{"id":6082,"date":"2025-09-24T12:34:36","date_gmt":"2025-09-24T09:34:36","guid":{"rendered":"https:\/\/www.innobridge.org\/?p=6082"},"modified":"2026-05-08T09:01:43","modified_gmt":"2026-05-08T06:01:43","slug":"funding-for-startups-from-bootstrapping-to-first-investment","status":"publish","type":"post","link":"https:\/\/www.innobridge.org\/en\/funding-for-startups-from-bootstrapping-to-first-investment\/","title":{"rendered":"Funding for startups: from bootstrapping to first investment"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">\u041f\u044a\u043b\u043d\u043e \u0440\u044a\u043a\u043e\u0432\u043e\u0434\u0441\u0442\u0432\u043e \u0437\u0430 \u043d\u0430\u0431\u0438\u0440\u0430\u043d\u0435 \u043d\u0430 \u043a\u0430\u043f\u0438\u0442\u0430\u043b \u0432 \u0411\u044a\u043b\u0433\u0430\u0440\u0438\u044f \u0438 \u0438\u0437\u0432\u044a\u043d \u043d\u0435\u044f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u0424\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u0430\u043d\u0435\u0442\u043e \u0435 \u043a\u0440\u044a\u0432\u043e\u043d\u043e\u0441\u043d\u0430\u0442\u0430 \u0441\u0438\u0441\u0442\u0435\u043c\u0430 \u043d\u0430 \u0432\u0441\u0435\u043a\u0438 \u0441\u0442\u0430\u0440\u0442\u044a\u043f. \u041d\u043e \u0432 \u0411\u044a\u043b\u0433\u0430\u0440\u0438\u044f \u043f\u044a\u0442\u044f\u0442 \u043a\u044a\u043c \u043f\u044a\u0440\u0432\u0430\u0442\u0430 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u044f \u0435 \u0441\u043f\u0435\u0446\u0438\u0444\u0438\u0447\u0435\u043d &#8211; \u043c\u0430\u043b\u044a\u043a \u043b\u043e\u043a\u0430\u043b\u0435\u043d \u043f\u0430\u0437\u0430\u0440 \u043d\u0430 \u0440\u0438\u0441\u043a\u043e\u0432 \u043a\u0430\u043f\u0438\u0442\u0430\u043b, \u043e\u0433\u0440\u0430\u043d\u0438\u0447\u0435\u043d \u0431\u0440\u043e\u0439 \u0430\u043a\u0442\u0438\u0432\u043d\u0438 \u0444\u043e\u043d\u0434\u043e\u0432\u0435, \u043d\u043e \u0438 \u0443\u043d\u0438\u043a\u0430\u043b\u043d\u0438 \u0432\u044a\u0437\u043c\u043e\u0436\u043d\u043e\u0441\u0442\u0438 \u043a\u0430\u0442\u043e \u0435\u0432\u0440\u043e\u043f\u0435\u0439\u0441\u043a\u0438 \u0433\u0440\u0430\u043d\u0442\u043e\u0432\u0435 \u0438 \u043d\u0430\u0440\u0430\u0441\u0442\u0432\u0430\u0449 \u0438\u043d\u0442\u0435\u0440\u0435\u0441 \u043e\u0442 \u043c\u0435\u0436\u0434\u0443\u043d\u0430\u0440\u043e\u0434\u043d\u0438 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0442\u043e\u0440\u0438.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0412 \u0442\u0430\u0437\u0438 \u0437\u0430\u043a\u043b\u044e\u0447\u0438\u0442\u0435\u043b\u043d\u0430 \u0441\u0442\u0430\u0442\u0438\u044f \u043e\u0442 \u043f\u043e\u0440\u0435\u0434\u0438\u0446\u0430\u0442\u0430 \u0449\u0435 \u0440\u0430\u0437\u0433\u043b\u0435\u0434\u0430\u043c\u0435 \u0432\u0441\u0438\u0447\u043a\u0438 \u043e\u043f\u0446\u0438\u0438 \u0437\u0430 \u0444\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u0430\u043d\u0435 &#8211; \u043e\u0442 \u0441\u043e\u0431\u0441\u0442\u0432\u0435\u043d\u0438 \u0441\u043f\u0435\u0441\u0442\u044f\u0432\u0430\u043d\u0438\u044f \u0434\u043e Series A. \u0429\u0435 \u0432\u0438\u0434\u0438\u0442\u0435 \u0440\u0435\u0430\u043b\u043d\u0438 \u043f\u0440\u0438\u043c\u0435\u0440\u0438, \u043a\u043e\u043d\u043a\u0440\u0435\u0442\u043d\u0438 \u0441\u0442\u044a\u043f\u043a\u0438 \u0438 \u043f\u0440\u0430\u043a\u0442\u0438\u0447\u0435\u0441\u043a\u0438 \u0441\u044a\u0432\u0435\u0442\u0438 \u043a\u0430\u043a \u0434\u0430 \u043f\u043e\u0434\u0433\u043e\u0442\u0432\u0438\u0442\u0435 \u0438 \u043f\u0440\u043e\u0432\u0435\u0434\u0435\u0442\u0435 \u0443\u0441\u043f\u0435\u0448\u0435\u043d fundraising \u043f\u0440\u043e\u0446\u0435\u0441.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u041f\u0435\u0439\u0437\u0430\u0436\u044a\u0442 \u043d\u0430 \u0440\u0438\u0441\u043a\u043e\u0432\u0438\u044f \u043a\u0430\u043f\u0438\u0442\u0430\u043b \u0432 \u0411\u044a\u043b\u0433\u0430\u0440\u0438\u044f (2025)<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u0410\u043a\u0442\u0438\u0432\u043d\u0438 \u0444\u043e\u043d\u0434\u043e\u0432\u0435 \u0438 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0442\u043e\u0440\u0438:<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0420\u0430\u043d\u0435\u043d \u0435\u0442\u0430\u043f (Pre-seed\/Seed):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Eleven Ventures<\/strong> &#8211; \u20ac100-200k \u0437\u0430 6-13% \u0434\u044f\u043b<\/li>\n\n\n\n<li><strong>LAUNCHub<\/strong> &#8211; \u20ac200-700k<\/li>\n\n\n\n<li><strong>Innovation Capital<\/strong> &#8211; \u20ac50-500k<\/li>\n\n\n\n<li><strong>Vitosha Venture Partners<\/strong> &#8211; \u20ac100k-1.5M<\/li>\n\n\n\n<li><strong>BrightCap Ventures<\/strong> &#8211; \u20ac500k-3M<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041f\u043e-\u043a\u044a\u0441\u0435\u043d \u0435\u0442\u0430\u043f (Series A+):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Morningside Hill<\/strong> &#8211; \u20ac2-10M<\/li>\n\n\n\n<li><strong>PostScriptum Ventures<\/strong> &#8211; \u20ac1-5M<\/li>\n\n\n\n<li><strong>BlackPeak Capital<\/strong> &#8211; \u20ac3-15M<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0411\u0438\u0437\u043d\u0435\u0441 \u0430\u043d\u0433\u0435\u043b\u0438:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0412\u0430\u0441\u0438\u043b \u0422\u0435\u0440\u0437\u0438\u0435\u0432 (Telerik)<\/li>\n\n\n\n<li>\u0421\u0432\u0435\u0442\u043e\u0437\u0430\u0440 \u0413\u0435\u043e\u0440\u0433\u0438\u0435\u0432 (Telerik)<\/li>\n\n\n\n<li>\u0425\u0440\u0438\u0441\u0442\u043e \u0425\u0440\u0438\u0441\u0442\u043e\u0432 (Payhawk)<\/li>\n\n\n\n<li>\u0418\u0432\u0430\u0439\u043b\u043e \u041a\u0438\u0440\u0438\u043b\u043e\u0432 (Obecto)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0421\u0442\u0430\u0442\u0438\u0441\u0442\u0438\u043a\u0430 \u0438 \u0440\u0435\u0430\u043b\u043d\u043e\u0441\u0442\u0438:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u041e\u0431\u0449 \u043e\u0431\u0435\u043c \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u0438 2024:<\/strong> \u20ac150M+<\/li>\n\n\n\n<li><strong>\u0421\u0440\u0435\u0434\u043d\u0430 pre-seed \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u044f:<\/strong> \u20ac150k<\/li>\n\n\n\n<li><strong>\u0421\u0440\u0435\u0434\u043d\u0430 seed \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u044f:<\/strong> \u20ac800k<\/li>\n\n\n\n<li><strong>\u0411\u0440\u043e\u0439 \u0441\u0434\u0435\u043b\u043a\u0438 \u0433\u043e\u0434\u0438\u0448\u043d\u043e:<\/strong> 40-60<\/li>\n\n\n\n<li><strong>\u0423\u0441\u043f\u0435\u0432\u0430\u0435\u043c\u043e\u0441\u0442 \u043f\u0440\u0438 fundraising:<\/strong> ~5-10%<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u0415\u0442\u0430\u043f\u0438 \u043d\u0430 \u0444\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u0430\u043d\u0435 &#8211; \u043f\u044a\u0442\u043d\u0430\u0442\u0430 \u043a\u0430\u0440\u0442\u0430<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u0415\u0442\u0430\u043f 0: Bootstrapping (0-12 \u043c\u0435\u0441\u0435\u0446)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0418\u0437\u0442\u043e\u0447\u043d\u0438\u0446\u0438 \u043d\u0430 \u0444\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u0430\u043d\u0435:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u041b\u0438\u0447\u043d\u0438 \u0441\u043f\u0435\u0441\u0442\u044f\u0432\u0430\u043d\u0438\u044f: \u20ac5-50k<\/li>\n\n\n\n<li>\u0421\u0435\u043c\u0435\u0439\u0441\u0442\u0432\u043e \u0438 \u043f\u0440\u0438\u044f\u0442\u0435\u043b\u0438: \u20ac10-100k<\/li>\n\n\n\n<li>\u041f\u044a\u0440\u0432\u0438 \u043a\u043b\u0438\u0435\u043d\u0442\u0438 (revenue-based)<\/li>\n\n\n\n<li>\u041a\u0440\u0435\u0434\u0438\u0442\u043d\u0438 \u043a\u0430\u0440\u0442\u0438 (\u0432\u043d\u0438\u043c\u0430\u043d\u0438\u0435!)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041f\u0440\u0435\u0434\u0438\u043c\u0441\u0442\u0432\u0430:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>100% \u043a\u043e\u043d\u0442\u0440\u043e\u043b<\/li>\n\n\n\n<li>\u0411\u0435\u0437 \u0434\u0438\u043b\u044e\u0446\u0438\u044f<\/li>\n\n\n\n<li>\u0424\u043e\u043a\u0443\u0441 \u0432\u044a\u0440\u0445\u0443 \u043a\u043b\u0438\u0435\u043d\u0442\u0438<\/li>\n\n\n\n<li>\u0411\u044a\u0440\u0437\u0430 \u0430\u0434\u0430\u043f\u0442\u0430\u0446\u0438\u044f<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041d\u0435\u0434\u043e\u0441\u0442\u0430\u0442\u044a\u0446\u0438:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0411\u0430\u0432\u0435\u043d \u0440\u0430\u0441\u0442\u0435\u0436<\/li>\n\n\n\n<li>\u041b\u0438\u0447\u0435\u043d \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432 \u0440\u0438\u0441\u043a<\/li>\n\n\n\n<li>\u041e\u0433\u0440\u0430\u043d\u0438\u0447\u0435\u043d\u0438 \u0440\u0435\u0441\u0443\u0440\u0441\u0438<\/li>\n\n\n\n<li>\u0421\u0442\u0440\u0435\u0441 \u043e\u0442 cash flow<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041f\u0440\u0438\u043c\u0435\u0440\u0438 \u043e\u0442 \u0411\u044a\u043b\u0433\u0430\u0440\u0438\u044f:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>SiteGround<\/strong> &#8211; \u0431\u0435\u0437 \u0432\u044a\u043d\u0448\u043d\u043e \u0444\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u0430\u043d\u0435 \u0434\u043e \u0434\u043d\u0435\u0441<\/li>\n\n\n\n<li><strong>Kanbanize<\/strong> &#8211; 7 \u0433\u043e\u0434\u0438\u043d\u0438 bootstrap, \u0441\u0435\u0433\u0430 $10M+ ARR<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0415\u0442\u0430\u043f 1: Pre-seed (6-18 \u043c\u0435\u0441\u0435\u0446)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0420\u0430\u0437\u043c\u0435\u0440:<\/strong> \u20ac50-250k <strong>\u0414\u0438\u043b\u044e\u0446\u0438\u044f:<\/strong> 5-15% <strong>\u0412\u0430\u043b\u044e\u0430\u0446\u0438\u044f:<\/strong> \u20ac500k-2M<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041a\u0430\u043a\u0432\u043e \u0442\u0440\u044f\u0431\u0432\u0430 \u0434\u0430 \u0438\u043c\u0430\u0442\u0435:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>MVP \u0441 \u043f\u044a\u0440\u0432\u0438 \u043f\u043e\u0442\u0440\u0435\u0431\u0438\u0442\u0435\u043b\u0438<\/li>\n\n\n\n<li>\u0412\u0430\u043b\u0438\u0434\u0438\u0440\u0430\u043d\u0430 \u0445\u0438\u043f\u043e\u0442\u0435\u0437\u0430<\/li>\n\n\n\n<li>\u041e\u0441\u043d\u043e\u0432\u0435\u043d \u0435\u043a\u0438\u043f (2-3 \u0434\u0443\u0448\u0438)<\/li>\n\n\n\n<li>\u042f\u0441\u0435\u043d \u043f\u044a\u0442 \u043a\u044a\u043c \u043f\u0440\u0438\u0445\u043e\u0434\u0438<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0418\u0437\u0442\u043e\u0447\u043d\u0438\u0446\u0438:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0410\u043a\u0441\u0435\u043b\u0435\u0440\u0430\u0442\u043e\u0440\u0438 (Eleven, LAUNCHub)<\/li>\n\n\n\n<li>\u0411\u0438\u0437\u043d\u0435\u0441 \u0430\u043d\u0433\u0435\u043b\u0438<\/li>\n\n\n\n<li>\u041c\u0438\u043a\u0440\u043e VCs<\/li>\n\n\n\n<li>\u0413\u0440\u0430\u043d\u0442\u043e\u0432\u0435 (\u0432\u0438\u0436 \u043f\u043e-\u0434\u043e\u043b\u0443)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0415\u0442\u0430\u043f 2: Seed (12-24 \u043c\u0435\u0441\u0435\u0446)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0420\u0430\u0437\u043c\u0435\u0440:<\/strong> \u20ac300k-1.5M <strong>\u0414\u0438\u043b\u044e\u0446\u0438\u044f:<\/strong> 10-25% <strong>\u0412\u0430\u043b\u044e\u0430\u0446\u0438\u044f:<\/strong> \u20ac2-8M<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041a\u0430\u043a\u0432\u043e \u0442\u0440\u044f\u0431\u0432\u0430 \u0434\u0430 \u0438\u043c\u0430\u0442\u0435:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Product-market fit<\/li>\n\n\n\n<li>\u20ac10-50k MRR<\/li>\n\n\n\n<li>\u0415\u043a\u0438\u043f 5-10 \u0434\u0443\u0448\u0438<\/li>\n\n\n\n<li>\u041c\u0435\u0442\u0440\u0438\u043a\u0438 \u0437\u0430 \u0440\u0430\u0441\u0442\u0435\u0436<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0418\u0437\u0442\u043e\u0447\u043d\u0438\u0446\u0438:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Seed \u0444\u043e\u043d\u0434\u043e\u0432\u0435<\/li>\n\n\n\n<li>Syndicate \u043e\u0442 \u0430\u043d\u0433\u0435\u043b\u0438<\/li>\n\n\n\n<li>\u041c\u0435\u0436\u0434\u0443\u043d\u0430\u0440\u043e\u0434\u043d\u0438 