Learn how you can use Fundica to search and apply for finance for your startup.
“I would say the next greatest challenge entrepreneurs face is the need to find the right team and clients.”
– Mike Lee
After spending 10 years in the financial industry, Mike Lee recognized the need for accessible funding, information and opportunities. To solve this problem, Mike created Fundica; a web service to help entrepreneurs choose the right opportunities for their business. Mike and Fundica now help to close the financial illiteracy gap in Canada by directly connecting entrepreneurs, funders, advisors, governments, and other organizations promoting entrepreneurship in Canada.
Why was Fundica created?
Fundica was started because I had worked in the funding world for over 10 years and it was clear that identifying funding was always a big and persistent problem. I worked with experts, purchased CDs/books, and consulted numerous lists; but nothing was very useful long term in this respect. It became apparent that this big problem could be solved through the use of web technologies.
What do you feel is the greatest challenge that entrepreneurs face in Canada?
Although I mostly hear about the funding challenge; I would say the next greatest challenge entrepreneurs face is the need to find the right team and clients. It is the fact that you basically need all three elements to come together that makes it most challenging for entrepreneurs.
Do you feel there is too much emphasis placed on government in solving the problems of entrepreneurs? Whose role is it: Media, Education, Government or startups themselves?
In my opinion, governments should where possible remove impediments in the form of red tape for entrepreneurs, establish proper education and other institutional systems, provide focused private sector funding support when it is advantageous for society as a whole, and then get out of the way. Entrepreneurs should be responsible for the rest.
What is the biggest lesson that you have learned from building Fundica?
Get a great, smart, fun team together. You will spend a lot of time with them.
What advice do you have for entrepreneurs who are starting up today?
Get ready to work hard and long. You have to feel that you are trying to change the world and not be there for other reasons.