh Bunch

Biggest Challenge

  • Taking myself seriously
  • Overcoming impostor syndrome

#1 Piece of Advice

“If you have an idea, pursue it.  Don’t let other people convince you it’s a waste of time.”

Download Outro Now

https://apple.co/2NS1jzi

Connect With Josh

LinkedIn: https://www.linkedin.com/in/joshua-bunch-880844ba/

Instagram: https://www.instagram.com/joshyy_sosa/ 

Email: josh@goingoutro.com

Connect With Me

gerald@buyblackpodcast.com

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