The Entrepreneurial Race Part 4: Getting Sponsors

This is the fourth post in the “Entrepreneurial Race” series. Click here to read Part 1: Getting to the Track (funding options), Part 2: Picking a Pit Crew  (selecting a Board of Advisors), and Part 3: On Your Mark, Get Set, GO! (launching).

Race cars have a lot of stickers on them. Each one represents a sponsor that has paid to have their logo placed on the vehicle with the expectation it will be seen in person, online, on TV, in a magazine, and in other images of the vehicle. The sponsorships help the race teams to pay their drivers and pit crews as well as cover fuel, tire, and maintenance costs for the race car.

Most entrepreneurs need to enlist their own sponsors at some point in their startup lifecycle. In order to get “stickers” on their startups to cover costs and accelerate growth, the founders must go out and pitch their businesses to potential investors [for more on four different funding options, check out Part 1 of this series].