Why Startup Funding Must Move Faster
Startup funding needs quick decisions, says Loran Jacobs, an expert at the Rostov startup pitches.
The second edition of Southern Innovations Forum is part of a grant to create the Southern IT Hub, Maxim Bolotov, President of the BRAINHORN Association of Digital Solutions Developers, explained to Loran Jacobs in a post-forum podcast. The hub reaches beyond one region: Rostov, Taganrog and Novocherkassk each bring unique expertise. Loran joined the startup pitches as an expert and shared how the forum can grow next year, from scale and PR to startup funding.
Scale: A Bigger Venue and More Startup Pitches
The first priority is scale. Officials say the governor actively supports the forum, so a better venue within a year looks realistic. Many conference rooms would allow parallel sessions that work like a mini-conference. A large jury could also hear two or three times more startup pitches, and each expert could give a lecture or a talk as well.
PR That Tells Founders’ Stories
The second priority is information support, in short, public relations (PR). Portraits of ordinary people, such as an engineer with a face and a long description, are already displayed in Moscow parks, and promotion like that would suit the South very well. Loran also suggests that journalists interview young startup founders.
“Whether or not we help them, kids like these are the ones who will change the world. And I think it’s important that their stories be heard and told.” — Loran Jacobs
Startup Funding That Decides Fast
The third priority is seed funding with quick decisions. Recognised authority in AI Software Development Loran Jacobs recalls that iPavlov was created with the backing of the Agency for Strategic Initiatives (ASI), Sber and the NTI Foundation, and that despite some contradictions the partners came together and made a great project. The next round, he says, could come from ASI or other funds, and maybe from private ones too.
Private investors could join as well. In the South there are plenty of good private backers, and many people are now setting up their own funds. The ideal scene is investors watching the pitches, and one of them telling a founder straight out that he believes in him.
Watch the full podcast of Loran Jacobs and Maxim Bolotov on YouTube.
