Understanding the funding landscape for minority-owned startups is the first step towards bridging these disparities. Despite accounting for a significant portion of the entrepreneurial community, minority-owned startups receive only a fraction of the total venture capital funding. Several studies indicate that unconscious biases, lack of representation in decision-making bodies, and limited access to networks are among the major obstacles for minority entrepreneurs.

But it’s not all gloom and doom. Amid these challenges, IT grants have emerged as a beacon of hope, leveling the playing field for minority-owned startups. Unlike traditional funding sources, IT grants do not require equity dilution or repayment. They are essentially ‘free money’ designed to fuel innovation and support entrepreneurs from diverse backgrounds. For instance, a tech startup focusing on cybersecurity solutions successfully secured an IT grant, allowing them to expand their operations and hire a diverse team. The positive ripple effect of this IT grant went beyond immediate financial relief, contributing to a broader push for diversity and inclusivity within the industry.

Numerous IT grants cater specifically to minority-owned startups, both from government entities and private organizations. These include programs like the Small Business Innovation Research (SBIR) grants, the Minority Business Development Agency’s (MBDA) grants, and many others. While the application processes and eligibility criteria can vary, these grants typically seek businesses that exhibit innovative potential, robust business plans, and a clear commitment to fostering diversity.

The impact of these IT grants on minority-owned startups is transformative. Apart from providing much-needed capital, they offer validation and increased visibility in the competitive startup ecosystem. Data shows that startups funded through IT grants are more likely to survive, scale, and succeed. For example, an AI-based edtech startup, initially funded through an IT grant, went on to secure further venture capital and has now expanded its footprint across several countries.

Despite the many advantages, securing IT grants isn’t without challenges. Minority-owned startups may face hurdles in crafting compelling grant applications or navigating the often complex application processes. Fortunately, there are ways to overcome these challenges. A well-prepared business plan, clear demonstration of the solution’s uniqueness, and potential societal impact can significantly enhance a startup’s chances of securing an IT grant.

Beyond the financial aspect, collaborations and partnerships with established corporations play a vital role in promoting diversity in tech. Many companies are stepping up their efforts to support minority entrepreneurs through mentorship programs, networking opportunities, and direct grants. These initiatives not only promote diversity but also foster innovation, as they bring together different perspectives and ideas.

Looking ahead, the future of IT grants for minority-owned startups is promising. There’s increasing recognition of the need for diversity in tech, and IT grants are becoming more mainstream and accessible. Policy changes at the governmental level and advocacy from industry leaders are also encouraging signs. However, to fully bridge the gap, there’s a need for sustained effort and support from all stakeholders.

In conclusion, IT grants have emerged as a pivotal tool in breaking down barriers for minority-owned startups. They provide not just financial support but also create opportunities for visibility, validation, and growth. As the demand for innovative solutions grows, fostering diversity in the tech industry has become more crucial than ever. The impact of IT grants on minority-owned startups extends far beyond individual businesses. It extends to entire communities and society as a whole.

One of the significant advantages of IT grants for minority-owned startups is the positive feedback loop they create. As more diverse entrepreneurs receive support and achieve success, they become role models and inspire others to follow in their footsteps. The mere presence of diverse success stories challenges stereotypes and dispels misconceptions, leading to a more vibrant and dynamic tech ecosystem.

Moreover, the products and services developed by minority-owned startups often address challenges faced by underrepresented communities, resulting in more inclusive solutions. For instance, a minority-owned healthtech startup focused on telemedicine is providing accessible healthcare solutions to remote and underserved communities, bridging the healthcare gap and improving overall well-being.

In the grand scheme of things, promoting diversity through IT grants is not just about providing opportunities for individual entrepreneurs; it’s about fueling innovation that impacts society positively. Diverse perspectives bring fresh ideas and approaches to problem-solving, leading to breakthroughs in various fields. These innovations, in turn, can address global challenges such as climate change, public health crises, and social inequalities.

However, despite the progress made, there are still challenges that need to be addressed to make IT grants even more impactful. One such challenge is ensuring equal access and awareness of available grants among minority entrepreneurs. Not all startups may be aware of these opportunities, and some may face barriers in accessing relevant information and resources. 

