On May 23rd, EDN’s Business Counselling Coordinator, Archie Gillis, held a workshop at the Halifax Central Library discussing topics related to starting your own business, business start-up resources, arts-based businesses, available business programs and services in Nova Scotia, inventing and patenting new products, and business in the digital age.
Archie spent a portion of the workshop talking about government funding sources. There are many different funding options available, many catered to specific criteria. It is a good idea to sift through a variety of options to narrow down some that may be of benefit to you. Two great links to check out are:
Later, Archie discussed the concept of “bootstrapping” which refers to an individual using their own financial resources to get their business started and then putting all of the funds and profits generated from that money back into the business. The following link provides some good advice on the concept of bootstrapping:
Another topic that Archie touched on was the “lean startup” method, proposed by Eric Ries, which is a method for the development of businesses and products. Ries’ overall claim is that if startups invest their time into iteratively building products or services to meet the needs of early customers, they can reduce the market risks and sidestep the need for large amounts of initial project funding, expensive product launches and failures. For more information on the lean startup method, Ries’ bestselling book is titled “The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses.”
Finally, Archie discussed “Crowdfunding” which refers to the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the internet. A worthwhile crowdfunding website to check out is: