Free Fundability Quiz

Are you ready to raise money for your startup?

Leslie Mitts, Managing Practice Leader at the Wharton SBDC and Lead Advisor for the Wharton Venture Initiation Program, tells us that most entrepreneurs coming through her programs are focused on raising capital, even though there are higher priorities in many of their businesses. Since fresh dollars help drive the business engine, this is a natural entrepreneurial concern.

But are you ready to raise money? Going to investors before you are really ready can damage your reputation and may actually hinder future funding efforts.

Team and a Dream uses a unique Fundability Diagnostic to help companies assess their strengths in four key areas:

Team - This is the most frequently cited attribute examined by investors. Many investors will invest in an A-level team and a B-level product, but not the opposite. Having your Seed Team nailed is crucial.

Traction - Showing momentum is a critical element to demonstrating progress and your ability to execute.

Perceived Pain - Do people really need your product? Why? Will they need it in the future?

Product Eco-system - How does your product fit into existing and emerging landscapes? Who else is out there and how big will this market grow?

Find out what you need to succeed and discover your roadmap to getting there.

Take the quiz below to see how well you might expect to score with investors.

PROCEED WITH CAUTION: Only self-aware entrepreneurs should take these results seriously.

Assessing Your Team

Part A:

If you or any member of your current team are not planning on being the CEO, give yourself two points and proceed to Part B.

If someone on your team IS planning to continue on as CEO, then you’ll need to answer yes to both of the next two questions in order to score two points; otherwise, take a zero.

A1. Our CEO has significant, previous management experience in a startup or comparable operating environment (i.e. middle management in a large company doesn’t count!).	1 Point
A2. Our CEO is able to rapidly assess and prioritize our work with the respect of the team.	1 Point

Part B:

Score one point for each answer.

B1. Someone on my team has significant experience in the domain space in which we are starting the company.	1 Point
B2. Our team understands and acts as if they understand the difference between tasks that are urgent, urgent and important, important, and none of the above.	1 Point
B3. This team has terrific chemistry.	1 Point

Your score (0-5) is your Total Team Score.
If you scored three or more, you pass the Team Hurdle.

Traction

Score one point for each item you can answer positively.

1. We have made a few initial sales and have positive indicators from the marketplace for additional sales growth.	1 Point
2. So many good things are happening I am bouncing off the walls with excitement.	1 Point
3. I have added a significant team member (besides myself!) in the past two months	1 Point
4. In the past two months, I received press coverage that would be acknowledged by my prospects as legitimate business coverage	1 Point
5. We recently have achieved a significant product or marketplace milestone (includes a single, initial sale).	1 Point

Your score (0-5) is your Total Traction Score.
If you scored three or more, you pass the Traction Hurdle.

Perceived Plan

Award your Team the number of points indicated after each question that you answer positively.

1. My product or service solves an important problem for a well defined group of people	2 Points
2. My product or service will be in great demand in the future in order to solve problems emerging from a new trend that has a large population of prospects	2 Points
3. My product or service takes advantage of newly available market forces (technology, demographics, societal). The result is an offering that will clearly appeal to an existing, well-known market demographic.	1 Points

Your score (0-5) is your Total Perceived Pain Score.

If you scored three or more, you pass the Perceived Pain Hurdle.

Product Eco-System

Score the stated number of points for each item you can answer positively.

1. My product is unique in a clearly defined (i.e. I can describe the difference in one or two clear sentences) and useful way.	1 Point
2. My product is patented or can easily be patented or I have another competitive barrier (e.g. trade secret, unique manufacturing process, etc.) that will make it difficult for others to compete directly.	1 Point
3. My marketplace is well established but fragmented or my product has “category killer” potential because it is so unique to the market.	1 Point
4. My marketplace is either very big (> $5 Billion/year in sales) with clear room for a product like mine or is rapidly growing with well documented trend lines.	1 Point
5. My marketplace is wide open and there are no competitors	Subtract 1 Point

Your score of (-1 to 4) is your Total Product Eco-System Score.

If you scored three or more, you pass the Product Eco-System Hurdle.

Now that you have completed the scoring, we shall take a look at how “fundable” your company is. Before we do, it’s important to realize that this is a snapshot in time. If you are not satisfied with your score, there are plenty of things you can do to improve it. I’ve seen many of my clients make tremendous progress along these dimensions by extending their team, focusing on sales or tweaking their offering.

Your Fundability Rating:

Free Fundability Quiz: Your Fundability Rating and what it means

NOTE: Team and a Dream offers a professional version of this assessment which offers additional detail and examines nuances that aren’t possible to convey in a simple quiz. If you have an interest in the professional assessment, please contact us.