Many founders start with their own financial resources (or those of their family). Often there is no (sufficiently) formulated business plan. Even if you are not applying for funding/loans/investments, the objectives, action plan and risk factors should be set out in writing and the business model formulated. A pitch deck (and the corresponding preparation) is also helpful.

We are happy to support you in developing a business plan and also offer pitch training.

Define your goals “SMART”

Goals must be specific:Formulate your goals in such a way that a subsequent review is possible. Only then can you make corrections and formulate a timetable and schedule that is as precise as possible: When should which goals be achieved (e.g. how many customers and/or sales at what time)? We will be happy to help you formulate SMART goals: specific, measurable, accepted, realistic and scheduled.

Look at your competitors

Enthusiasm about one’s own idea often leads to a failure to examine the requirements in detail. The question of what customers really need and can afford takes a back seat. Customer problem, own solution vs. competitor and market potential must be analyzed in detail. Protection strategies must also be considered.

Our experts have more than 15 years of experience in this field and will be happy to help you.

Be aware of your competencies

In addition to unconditional professional competence, perseverance, negotiating skills, communication skills, the ability to organize oneself and, above all, the ability to deal with setbacks are also necessary. In addition, business skills within the company are also crucial for success or failure.

Sales and marketing

Product, pricing and distribution policy issues are often only given marginal consideration. How should the product be positioned? What is different about it compared to the competition? What about market entry/access and barriers? Sales, marketing and general/administrative (SGA) costs are also usually underestimated in order to enable sustainable growth.

We will be happy to help you define a realistic sales/marketing/service strategy and its financial aspects.

Plan with a financial start-up phase

It usually takes longer than planned before the first sales are generated. Financing plans are often far too optimistic. Capital reserves are often exhausted early on. Self and family exploitation, both financially and in terms of work performance, must not be overstretched.

We will be happy to assist you at any time with our many years of expertise in evaluating your financial plan.

Plan funding and sources of financing strategically

Not every promotion makes sense at all times, which is why strategic planning is important at this point. Points to consider include Time of foundation, available equity capital, phase of the company and foreseeable objectives. Attracting private investors can also be a necessary but also sensible topic.

The planning of a funding/financing strategy is one of our core competencies and we are happy to support/advise you in the corresponding application process, from regional to national to EU funding instruments.

We are also happy to advise you on investors and have access to a broad network of partners, and the necessary company valuation is also one of our services.

Vijay Verma on the differences between the two major Austrian funding agencies – FFG and aws. 

Research and development or deep tech

The difference between the two is that FFG supports projects and start-ups that focus on research and development. Startups that require intensive research for product development are often funded by the FFG.aws, on the other hand, supports startups that are anchored in the high-tech/deep-tech sector or come from the creative industries. But here, too, a high degree of innovation is necessary in order to successfully apply for a funding program.

Payment of the subsidies

The way in which the funding is paid out also differs between the two agencies: in the case of FFG funding, approx. 50% of the total approved funding is paid out in advance. At aws, on the other hand, it is usually the case that the funding is not paid out in advance, but when certain milestones are reached. This means that aws reimburses the costs incurred retrospectively.

Most FFG grants have a 70%, 50%, 90% funding rate and in most cases this is a grant combined with a loan for the company.

Any further questions?

If you have any questions or are unclear about the funding procedures of these two funding agencies, please send a message to verma[at]dhara-solutions.com or via our Contact form and we look forward to getting in touch with you and answering your questions.