If you don't succeed at fundraising the first time, try again, and again!

Raising funding for your start up will always prove to be a challenge. Most start ups trying to raise their first round of funding will fail, just like 90% of start ups fail within a year....


If you don't succeed at fundraising the first time, try again, and again!
© Chessable / depositphotos

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Raising funding for your start up will always prove to be a challenge. Leading experts claim it's a full-time job and for those who have tried, they will find that this is a pretty accurate reflection of reality. Most start ups trying to raise their first round of funding will fail, just like 90% of start ups fail within a year.

Recently I received some inspiring news from a start up I have been following, I am an avid chess fan and have often made time to study this wonderful game. I signed up to Chessable a few months ago when they were crowdfunding. This British start up ran two different crowdfunding campaigns, both of which did not reach their desired target. The campaigns they ran required to reach the full amount or none would be received. Despite my £10 contribution I was sad to see that Chessable did not make it.

I was pleasantly surprised today when I found out that Chessable have completed a round of funding. Chessable has raised £100,000 from private investors, an impressive amount considering their long and drawn out effort. Chessable joins the ranks of only a few funded chess start ups, following on the success of Chesscademy who raised $100,000 a few years ago.

Chessable is an e-learning start up that uses technology, concepts from video games as well as science-based research to improve learning. Think of it as kind of "Memrise for chess". My favorite part of the concept is certainly the gamification which can often help coming up with the motivation required to complete a study session.
This example shows the value of persistence, if you don't succeed the first time, try again. And again.

For Chessable it was third time lucky and for other start ups it may take more perseverance and effort but with hard work, you may just get there.


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