Another area of concern is the sustainability of the impact generated by IT grants. While the grants provide crucial initial support, startups need continued mentorship, networking opportunities, and further funding to ensure long-term success. Partnerships between corporations, investors, and IT grant recipients can help nurture these startups and provide them with the support needed to thrive even after the grant period has ended.

As the tech industry continues to evolve, it is essential to prioritize diversity and inclusivity at every level. Startups, investors, policymakers, and industry leaders all have a role to play in creating an ecosystem that welcomes and supports entrepreneurs from diverse backgrounds. In this regard, IT grants are just one piece of the puzzle. Collaborative efforts to foster an inclusive culture, eradicate unconscious biases, and promote diverse hiring practices are equally critical.

These grants provide minority entrepreneurs with the much-needed stepping stone to turn their visions into reality. But the journey doesn’t end there. To maximize their impact, IT grants should be coupled with ongoing support, mentorship, and an inclusive ecosystem that encourages diversity and embraces innovation. As we move forward, let us work collectively to build a tech industry that thrives on the strength of diverse ideas, experiences, and voices, benefiting us all and creating a brighter future for generations to come.

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Small businesses involve stable operations that generate relatively small profits. Such companies cover a local or regional market, have a ready-made product or service to sell, and do not require major investment. Sometimes a small business is called a startup because it is expected to scale in the future. However, there are certain differences between these two concepts, which you will read about below.

The life cycle is a path that describes the stages of a startup’s development, beginning with the idea and ending with its full payback. All of the work is carried out in a strictly defined sequence, but the number of stages and their duration may vary. A startup has four to eight stages.

These are the 5 most successful startups in Munich in recent years

PERSONIO

The Munich startup Personio was founded in 2015 and, as a holistic HR software, offers great support in personnel management for small and medium-sized companies. The program can be used to recruit and manage employees, making the process transparent, orderly and measurable for HR managers. In its last round of financing, Personio was able to collect around 75 million US dollars, which means that the investment volume is now 130 million US dollars. Well-known investors invested in the startup and continue to send Personio on the road to success, which is why it can currently be described as one of the most successful startups in Munich.

KLARX

Another up-and-coming Munich startup is Klarx. The company, which was founded in 2015, offers customers an online rental platform for construction machinery. Regardless of whether it is an excavator, compressed air device or telescopic machine, thanks to its large partner network, the start-up enables the logistics and insurance of the machines so that customers can rent machines quickly and easily. The start-up is now supported by many well-known investors and has already recorded investments in the double million-euro range. Thanks to the financial resources, Klarx has well over 350,000 machines available throughout Germany. Therefore, the goal of the founders is: to be the number 1 contact person for every need on the construction site.

TEMEDICA

The health startup Temedica, founded in 2016, was able to register a successful round of financing due to the growing economic sector. Because it collected a total of 17 million euros and thus catapulted itself into the top league of startups. The concept behind Temedica is digital therapy support, which is why the company is currently on the market with various apps for healing and sustainable medical care. The plan is to work together with different cooperation partners and to develop products.

MECURIS

The concern of the medtech startup Mecuris is to lead orthopedic technology into the digital age and to revolutionize it. Because the young company, which was founded in 2016, would like to use a web-based platform to develop prostheses and other orthopedic aids that are individually adapted to patients. Mecuris is starting this year with growth financing of 3.6 million euros, thanks to investors such as Bayern Kapital and the High-Tech Gründerfond (HTGF). With this money, the startup is now aiming to increase market penetration on the European market and can therefore rightly be counted among the most successful startups in Munich.

PLANTURA

The startup Plantura is also one of the most successful startups in Munich. Plantura has been one of the most successful digital garden magazines with millions of nature-loving customers since 2017. The founders also have millions of visitors on their website and on social networks. They not only generate digital content. Because Plantura also offers sustainable garden products and serves an industry that has great growth potential. The young companies plan to expand their product portfolio and expand their team in the future.

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What is HEIC, and why convert it?

There are a number of file formats that we use in our daily lives. However, some of them are the most common. Like JPG files, it is the most common file type in the world. Aside from that, some file types that are less commonly used in software and devices—even some software—do not support these file types. These file types include HEIC files.

HEIC is a great format with so many great options. It is one of the most secure options for preserving images in full quality. Although the reason that makes it a bit more difficult to use is that most devices or software do not support the HEIC file format,

Web apps to convert HEIC to JPG

Now there are diverse options for Android and Windows users for converting HEIC files to JPG files. Some might recommend downloading software or HEIC image viewer tools to view the photo. Although it will take a lot of time and it looks very frustrating, why not completely convert the HEIC file to JPG?

For that purpose, using Web apps is the best way to convert the HEIC to a JPG file. The reason is that you don’t have to download any software for it. All you have to do is open your browser, select a Web app, and drop the HEIC image there. Click convert, and your HEIC file will be converted to a JPG.

Following are the best Web apps to convert HEIC to JPG.

• CloudConvert
• AnyConv
• FileZigZag

CloudConvert

CloudConvert is the best solution for converting HEIC to JPG. Using the cloudconvert tool, you can even change the file resolution and format. Moreover, there is an option, so if you want to change the height or width of some images, then you can change them to specific dimensions using the cloudconvert tool.

You can convert the Heic image file to any other format. If you want to change it to JPG, then with a single click, you can choose the JPG file before converting it. So, in short, the cloud converter is a very good platform to use. There is no rocket science in it. You can start using it right away without the need for any third-party tools or software.

AnyConv

If you want to convert HEIC to JPG, then using AnyConv is a great web app to do it. Right now, more than 60,000 daily users use the features of AnyConv.

AnyConv is a great platform for converting HEIC to JPG. All you have to do is drop your HEIC file into AnyConv, select the JPG format, and click on convert. The file will be converted within a few seconds without losing its original size or resolution.

FileZigZag

I present to you another free online file conversion software, FileZigZag. It is a great platform to get your files converted to your desired file type. When it comes to file resolution size and overall quality, FileZigZag is quick and very effective.

If you want to convert HEIC to JPG, then FileZigZag can be the best web app. Most of the time, people need urgent and quick conversion of HEIC files to JPG files. For that reason, using FileZigZag is the best option because it is very quick and efficient in that case.

Conclusion

So if you are in need of converting HEIC files to JPG, then try to use the above tools. Each of them are legit tools that will help you a lot in converting the HEIC file to a JPG file. There are also other features available in these Web apps for file conversion, such as video file conversion, document file conversion, and many others. So always choose any of those web apps for conversion of an HEIC to a JPG file if you are in need of it.

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Starting a company from scratch is a serious undertaking; you need to build a team, find customers, and keep the business running smoothly. And above all, you need funding to get started. But not all startups have investors and unlimited budgets. Most startups choose to bootstrap and fund with their own money. While this can be very good for founders, as they retain 100 percent ownership of the product and business, it is simultaneously challenging when founders have limited financial resources to launch and run the company. However, if you are determined, focused and passionate about building your startup company with all the resources you have, success will not be long in coming.

The process of creating a successful bootstrapping company – 0 from business model, audience definition, website creation and sales

Bootstrapping is best for startups or companies that don’t want to take on debt. Here are a few reasons why you should choose bootstrapping for your startup:

You can keep 100% ownership of your business, thereby keeping all profits with you, no need to share with investors.
Bootstrapping is cheap, which means a low cost of entry into the business.
You become more versatile because your success will depend on how well you perform.
When private investors invest in a company that has been bootstrapping as long as possible, the company’s valuation goes up.
Bootstrapping doesn’t require any fancy technical knowledge or an MBA. With the right amount of persistence and creativity, you can make your business work for your own money. Some helpful tips for bootstrapping when starting a new company:
Starting bootstrapping – define your business model
Before you get started, it’s important to define your business model. What will you be selling? How much are you charging for that product or service? Don’t forget to consider the cost of your labor. If you are considering a dropshipping business, you need to know what your profit margin is on each sale.

Once you have the answers to all of these questions, it will be easier for you to plan how to start and run your business. Determining your business model will help you decide how best to start monetizing your content. For example, ad revenue, affiliate marketing, and Patreon are all great ways to monetize content to create a company on a limited budget.

Target your customers from the start
When working with small funds, one of the important things bootstrappers do is focus on customers and sales from the start. If you don’t have the resources to do extensive market research, you should communicate with your current and potential customers to understand their needs and get their feedback on your products or services.

You should also focus on providing excellent customer service. If your company is willing to do its best to provide a pleasant customer experience, you can win customer loyalty as well as get important referrals. Increasing the number of referrals can help you grow your business without spending more money on advertising.

Develop your brand online
Social media is where people spend most of their time these days, making it a good place to advertise and promote your products or services. Social media marketing is an easy and inexpensive way to draw attention to your product or service. If you’re just starting out, you can start with a social media campaign and experiment with different strategies that work best for your business.

For example, you can run a prize draw and ask your followers to tag your company in their profiles or posts. With social media marketing, you can target specific groups of people who will be interested in what you offer and connect with them on social media.

Interacting with potential customers on social media can also help shape your marketing approach and develop and launch your products. The more your company connects with its customers, the more you will know about what they are looking for and how they will respond to your company, products or services.

Reduce the cost of renting space, work with a team in a co-working space
While an attractive office space can provide a fantastic work environment, it can be a costly investment for an entrepreneur who is just starting out. In addition to rent, you’ll also have to afford new equipment, furniture, and a host of other operating expenses.

To cut costs, you may want to consider using a co-working team co-working space. In addition to saving money, working in a co-working space will allow you to network with other companies, professionals in this open space, to get advice, collaborate with them, or even reach out to an investor.

Request instant payments.
To avoid putting your bootstrap company in a financial dilemma, such as insufficient cash flow, you can ask your clients to pay for your services up front. This will allow you to keep reinvesting money into your startup and minimize the chance of disruption.

You can include payment terms in the contract, such as late fees, or ask for advance payments. Insist on a payment plan; the earlier the payments are made, the better.

Seek help from resources and services
As your company grows, at some point you will need to hire people for different purposes. For starters, consider hiring consultants or hiring freelancers to get you started. For example, managing all IT operations in-house can be quite costly.

To save time and money, you can outsource them to IT companies. Another cost-effective way to find help or talent is through employment-oriented networks or job sites such as LinkedIn, Indeed.com and ZipRecruiter. These networks are great for finding people with certain skills or knowledge that could be useful to your company.

Be persistent and enjoy the benefits of bootstrapping
Yes, you got it right. Being calm and relaxed is the key to enjoying bootstrapping. Because of limited resources and funding, bootstrapping becomes a long and stressful process. Therefore, it is very important that you take time to relax and enjoy what you are doing so that you don’t burn out. This will help you stay productive and fresh and keep your sanity.

Remember that bootstrapping takes time. So be patient – in the end, you’ll enjoy creating something amazing with your own money.

Risks, pros and cons of bootstrapping
What to look out for when bootstrapping. When deciding whether to bootstrap, keep in mind that building a company without investment can take much longer.

In addition, venture capitalists and investors usually have extensive networks, knowledge and advice that can help grow your startup. As a result, if you build your company on your own, you may lose valuable professional connections.

Without investor support, it can be harder to find collaborative opportunities that can lead to new markets or greater visibility.

Most importantly, investing your own money or personal assets to start your own startup means that you will face significant financial risk, especially if the business fails. Bootstrapping implies that your entire startup is up to you – and only you.

Bootstrapping a startup can be a very rewarding experience. You’ll learn a lot about building a business from scratch, and there’s no greater feeling than being your own boss. You’ll just need the right know-how, experience and determination to turn your passion into a profitable business.

The post Bootstrapping: how to launch a startup business from scratch without attracting investment appeared first on Platcomventures.

At the first stage of a project, it is often recommended to make a lot of documents: description of the concept, mission, necessary regulations – i.e. materials without which new team members will have a hard time understanding what your project is about. It’s not a fact that you will necessarily need all the files later in your work, but you will definitely need them when you’re drafting key documents for investors.

Detailed project presentation
You should definitely have a document ready from which a person who does not know the scope of your project will understand what you do, for whom and how. The document answers the usual questions: what we do, who we do it for, how we do it, who we are, what our plans are, who our competitors are. If you, like me, are thrown into a working stupor by open blank files, then use the presentation template at canva.com – there are already structured templates there with minimal design and icons for you to visualize processes and figures with.

Project Business Plan
Even if you haven’t made any sales yet, you should still have an idea of where the money is in your project, however small and not soon. But if your project doesn’t involve making money in principle, it’s probably in the social or art sphere, and you’d be better served by sponsors rather than investors.

Road map
A document that will spell out what you plan to achieve, when and how. It should consist of several milestones and a description of the processes and resources that will help you get there.

Where I am: identify the stage of the project
To choose the right potential investor and project presentation strategy, you must first determine what you have. There is a simple classification for projects in the first stages of development.

Pre-seed – you have an idea, a team, a working prototype, hypotheses about the audience and sales channels, confirmed by small figures. That is, you have a project that has some people in it, and the project is working confidently, albeit on a small scale.
Seed – you have bypassed all the pitfalls of the previous stage, haven’t gone crazy, haven’t gone to Nepal and are now ready to grow dramatically and strongly.
What stage your project is at will determine your investor search strategy: some funds may specialize in projects of different stages. When you apply to a particular fund, you will need to indicate what your current project status is.

If your stage is confident pre-seed and you haven’t essentially released anything yet, that doesn’t mean you can’t find an investor. The first option for finding an investor would not require you to have a finished product.

On the benefits of hackathons.
If you have a team of developers, even a small one, be sure to participate in thematic or corporate hackathons. A hackathon is a short-term event (most often held on weekends), where teams or individual developers solve a problem announced by the organizer. In addition to possibly winning an impressive prize, which can be used to develop the project, you will meet serious people in your industry.

Companies that conduct hackathons, obviously, are interested in additional products, if your project will appeal to them, you have a serious chance to attract as an investor the organizers of the hackathon, as it was with three teams at once at the hackathon “Assemble University”. You can see a list of upcoming hackathons here.

If a hackathon does not suit you, then nothing prevents you from approaching the investor directly, because thanks to the documents that you have already prepared, you know how much investment you need (although this point is exactly what will be discussed).

Where to find investment for your startup
1.
If your product can definitely be referred to “something tech” (medical technology, financial technology and so on) and it solves some understandable problem, then pay attention to big companies in your sector, many of them have their own investment solutions. For example, QIWI has a separate platform through which you can apply to the company with a request for investment.

2. Peeking at your neighbors
   If you have prepared your project presentation thoroughly and carefully, you probably know all the competitive startups in your industry. Deal information is a big infomercial that very rarely gets hidden. You can check online to see if your competitors have received investments in the last year, and if so, from whom. Feel free to apply to funds that have invested in projects similar to yours: this means that the fund is already working with your topic, understands something about it and will be able to evaluate your project for subsequent investment.

3. contacting directly
   The simplest and most obvious advice, which for some reason no one uses: just write to the investment funds. The website Firrma has a rating of the most active (that is, those who conducted the most transactions) venture capital funds for the year. There are both seed and new funds. The algorithm in this case is as follows: you need to go to the website of the investment fund, try to find a project presentation template there, fill it out and send it together with a cover letter to the address indicated on the website. Investment funds do read the letters that come to them. They make money on investments and certainly don’t want to miss out on interesting options.

I highly recommend finding a specific fund presentation template and working with it, because you will be asked to provide information in standard form anyway, and you will just lose time and some credibility if you don’t use a document that is in the public domain.

Contests
One format for going out to invest is startup contests. More often than not, an investment fund and some large firm come together to organize them, and the winners receive prizes from both: in the form of investment, in the form of firm services, or both. For example, the First Heights contest is run jointly by consulting giant McKinsey & Company and large investment fund Winter Capital. But the most famous startup competition in Russia is GenerationS. Apart from the main contest it has different nominations each year, the application and peer review process for them may be easier, so check if there is a special nomination on the subject of your project this year, and if so, feel free to apply on the site (the list of special nominations is at the bottom of the main page).

Separately, pay attention to contests stimulating the development of female entrepreneurship. For example, the famous jewelry house Cartier has a competition program for women business leaders from around the world.

By the way, not only Cartier has some women’s acceleration and investment projects. Pink has already written about special opportunities in IT for women.

Choosing an investor for a startup
Important and responsible business. Because an investor not only gives you money, he also gives you connections and opportunities to make the money even more money.

In addition, investment money is not given for free – you can get it only in exchange for a share in the company. That is, letting another participant into your project, whose interests will certainly be solely commercial, you must be prepared for the fact that your actions as the project manager must take into account the possible benefits for the investor.

This is the main difference between investments and loans: the loan can simply be repaid and forgotten, and the investor will stay with you until he himself leaves the project (sells his share). So if your project involves a conditionally simple development cycle and does not require a lot of funds, it will probably be easier and faster to take a loan for business development, and then to attract larger investments for scaling the project.

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