Starting a business can be very expensive. Only a few lucky entrepreneurs manage to get the ball rolling without any external funding. Business owners are always on the lookout for the right connections, funding, and network, but at the end of the day, it’s not about how much you know. It’s all about how much you’ve got!
Operating an unconventional such as psychedelics can be very difficult. However, as the industry grows, investors are also getting more eager about investing in psychedelic medicine startups to reap their potential benefits in the future. The recent statistics project that the psychedelics sector will grow by $6.8 billion by 2027.
If you’re seeking financial help for your psychedelics medicine business, here are some of the things investors look for before investing:
Commitment and Passion
The first thing investors look for before investing in a company is the motivation behind the startup. They try to know the story behind the enterprise and the founder’s commitment.
Investment in any company is a risky move, and in case of a wrong decision, they can lose all their money. Psychedelic investors also value when owners self-fund as it shows that they are willing to put in the same effort.
A Viable Business Plan
After you approach an investor, the first thing they look for is a viable business plan. Pitch a business plan to an investor instead of an idea. An innovative and unique business proposition seems more professional and will play a major role in convincing the investors.
Another thing most investors look for is hard data. The reason why they want to give you their money is to make more. So make it your job to show them what your company can achieve and how they can possibly benefit from it long-term.
The psychedelics industry is growing rapidly and is expected to grow at a CAGR of 14%. Make sure your investors understand the excellent financial prospects of the industry to fund your plant-based medicine venture.
If you’re ready to get started, The Conscious Fund is the place to be! We help fund psychedelic medicine companies that help deliver better treatment for mental health conditions like anorexia, addiction, and chronic pain.