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On this morning’s WJR Business Beat, Jeff discusses how venture capital and angel funds have been impacted by the COVID-19 crisis.
This type of funding is typically invested in companies in the early stage, with additional investment as companies achieve critical milestones and dispel risk as they grow.
This morning, Jeff offers advice for what these businesses can do to stay afloat:
- If you’re leading a startup company, you must cut your costs now to critical costs only. Reserve and preserve the capital you have on hand.
- Create a disaster survival plan for the short term, and demonstrate to your investors (current or prospective) that you have a plan to get through this.
- If you need financing now, ask your current investors if they’re able to pitch in. Ask them to give you references to friends and other angels or sources of capital they can introduce you to.
- If you qualify, rather than lay off employees, go to the federal relief funding programs and source that capital to keep your staff going and keep your company rolling.
Listen in below:
“If you get through this, remember that you have a chance to come through on the other side stronger than ever.”
– Jeff Sloan
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Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.