In startups you want to use your limited seed capital to produce tangible things that VC’s /angels can look at, get impressed and invest. ( This assumes you want VC/angel investment)
These could be prototypes, beta customers, key business development deals or letters of intent.
At Eko we have just signed a letter of intent with a large bank for our pilot. This is likely to make it much easier for us to move forward on many fronts.
People recognize that it is not easy to get an LOI signed by a large company which is why if you can get that done it gives a lot of people including the startup team a lot of confidence to climb the mountains that lie ahead.
At Eko we managed to do this in a month after formal incorporation. If we can do it and LOI’s are relevant in your startup then so can you.
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