I am pleased to announce that my new project, The Minimum Fundable Company® Test, has launched today, Jan. 25, 2016. (See story in GeekWire.)
The MFC Test is a no-cost self-assessment tool for entrepreneurs that measures the fundability of a startup company. A startup that qualifies as a “minimum fundable company” is deemed to have enough of the right stuff to attract the attention of investors.
After hearing at least a thousand pitches for funding over the past 15 years, I created a scoring method that reflects what investors are looking for. If a company passes the MFC Test, it’s likely that they are ready to approach investors. If not, the test results point to areas where the company can improve.
The test’s twenty multiple choice questions have been vetted and refined over the past two years with hundreds of entrepreneurs and investors I’ve worked with.
For example, Jordan Schindler, CEO of Textile Delivery, Inc., took the test in spreadsheet form at several points along his pathway to fundability. The MFC Test was “instrumental in helping us become successful,” he said. “It really pinpointed where the gaps in the company were, and what we needed to change.” His company, which licenses a game-changing technology for embedding long-lasting medicinal substances in fabrics, recently closed its first round of funding.
Another key benefit of the MFC Test? Each question has a short video that explains how to answer the question or gives valuable insights on the topic. Once entrepreneurs understand what investors are looking for, it’s much easier to build a company that will generate interest from the investment community. I emphasize the investor viewpoint throughout the test.
It is my vision that the MFC Test can serve as a standard measure of investor-readiness for startups, investors, angel groups, accelerators, incubators, crowdfunding portals, and more.
Please sign up for the MFC Test at www.mfctest.com and give it a whirl. I welcome your questions and comments.
Bryan
Minimum Fundable Company is a registered trademark of Funding Quest, LLC
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