VCs<\/li>\n\n\n\n<li>Crowdfunding<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0415\u0442\u0430\u043f 3: Series A (24-36 \u043c\u0435\u0441\u0435\u0446)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0420\u0430\u0437\u043c\u0435\u0440:<\/strong> \u20ac2-10M <strong>\u0414\u0438\u043b\u044e\u0446\u0438\u044f:<\/strong> 15-30% <strong>\u0412\u0430\u043b\u044e\u0430\u0446\u0438\u044f:<\/strong> \u20ac10-40M<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041a\u0430\u043a\u0432\u043e \u0442\u0440\u044f\u0431\u0432\u0430 \u0434\u0430 \u0438\u043c\u0430\u0442\u0435:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u20ac100k+ MRR<\/li>\n\n\n\n<li>\u0414\u043e\u043a\u0430\u0437\u0430\u043d \u0431\u0438\u0437\u043d\u0435\u0441 \u043c\u043e\u0434\u0435\u043b<\/li>\n\n\n\n<li>\u0415\u043a\u0438\u043f 20+ \u0434\u0443\u0448\u0438<\/li>\n\n\n\n<li>\u041f\u043b\u0430\u043d \u0437\u0430 \u043c\u0435\u0436\u0434\u0443\u043d\u0430\u0440\u043e\u0434\u043d\u0430 \u0435\u043a\u0441\u043f\u0430\u043d\u0437\u0438\u044f<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u0415\u0432\u0440\u043e\u043f\u0435\u0439\u0441\u043a\u0438 \u0433\u0440\u0430\u043d\u0442\u043e\u0432\u0435 &#8211; \u0431\u0435\u0437\u043f\u043b\u0430\u0442\u043d\u0438 \u043f\u0430\u0440\u0438<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">EIC Accelerator (\u0431\u0438\u0432\u0448 SME Instrument)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041a\u0430\u043a\u0432\u043e \u043f\u0440\u0435\u0434\u043b\u0430\u0433\u0430:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0414\u043e \u20ac2.5M \u0433\u0440\u0430\u043d\u0442<\/li>\n\n\n\n<li>\u0414\u043e \u20ac15M equity \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u044f<\/li>\n\n\n\n<li>\u0411\u0435\u0437\u043f\u043b\u0430\u0442\u0435\u043d \u043a\u043e\u0443\u0447\u0438\u043d\u0433<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0418\u0437\u0438\u0441\u043a\u0432\u0430\u043d\u0438\u044f:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0418\u043d\u043e\u0432\u0430\u0442\u0438\u0432\u0435\u043d \u043f\u0440\u043e\u0434\u0443\u043a\u0442 (TRL 5-9)<\/li>\n\n\n\n<li>\u041f\u043e\u0442\u0435\u043d\u0446\u0438\u0430\u043b \u0437\u0430 \u0441\u043a\u0430\u043b\u0438\u0440\u0430\u043d\u0435<\/li>\n\n\n\n<li>\u0415\u0432\u0440\u043e\u043f\u0435\u0439\u0441\u043a\u043e \u0438\u0437\u043c\u0435\u0440\u0435\u043d\u0438\u0435<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041f\u0440\u043e\u0446\u0435\u0441:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Short application (5 \u0441\u0442\u0440\u0430\u043d\u0438\u0446\u0438)<\/li>\n\n\n\n<li>Full application (30 \u0441\u0442\u0440\u0430\u043d\u0438\u0446\u0438)<\/li>\n\n\n\n<li>Pitch \u0432 \u0411\u0440\u044e\u043a\u0441\u0435\u043b (12 \u043c\u0438\u043d\u0443\u0442\u0438)<\/li>\n\n\n\n<li>\u0420\u0435\u0448\u0435\u043d\u0438\u0435 \u0437\u0430 2-3 \u043c\u0435\u0441\u0435\u0446\u0430<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041f\u0440\u043e\u0446\u0435\u043d\u0442 \u043d\u0430 \u0443\u0441\u043f\u0435\u0432\u0430\u0435\u043c\u043e\u0441\u0442:<\/strong> 5-8%<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Innovation Fund Bulgaria<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041f\u0440\u043e\u0433\u0440\u0430\u043c\u0438:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Seed Finance:<\/strong> \u0434\u043e \u20ac50k (100% \u0433\u0440\u0430\u043d\u0442)<\/li>\n\n\n\n<li><strong>Equity Finance:<\/strong> \u0434\u043e \u20ac200k (70% \u0433\u0440\u0430\u043d\u0442, 30% private)<\/li>\n\n\n\n<li><strong>Growth Finance:<\/strong> \u0434\u043e \u20ac500k<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0421\u043f\u0435\u0446\u0438\u0444\u0438\u043a\u0438:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u041a\u0430\u043d\u0434\u0438\u0434\u0430\u0442\u0441\u0442\u0432\u0430\u043d\u0435 \u043d\u0430 \u0431\u044a\u043b\u0433\u0430\u0440\u0441\u043a\u0438<\/li>\n\n\n\n<li>\u041f\u043e-\u043b\u0435\u0441\u0435\u043d \u043f\u0440\u043e\u0446\u0435\u0441<\/li>\n\n\n\n<li>3-6 \u043c\u0435\u0441\u0435\u0446\u0430 \u0434\u043e \u0440\u0435\u0448\u0435\u043d\u0438\u0435<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0414\u0440\u0443\u0433\u0438 \u0432\u044a\u0437\u043c\u043e\u0436\u043d\u043e\u0441\u0442\u0438:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Horizon Europe<\/strong> &#8211; R&amp;D \u043f\u0440\u043e\u0435\u043a\u0442\u0438<\/li>\n\n\n\n<li><strong>Digital Europe<\/strong> &#8211; \u0434\u0438\u0433\u0438\u0442\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u044f<\/li>\n\n\n\n<li><strong>\u041e\u041f\u0418\u041a<\/strong> &#8211; \u043a\u043e\u043d\u043a\u0443\u0440\u0435\u043d\u0442\u043e\u0441\u043f\u043e\u0441\u043e\u0431\u043d\u043e\u0441\u0442<\/li>\n\n\n\n<li><strong>Norway Grants<\/strong> &#8211; \u0437\u0435\u043b\u0435\u043d\u0438 \u0442\u0435\u0445\u043d\u043e\u043b\u043e\u0433\u0438\u0438<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u041f\u043e\u0434\u0433\u043e\u0442\u043e\u0432\u043a\u0430 \u0437\u0430 fundraising<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u0414\u043e\u043a\u0443\u043c\u0435\u043d\u0442\u0438, \u043a\u043e\u0438\u0442\u043e \u0449\u0435 \u0432\u0438 \u0442\u0440\u044f\u0431\u0432\u0430\u0442:<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. Pitch Deck (10-15 \u0441\u043b\u0430\u0439\u0434\u0430)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0421\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0430:<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>1. \u0417\u0430\u0433\u043b\u0430\u0432\u0435\u043d \u0441\u043b\u0430\u0439\u0434 - \u0438\u043c\u0435, \u043b\u043e\u0433\u043e, tagline\n2. \u041f\u0440\u043e\u0431\u043b\u0435\u043c - \u043a\u0430\u043a\u044a\u0432 \u0435 \u0438 \u043a\u043e\u043b\u043a\u043e \u0433\u043e\u043b\u044f\u043c\n3. \u0420\u0435\u0448\u0435\u043d\u0438\u0435 - \u0432\u0430\u0448\u0438\u044f\u0442 \u043f\u0440\u043e\u0434\u0443\u043a\u0442\n4. \u041f\u0430\u0437\u0430\u0440 - TAM, SAM, SOM\n5. \u0411\u0438\u0437\u043d\u0435\u0441 \u043c\u043e\u0434\u0435\u043b - \u043a\u0430\u043a \u043f\u0435\u0447\u0435\u043b\u0438\u0442\u0435\n6. Traction - \u043c\u0435\u0442\u0440\u0438\u043a\u0438 \u0438 \u0440\u0430\u0441\u0442\u0435\u0436\n7. \u041a\u043e\u043d\u043a\u0443\u0440\u0435\u043d\u0446\u0438\u044f - positioning\n8. Go-to-market - \u0441\u0442\u0440\u0430\u0442\u0435\u0433\u0438\u044f\n9. \u0415\u043a\u0438\u043f - \u0437\u0430\u0449\u043e \u0432\u0438\u0435\n10. \u0424\u0438\u043d\u0430\u043d\u0441\u0438 - projections\n11. Ask - \u043a\u043e\u043b\u043a\u043e \u0438 \u0437\u0430 \u043a\u0430\u043a\u0432\u043e\n12. \u041a\u043e\u043d\u0442\u0430\u043a\u0442\u0438\n<\/code><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. \u0424\u0438\u043d\u0430\u043d\u0441\u043e\u0432 \u043c\u043e\u0434\u0435\u043b (Excel)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u041c\u0438\u043d\u0438\u043c\u0443\u043c 3 \u0433\u043e\u0434\u0438\u043d\u0438 \u043d\u0430\u043f\u0440\u0435\u0434:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>P&amp;L \u043f\u0440\u043e\u0433\u043d\u043e\u0437\u0430<\/li>\n\n\n\n<li>\u041f\u0430\u0440\u0438\u0447\u0435\u043d \u043f\u043e\u0442\u043e\u043a<\/li>\n\n\n\n<li>\u0418\u043a\u043e\u043d\u043e\u043c\u0438\u043a\u0430 \u043d\u0430 \u0435\u0434\u0438\u043d\u0438\u0446\u0438\u0442\u0435<\/li>\n\n\n\n<li>\u0421\u0446\u0435\u043d\u0430\u0440\u0438\u0438 (\u0431\u0430\u0437\u043e\u0432, \u043e\u043f\u0442\u0438\u043c\u0438\u0441\u0442\u0438\u0447\u0435\u043d, \u043f\u0435\u0441\u0438\u043c\u0438\u0441\u0442\u0438\u0447\u0435\u043d)<\/li>\n\n\n\n<li>\u0418\u0437\u043f\u043e\u043b\u0437\u0432\u0430\u043d\u0435 \u043d\u0430 \u0441\u0440\u0435\u0434\u0441\u0442\u0432\u0430<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. Data Room<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u041e\u0440\u0433\u0430\u043d\u0438\u0437\u0438\u0440\u0430\u043d\u0438 \u043f\u0430\u043f\u043a\u0438 \u0441:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u042e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438 \u0434\u043e\u043a\u0443\u043c\u0435\u043d\u0442\u0438<\/li>\n\n\n\n<li>\u0424\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u0438 \u043e\u0442\u0447\u0435\u0442\u0438<\/li>\n\n\n\n<li>\u0414\u043e\u0433\u043e\u0432\u043e\u0440\u0438 \u0441 \u043a\u043b\u0438\u0435\u043d\u0442\u0438<\/li>\n\n\n\n<li>IP \u0434\u043e\u043a\u0443\u043c\u0435\u043d\u0442\u0430\u0446\u0438\u044f<\/li>\n\n\n\n<li>Cap table<\/li>\n\n\n\n<li>Team CVs<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0412\u0430\u043b\u044e\u0430\u0446\u0438\u044f &#8211; \u043a\u0430\u043a \u0434\u0430 \u043e\u043f\u0440\u0435\u0434\u0435\u043b\u0438\u0442\u0435 \u0446\u0435\u043d\u0430\u0442\u0430<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041c\u0435\u0442\u043e\u0434\u0438 \u0437\u0430 early-stage:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. Berkus Method:<\/strong><\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>\u0421\u0438\u043b\u043d\u0430 \u0438\u0434\u0435\u044f:           \u20ac500k\n\u041f\u0440\u043e\u0442\u043e\u0442\u0438\u043f:             \u20ac500k\n\u041a\u0430\u0447\u0435\u0441\u0442\u0432\u0435\u043d \u0435\u043a\u0438\u043f:       \u20ac500k\n\u0421\u0442\u0440\u0430\u0442\u0435\u0433\u0438\u0447\u0435\u0441\u043a\u0438 \u0432\u0440\u044a\u0437\u043a\u0438: \u20ac500k\n\u041f\u0440\u043e\u0434\u0430\u0436\u0431\u0438\/Traction:    \u20ac500k\n----------------------------\n\u041c\u0430\u043a\u0441 \u0432\u0430\u043b\u044e\u0430\u0446\u0438\u044f:        \u20ac2.5M\n<\/code><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. Scorecard Method:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u041d\u0430\u043c\u0435\u0440\u0435\u0442\u0435 \u0441\u0440\u0435\u0434\u043d\u0430 \u0432\u0430\u043b\u044e\u0430\u0446\u0438\u044f \u0432 \u0440\u0435\u0433\u0438\u043e\u043d\u0430<\/li>\n\n\n\n<li>\u041a\u043e\u0440\u0438\u0433\u0438\u0440\u0430\u0439\u0442\u0435 \u0441\u043f\u043e\u0440\u0435\u0434:\n<ul class=\"wp-block-list\">\n<li>\u0415\u043a\u0438\u043f: 0-30%<\/li>\n\n\n\n<li>\u041f\u0430\u0437\u0430\u0440: 0-25%<\/li>\n\n\n\n<li>\u041f\u0440\u043e\u0434\u0443\u043a\u0442: 0-15%<\/li>\n\n\n\n<li>Sales: 0-10%<\/li>\n\n\n\n<li>\u041a\u043e\u043d\u043a\u0443\u0440\u0435\u043d\u0446\u0438\u044f: 0-10%<\/li>\n\n\n\n<li>Marketing: 0-10%<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. VC Method:<\/strong><\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>Exit \u0432\u0430\u043b\u044e\u0430\u0446\u0438\u044f \/ Expected ROI = Post-money \u0432\u0430\u043b\u044e\u0430\u0446\u0438\u044f\n\n\u041f\u0440\u0438\u043c\u0435\u0440:\nExit \u0441\u043b\u0435\u0434 5 \u0433\u043e\u0434\u0438\u043d\u0438: \u20ac50M\nVC \u0438\u0441\u043a\u0430 10x return\nPost-money: \u20ac50M \/ 10 = \u20ac5M\n<\/code><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0420\u0435\u0430\u043b\u0438\u0441\u0442\u0438\u0447\u043d\u0438 \u0432\u0430\u043b\u044e\u0430\u0446\u0438\u0438 \u0432 \u0411\u044a\u043b\u0433\u0430\u0440\u0438\u044f:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Pre-seed: \u20ac500k-2M<\/li>\n\n\n\n<li>Seed: \u20ac2-5M<\/li>\n\n\n\n<li>Series A: \u20ac8-20M<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u041f\u0440\u043e\u0446\u0435\u0441\u044a\u0442 \u0441\u0442\u044a\u043f\u043a\u0430 \u043f\u043e \u0441\u0442\u044a\u043f\u043a\u0430<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u0424\u0430\u0437\u0430 1: \u041f\u043e\u0434\u0433\u043e\u0442\u043e\u0432\u043a\u0430 (4-8 \u0441\u0435\u0434\u043c\u0438\u0446\u0438)<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>[ ] \u0424\u0438\u043d\u0430\u043b\u0438\u0437\u0438\u0440\u0430\u0439\u0442\u0435 pitch deck<\/li>\n\n\n\n<li>[ ] \u041f\u043e\u0434\u0433\u043e\u0442\u0432\u0435\u0442\u0435 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432 \u043c\u043e\u0434\u0435\u043b<\/li>\n\n\n\n<li>[ ] \u041e\u0440\u0433\u0430\u043d\u0438\u0437\u0438\u0440\u0430\u0439\u0442\u0435 data room<\/li>\n\n\n\n<li>[ ] \u041e\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u0442\u0435 target \u0432\u0430\u043b\u044e\u0430\u0446\u0438\u044f<\/li>\n\n\n\n<li>[ ] \u0418\u0437\u0431\u0435\u0440\u0435\u0442\u0435 lead investor \u0441\u0442\u0440\u0430\u0442\u0435\u0433\u0438\u044f<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0424\u0430\u0437\u0430 2: Outreach (2-4 \u0441\u0435\u0434\u043c\u0438\u0446\u0438)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041a\u0430\u043a \u0434\u0430 \u0434\u043e\u0441\u0442\u0438\u0433\u043d\u0435\u0442\u0435 \u0434\u043e \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0442\u043e\u0440\u0438:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. \u0422\u043e\u043f\u044a\u043b \u043a\u043e\u043d\u0442\u0430\u043a\u0442 (\u043d\u0430\u0439-\u0435\u0444\u0435\u043a\u0442\u0438\u0432\u043d\u043e)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Intro \u043e\u0442 \u0434\u0440\u0443\u0433 \u043f\u0440\u0435\u0434\u043f\u0440\u0438\u0435\u043c\u0430\u0447<\/li>\n\n\n\n<li>Intro \u043e\u0442 \u0441\u044a\u0449\u0435\u0441\u0442\u0432\u0443\u0432\u0430\u0449 \u043f\u043e\u0440\u0442\u0444\u043e\u043b\u0438\u043e founder<\/li>\n\n\n\n<li>\u0421\u0440\u0435\u0449\u0430 \u043d\u0430 \u0441\u044a\u0431\u0438\u0442\u0438\u0435<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. \u0421\u0442\u0443\u0434\u0435\u043d \u043a\u043e\u043d\u0442\u0430\u043a\u0442<\/strong><\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>Subject: &#91;Company] - &#91;Traction] seeking \u20acX\n\nHi &#91;Name],\n\n&#91;1 sentence what you do]\n&#91;1 sentence impressive metric]\n&#91;1 sentence why this investor]\n\nWe're raising \u20acX to &#91;use of funds].\n\nDeck attached. Would love 30min to discuss.\n\nBest,\n&#91;Your name]\n<\/code><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041a\u044a\u0434\u0435 \u0434\u0430 \u0433\u0438 \u043d\u0430\u043c\u0435\u0440\u0438\u0442\u0435:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>LinkedIn (\u0442\u044a\u0440\u0441\u0435\u0442\u0435 &#8222;Partner at&#8220;)<\/li>\n\n\n\n<li>AngelList<\/li>\n\n\n\n<li>Crunchbase<\/li>\n\n\n\n<li>Twitter\/X<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0424\u0430\u0437\u0430 3: \u041f\u044a\u0440\u0432\u0438 \u0441\u0440\u0435\u0449\u0438 (2-4 \u0441\u0435\u0434\u043c\u0438\u0446\u0438)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>30-\u043c\u0438\u043d\u0443\u0442\u0435\u043d \u043f\u044a\u0440\u0432\u0438 \u0440\u0430\u0437\u0433\u043e\u0432\u043e\u0440:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0421\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0430:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2 \u043c\u0438\u043d: \u041f\u0440\u0435\u0434\u0441\u0442\u0430\u0432\u044f\u043d\u0435<\/li>\n\n\n\n<li>10 \u043c\u0438\u043d: \u041f\u0440\u043e\u0431\u043b\u0435\u043c \u0438 \u0440\u0435\u0448\u0435\u043d\u0438\u0435<\/li>\n\n\n\n<li>5 \u043c\u0438\u043d: Traction \u0438 \u043c\u0435\u0442\u0440\u0438\u043a\u0438<\/li>\n\n\n\n<li>5 \u043c\u0438\u043d: \u0415\u043a\u0438\u043f<\/li>\n\n\n\n<li>5 \u043c\u0438\u043d: Ask \u0438 use of funds<\/li>\n\n\n\n<li>3 \u043c\u0438\u043d: Next steps<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0427\u0435\u0440\u0432\u0435\u043d\u0438 \u0444\u043b\u0430\u0433\u043e\u0432\u0435 \u043e\u0442 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0442\u043e\u0440\u0438:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0418\u0441\u043a\u0430\u0442 \u043f\u0440\u0435\u043a\u0430\u043b\u0435\u043d\u043e \u043c\u043d\u043e\u0433\u043e \u0438\u043d\u0444\u043e\u0440\u043c\u0430\u0446\u0438\u044f \u043f\u0440\u0435\u0434\u0438 term sheet<\/li>\n\n\n\n<li>\u041d\u0435 \u043c\u043e\u0433\u0430\u0442 \u0434\u0430 \u043e\u0431\u044f\u0441\u043d\u044f\u0442 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043e\u043d\u043d\u0438\u044f \u0441\u0438 thesis<\/li>\n\n\n\n<li>\u041b\u043e\u0448\u0430 \u0440\u0435\u043f\u0443\u0442\u0430\u0446\u0438\u044f \u0441\u0440\u0435\u0434 \u0434\u0440\u0443\u0433\u0438 founders<\/li>\n\n\n\n<li>\u041f\u0440\u0435\u043a\u0430\u043b\u0435\u043d\u043e \u0434\u044a\u043b\u044a\u0433 \u043f\u0440\u043e\u0446\u0435\u0441 (&gt;2 \u043c\u0435\u0441\u0435\u0446\u0430)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0424\u0430\u0437\u0430 4: Due Diligence (2-6 \u0441\u0435\u0434\u043c\u0438\u0446\u0438)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041a\u0430\u043a\u0432\u043e \u0449\u0435 \u043f\u0440\u043e\u0432\u0435\u0440\u044f\u0432\u0430\u0442:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Legal DD:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u041a\u043e\u0440\u043f\u043e\u0440\u0430\u0442\u0438\u0432\u043d\u0430 \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0430<\/li>\n\n\n\n<li>IP \u0441\u043e\u0431\u0441\u0442\u0432\u0435\u043d\u043e\u0441\u0442<\/li>\n\n\n\n<li>\u0422\u0440\u0443\u0434\u043e\u0432\u0438 \u0434\u043e\u0433\u043e\u0432\u043e\u0440\u0438<\/li>\n\n\n\n<li>Litigation \u0440\u0438\u0441\u043a<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Financial DD:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0421\u0447\u0435\u0442\u043e\u0432\u043e\u0434\u043d\u0438 \u043e\u0442\u0447\u0435\u0442\u0438<\/li>\n\n\n\n<li>\u0411\u0430\u043d\u043a\u043e\u0432\u0438 \u0438\u0437\u0432\u043b\u0435\u0447\u0435\u043d\u0438\u044f<\/li>\n\n\n\n<li>\u0414\u043e\u0433\u043e\u0432\u043e\u0440\u0438 \u0441 \u043a\u043b\u0438\u0435\u043d\u0442\u0438<\/li>\n\n\n\n<li>Burn rate \u0430\u043d\u0430\u043b\u0438\u0437<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Technical DD:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u041f\u0440\u0435\u0433\u043b\u0435\u0434 \u043d\u0430 \u043a\u043e\u0434\u0430<\/li>\n\n\n\n<li>\u0410\u0440\u0445\u0438\u0442\u0435\u043a\u0442\u0443\u0440\u0430<\/li>\n\n\n\n<li>\u0421\u0438\u0433\u0443\u0440\u043d\u043e\u0441\u0442<\/li>\n\n\n\n<li>\u0421\u043a\u0430\u043b\u0438\u0440\u0443\u0435\u043c\u043e\u0441\u0442<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Commercial DD:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u041e\u0431\u0430\u0436\u0434\u0430\u043d\u0438\u044f \u043e\u0442 \u043a\u043b\u0438\u0435\u043d\u0442\u0438<\/li>\n\n\n\n<li>\u041f\u0430\u0437\u0430\u0440\u043d\u043e \u043f\u0440\u043e\u0443\u0447\u0432\u0430\u043d\u0435<\/li>\n\n\n\n<li>\u0410\u043d\u0430\u043b\u0438\u0437 \u043d\u0430 \u043a\u043e\u043d\u043a\u0443\u0440\u0435\u043d\u0446\u0438\u044f\u0442\u0430<\/li>\n\n\n\n<li>Go-to-market \u0441\u0442\u0440\u0430\u0442\u0435\u0433\u0438\u044f<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0424\u0430\u0437\u0430 5: Term Sheet \u0438 \u043f\u0440\u0435\u0433\u043e\u0432\u043e\u0440\u0438<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041a\u043b\u044e\u0447\u043e\u0432\u0438 \u0443\u0441\u043b\u043e\u0432\u0438\u044f \u0432 term sheet:<\/strong><\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>\u0412\u0430\u043b\u044e\u0430\u0446\u0438\u044f:        \u20ac3M pre-money\n\u0418\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u044f:      \u20ac1M\nPost-money:      \u20ac4M\n\u0414\u044f\u043b:             25%\nOption pool:     15% (post-money)\n\nLiquidation pref: 1x non-participating\nAnti-dilution:    Broad-based weighted average\nBoard:            2 founders, 1 investor\nVesting:          4 years, 1 year cliff\nDrag along:       Yes, \u043f\u0440\u0438 50%+ \nTag along:        Yes\nRight of first refusal: Yes\n<\/code><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041a\u0430\u043a\u0432\u043e \u043c\u043e\u0436\u0435 \u0434\u0430 \u043f\u0440\u0435\u0433\u043e\u0432\u0430\u0440\u044f\u0442\u0435:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0412\u0430\u043b\u044e\u0430\u0446\u0438\u044f (\u00b120%)<\/li>\n\n\n\n<li>\u041c\u0435\u0441\u0442\u0430 \u0432 \u0431\u043e\u0440\u0434\u0430<\/li>\n\n\n\n<li>\u041f\u0440\u0435\u0434\u043f\u043e\u0447\u0438\u0442\u0430\u043d\u0438\u044f \u0437\u0430 \u043b\u0438\u043a\u0432\u0438\u0434\u0430\u0446\u0438\u044f<\/li>\n\n\n\n<li>Vesting \u0443\u0441\u043b\u043e\u0432\u0438\u044f<\/li>\n\n\n\n<li>Anti-dilution \u0437\u0430\u0449\u0438\u0442\u0430<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041a\u0430\u043a\u0432\u043e \u0435 \u0442\u0440\u0443\u0434\u043d\u043e \u0437\u0430 \u043f\u0440\u043e\u043c\u044f\u043d\u0430:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Option pool \u0440\u0430\u0437\u043c\u0435\u0440<\/li>\n\n\n\n<li>Due diligence \u0443\u0441\u043b\u043e\u0432\u0438\u044f<\/li>\n\n\n\n<li>Legal \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0430<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0424\u0430\u0437\u0430 6: Closing (2-4 \u0441\u0435\u0434\u043c\u0438\u0446\u0438)<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>[ ] \u0424\u0438\u043d\u0430\u043b\u043d\u0438 \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438 \u0434\u043e\u043a\u0443\u043c\u0435\u043d\u0442\u0438<\/li>\n\n\n\n<li>[ ] \u0421\u043f\u043e\u0440\u0430\u0437\u0443\u043c\u0435\u043d\u0438\u0435 \u043d\u0430 \u0430\u043a\u0446\u0438\u043e\u043d\u0435\u0440\u0438\u0442\u0435<\/li>\n\n\n\n<li>[ ] \u0420\u0435\u0437\u043e\u043b\u044e\u0446\u0438\u0438 \u043d\u0430 \u0431\u043e\u0440\u0434\u0430<\/li>\n\n\n\n<li>[ ] \u0411\u0430\u043d\u043a\u043e\u0432 \u043f\u0440\u0435\u0432\u043e\u0434<\/li>\n\n\n\n<li>[ ] \u041e\u0431\u044f\u0432\u043b\u0435\u043d\u0438\u0435<\/li>\n\n\n\n<li>[ ] \u041f\u0440\u0430\u0437\u043d\u0443\u0432\u0430\u043d\u0435! \ud83c\udf89<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u0410\u043b\u0442\u0435\u0440\u043d\u0430\u0442\u0438\u0432\u043d\u0438 \u043c\u043e\u0434\u0435\u043b\u0438 \u043d\u0430 \u0444\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u0430\u043d\u0435<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u0424\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u0430\u043d\u0435, \u043e\u0441\u043d\u043e\u0432\u0430\u043d\u043e \u043d\u0430 \u043f\u0440\u0438\u0445\u043e\u0434\u0438<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041a\u0430\u043a \u0440\u0430\u0431\u043e\u0442\u0438:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u041f\u043e\u043b\u0443\u0447\u0430\u0432\u0430\u0442\u0435 \u20ac100k<\/li>\n\n\n\n<li>\u0412\u0440\u044a\u0449\u0430\u0442\u0435 5-10% \u043e\u0442 \u043c\u0435\u0441\u0435\u0447\u043d\u0438\u0442\u0435 \u043f\u0440\u0438\u0445\u043e\u0434\u0438<\/li>\n\n\n\n<li>\u0414\u043e \u0434\u043e\u0441\u0442\u0438\u0433\u0430\u043d\u0435 \u043d\u0430 1.5-2x cap<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041f\u043e\u0434\u0445\u043e\u0434\u044f\u0449\u043e \u0437\u0430:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>SaaS \u0441 \u043f\u0440\u0435\u0434\u0432\u0438\u0434\u0438\u043c\u0438 \u043f\u0440\u0438\u0445\u043e\u0434\u0438<\/li>\n\n\n\n<li>E-commerce<\/li>\n\n\n\n<li>\u0411\u0438\u0437\u043d\u0435\u0441\u0438 \u0441 positive unit economics<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0414\u043e\u0441\u0442\u0430\u0432\u0447\u0438\u0446\u0438:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Pipe<\/li>\n\n\n\n<li>Capchase<\/li>\n\n\n\n<li>Clearco<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Crowdfunding<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Equity crowdfunding \u043f\u043b\u0430\u0442\u0444\u043e\u0440\u043c\u0438:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Seedrs<\/li>\n\n\n\n<li>Crowdcube<\/li>\n\n\n\n<li>Republic<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Reward-based:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Kickstarter<\/li>\n\n\n\n<li>Indiegogo<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041f\u0440\u0435\u0434\u0438\u043c\u0441\u0442\u0432\u0430:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Marketing \u0438 \u0432\u0430\u043b\u0438\u0434\u0430\u0446\u0438\u044f<\/li>\n\n\n\n<li>Community building<\/li>\n\n\n\n<li>\u041f\u043e-\u043c\u0430\u043b\u044a\u043a \u043f\u0440\u0438\u0442\u0438\u0441\u043a \u043e\u0442 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0442\u043e\u0440\u0438<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">ICO\/Token Sale (crypto)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0412\u043d\u0438\u043c\u0430\u043d\u0438\u0435:<\/strong> \u0421\u0438\u043b\u043d\u043e \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u0430\u043d\u043e!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0418\u0437\u0438\u0441\u043a\u0432\u0430\u043d\u0438\u044f:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Utility token, \u043d\u0435 security<\/li>\n\n\n\n<li>\u041f\u0440\u0430\u0432\u043d\u0430 \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0430 \u0438\u0437\u0432\u044a\u043d \u0411\u044a\u043b\u0433\u0430\u0440\u0438\u044f<\/li>\n\n\n\n<li>KYC\/AML \u043f\u0440\u043e\u0446\u0435\u0434\u0443\u0440\u0438<\/li>\n\n\n\n<li>Whitepaper \u0438 tokenomics<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u0413\u0440\u0435\u0448\u043a\u0438, \u043a\u043e\u0438\u0442\u043e \u043c\u043e\u0433\u0430\u0442 \u0434\u0430 \u0432\u0438 \u0441\u0442\u0440\u0443\u0432\u0430\u0442 \u0441\u043a\u044a\u043f\u043e<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u0413\u0440\u0435\u0448\u043a\u0430 1: \u041f\u0440\u0435\u043a\u0430\u043b\u0435\u043d\u043e \u0440\u0430\u043d\u043e \u0434\u0438\u043b\u044e\u0438\u0440\u0430\u043d\u0435<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041f\u0440\u043e\u0431\u043b\u0435\u043c:<\/strong> \u0414\u0430\u0432\u0430\u0442\u0435 40% \u0437\u0430 \u20ac100k pre-seed <strong>\u041f\u043e\u0441\u043b\u0435\u0434\u0441\u0442\u0432\u0438\u0435:<\/strong> \u041f\u0440\u0438 Series A \u0438\u043c\u0430\u0442\u0435 &lt;30% \u0438 \u0433\u0443\u0431\u0438\u0442\u0435 \u043a\u043e\u043d\u0442\u0440\u043e\u043b <strong>\u0420\u0435\u0448\u0435\u043d\u0438\u0435:<\/strong> \u041f\u043e-\u0434\u043e\u0431\u0440\u0435 bootstrap \u0438\u043b\u0438 \u043f\u043e-\u043c\u0430\u043b\u043a\u0430 \u0441\u0443\u043c\u0430<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u0413\u0440\u0435\u0448\u043a\u0430 2: \u041e\u043f\u0442\u0438\u043c\u0438\u0437\u044a\u043c \u0432\u044a\u0432 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u0438\u0442\u0435 \u043f\u0440\u043e\u0433\u043d\u043e\u0437\u0438<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041f\u0440\u043e\u0431\u043b\u0435\u043c:<\/strong> &#8222;\u0429\u0435 \u0438\u043c\u0430\u043c\u0435 \u20ac10M \u043f\u0440\u0438\u0445\u043e\u0434\u0438 \u0433\u043e\u0434\u0438\u043d\u0430 2&#8220; <strong>\u041f\u043e\u0441\u043b\u0435\u0434\u0441\u0442\u0432\u0438\u0435:<\/strong> \u0417\u0430\u0433\u0443\u0431\u0430 \u043d\u0430 \u0434\u043e\u0432\u0435\u0440\u0438\u0435 <strong>\u0420\u0435\u0448\u0435\u043d\u0438\u0435:<\/strong> Conservative base case, optimistic upside<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u0413\u0440\u0435\u0448\u043a\u0430 3: \u0415\u0434\u0438\u043d \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0442\u043e\u0440 = \u0441\u043f\u0430\u0441\u0435\u043d\u0438\u0435<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041f\u0440\u043e\u0431\u043b\u0435\u043c:<\/strong> \u0421\u043f\u0438\u0440\u0430\u0442\u0435 \u0441\u043b\u0435\u0434 \u043f\u044a\u0440\u0432\u043e &#8222;\u0434\u0430&#8220; <strong>\u041f\u043e\u0441\u043b\u0435\u0434\u0441\u0442\u0432\u0438\u0435:<\/strong> \u041b\u0438\u043f\u0441\u0430 \u043d\u0430 BATNA <strong>\u0420\u0435\u0448\u0435\u043d\u0438\u0435:<\/strong> \u0412\u0438\u043d\u0430\u0433\u0438 \u0438\u043c\u0430\u0439\u0442\u0435 3+ \u043e\u043f\u0446\u0438\u0438<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u0413\u0440\u0435\u0448\u043a\u0430 4: \u0418\u0433\u043d\u043e\u0440\u0438\u0440\u0430\u043d\u0435 \u043d\u0430 \u0443\u0441\u043b\u043e\u0432\u0438\u044f\u0442\u0430<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041f\u0440\u043e\u0431\u043b\u0435\u043c:<\/strong> \u0424\u043e\u043a\u0443\u0441 \u0441\u0430\u043c\u043e \u0432\u044a\u0440\u0445\u0443 \u0432\u0430\u043b\u044e\u0430\u0446\u0438\u044f\u0442\u0430 <strong>\u041f\u043e\u0441\u043b\u0435\u0434\u0441\u0442\u0432\u0438\u0435:<\/strong> \u041b\u043e\u0448\u0438 \u0443\u0441\u043b\u043e\u0432\u0438\u044f \u043c\u043e\u0433\u0430\u0442 \u0434\u0430 \u0443\u0431\u0438\u044f\u0442 \u043a\u043e\u043c\u043f\u0430\u043d\u0438\u044f\u0442\u0430 <strong>\u0420\u0435\u0448\u0435\u043d\u0438\u0435:<\/strong> Lawyer up! (\u20ac5-10k \u0434\u043e\u0431\u0440\u0435 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0440\u0430\u043d\u0438)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u0413\u0440\u0435\u0448\u043a\u0430 5: Fundraising \u043a\u0430\u0442\u043e \u0446\u0435\u043b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041f\u0440\u043e\u0431\u043b\u0435\u043c:<\/strong> 100% \u0432\u0440\u0435\u043c\u0435 \u0432 \u043d\u0430\u0431\u0438\u0440\u0430\u043d\u0435 \u043d\u0430 \u0441\u0440\u0435\u0434\u0441\u0442\u0432\u0430 <strong>\u041f\u043e\u0441\u043b\u0435\u0434\u0441\u0442\u0432\u0438\u0435:<\/strong> \u0411\u0438\u0437\u043d\u0435\u0441\u044a\u0442 \u0441\u0442\u0440\u0430\u0434\u0430, \u043c\u0435\u0442\u0440\u0438\u043a\u0438\u0442\u0435 \u043f\u0430\u0434\u0430\u0442 <strong>\u0420\u0435\u0448\u0435\u043d\u0438\u0435:<\/strong> \u041c\u0430\u043a\u0441\u0438\u043c\u0443\u043c 30% \u043e\u0442 \u0432\u0440\u0435\u043c\u0435\u0442\u043e \u043d\u0430 CEO<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u0418\u0441\u0442\u043e\u0440\u0438\u0438 \u043e\u0442 \u0411\u044a\u043b\u0433\u0430\u0440\u0438\u044f<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Payhawk: \u041e\u0442 \u20ac1M seed \u0434\u043e \u20ac215M Series B<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2018: Eleven \u20ac125k<\/li>\n\n\n\n<li>2019: Seed \u20ac1M (Earlybird)<\/li>\n\n\n\n<li>2020: Series A \u20ac12M (QED)<\/li>\n\n\n\n<li>2022: Series B \u20ac100M ($1B \u0432\u0430\u043b\u044e\u0430\u0446\u0438\u044f)<\/li>\n\n\n\n<li>2024: Extension \u20ac100M<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041a\u043b\u044e\u0447\u043e\u0432\u0438 \u0444\u0430\u043a\u0442\u043e\u0440\u0438:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0421\u0438\u043b\u0435\u043d \u043c\u0435\u0436\u0434\u0443\u043d\u0430\u0440\u043e\u0434\u0435\u043d \u0435\u043a\u0438\u043f<\/li>\n\n\n\n<li>\u041f\u0435\u0440\u0444\u0435\u043a\u0442\u0435\u043d timing (expense management)<\/li>\n\n\n\n<li>\u0410\u0433\u0440\u0435\u0441\u0438\u0432\u043d\u0430 \u043c\u0435\u0436\u0434\u0443\u043d\u0430\u0440\u043e\u0434\u043d\u0430 \u0435\u043a\u0441\u043f\u0430\u043d\u0437\u0438\u044f<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Gtmhub\/Quantive: $120M Series C<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bootstrap \u043f\u044a\u0440\u0432\u0438\u0442\u0435 2 \u0433\u043e\u0434\u0438\u043d\u0438<\/li>\n\n\n\n<li>Series A: $9M (2019)<\/li>\n\n\n\n<li>Series B: $30M (2020)<\/li>\n\n\n\n<li>Series C: $120M (2021, Index Ventures)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041f\u043e\u0443\u043a\u0438:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>OKR \u043f\u0430\u0437\u0430\u0440\u044a\u0442 \u0435\u043a\u0441\u043f\u043b\u043e\u0434\u0438\u0440\u0430<\/li>\n\n\n\n<li>\u041f\u0440\u043e\u0434\u0443\u043a\u0442-led growth<\/li>\n\n\n\n<li>US market focus \u043e\u0442 \u0434\u0435\u043d 1<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Telerik: Bootstrap \u0434\u043e $262M exit<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2002-2008: \u0411\u0435\u0437 \u0432\u044a\u043d\u0448\u043d\u043e \u0444\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u0430\u043d\u0435<\/li>\n\n\n\n<li>2008: Summit Partners minority stake<\/li>\n\n\n\n<li>2014: Progress Software $262.5M acquisition<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041c\u043e\u0434\u0435\u043b:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Developer tools = recurring revenue<\/li>\n\n\n\n<li>Community building<\/li>\n\n\n\n<li>\u041e\u0440\u0433\u0430\u043d\u0438\u0447\u0435\u043d \u0440\u0430\u0441\u0442\u0435\u0436<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Pitch deck checklist<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u0421\u043b\u0430\u0439\u0434 1: \u0417\u0430\u0433\u043b\u0430\u0432\u0438\u0435<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>[ ] \u041b\u043e\u0433\u043e \u0438 \u0438\u043c\u0435<\/li>\n\n\n\n<li>[ ] \u0421\u043b\u043e\u0433\u0430\u043d (1 \u0438\u0437\u0440\u0435\u0447\u0435\u043d\u0438\u0435)<\/li>\n\n\n\n<li>[ ] \u041a\u043e\u043d\u0442\u0430\u043a\u0442\u0438<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0421\u043b\u0430\u0439\u0434 2: \u041f\u0440\u043e\u0431\u043b\u0435\u043c<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>[ ] \u041a\u043e\u043d\u043a\u0440\u0435\u0442\u0435\u043d \u0438 \u0438\u0437\u043c\u0435\u0440\u0438\u043c<\/li>\n\n\n\n<li>[ ] \u041a\u043e\u0433\u043e \u0437\u0430\u0441\u044f\u0433\u0430<\/li>\n\n\n\n<li>[ ] \u041a\u043e\u043b\u043a\u043e \u0441\u0442\u0440\u0443\u0432\u0430 \u0441\u0435\u0433\u0430<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0421\u043b\u0430\u0439\u0434 3: \u0420\u0435\u0448\u0435\u043d\u0438\u0435<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>[ ] \u042f\u0441\u043d\u043e \u0438 \u043f\u0440\u043e\u0441\u0442\u043e<\/li>\n\n\n\n<li>[ ] \u0415\u043a\u0440\u0430\u043d\u043d\u0438 \u0441\u043d\u0438\u043c\u043a\u0438\/\u0434\u0435\u043c\u043e<\/li>\n\n\n\n<li>[ ] \u0423\u043d\u0438\u043a\u0430\u043b\u043d\u0430 \u0441\u0442\u043e\u0439\u043d\u043e\u0441\u0442<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0421\u043b\u0430\u0439\u0434 4: \u041f\u0430\u0437\u0430\u0440<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>[ ] TAM \u0438\u0437\u0447\u0438\u0441\u043b\u044f\u0432\u0430\u043d\u0435<\/li>\n\n\n\n<li>[ ] Bottom-up \u043f\u043e\u0434\u0445\u043e\u0434<\/li>\n\n\n\n<li>[ ] \u0422\u0435\u043c\u043f \u043d\u0430 \u0440\u0430\u0441\u0442\u0435\u0436<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0421\u043b\u0430\u0439\u0434 5: \u0411\u0438\u0437\u043d\u0435\u0441 \u043c\u043e\u0434\u0435\u043b<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>[ ] \u041a\u0430\u043a \u043f\u0435\u0447\u0435\u043b\u0438\u0442\u0435<\/li>\n\n\n\n<li>[ ] \u0426\u0435\u043d\u043e\u043e\u0431\u0440\u0430\u0437\u0443\u0432\u0430\u043d\u0435<\/li>\n\n\n\n<li>[ ] \u0418\u043a\u043e\u043d\u043e\u043c\u0438\u043a\u0430 \u043d\u0430 \u0435\u0434\u0438\u043d\u0438\u0446\u0438\u0442\u0435<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0421\u043b\u0430\u0439\u0434 6: Traction<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>[ ] MRR\/ARR<\/li>\n\n\n\n<li>[ ] \u0422\u0435\u043c\u043f \u043d\u0430 \u0440\u0430\u0441\u0442\u0435\u0436<\/li>\n\n\n\n<li>[ ] \u041a\u043b\u044e\u0447\u043e\u0432\u0438 \u043c\u0435\u0442\u0440\u0438\u043a\u0438<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0421\u043b\u0430\u0439\u0434 7: \u041a\u043e\u043d\u043a\u0443\u0440\u0435\u043d\u0446\u0438\u044f<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>[ ] \u0427\u0435\u0441\u0442\u043d\u0430 \u043e\u0446\u0435\u043d\u043a\u0430<\/li>\n\n\n\n<li>[ ] \u0412\u0430\u0448\u0430\u0442\u0430 \u0434\u0438\u0444\u0435\u0440\u0435\u043d\u0446\u0438\u0430\u0446\u0438\u044f<\/li>\n\n\n\n<li>[ ] \u0417\u0430\u0449\u043e \u0441\u0435\u0433\u0430<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0421\u043b\u0430\u0439\u0434 8: GTM \u0441\u0442\u0440\u0430\u0442\u0435\u0433\u0438\u044f<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>[ ] \u041f\u0440\u0438\u0432\u043b\u0438\u0447\u0430\u043d\u0435 \u043d\u0430 \u043a\u043b\u0438\u0435\u043d\u0442\u0438<\/li>\n\n\n\n<li>[ ] \u041f\u0440\u043e\u0434\u0430\u0436\u0431\u0435\u043d \u043f\u0440\u043e\u0446\u0435\u0441<\/li>\n\n\n\n<li>[ ] CAC \u0438 LTV<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0421\u043b\u0430\u0439\u0434 9: \u0415\u043a\u0438\u043f<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>[ ] \u0420\u0435\u043b\u0435\u0432\u0430\u043d\u0442\u0435\u043d \u043e\u043f\u0438\u0442<\/li>\n\n\n\n<li>[ ] \u041f\u0440\u0435\u0434\u0438\u0448\u043d\u0438 \u0443\u0441\u043f\u0435\u0445\u0438<\/li>\n\n\n\n<li>[ ] \u0417\u0430\u0449\u043e \u0432\u0438\u0435<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0421\u043b\u0430\u0439\u0434 10: \u0424\u0438\u043d\u0430\u043d\u0441\u0438<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>[ ] 3-\u0433\u043e\u0434\u0438\u0448\u043d\u0438 \u043f\u0440\u043e\u0433\u043d\u043e\u0437\u0438<\/li>\n\n\n\n<li>[ ] \u041a\u043b\u044e\u0447\u043e\u0432\u0438 \u043f\u0440\u0435\u0434\u043f\u043e\u043b\u043e\u0436\u0435\u043d\u0438\u044f<\/li>\n\n\n\n<li>[ ] \u041f\u044a\u0442\u044f\u0442 \u043a\u044a\u043c \u0440\u0435\u043d\u0442\u0430\u0431\u0438\u043b\u043d\u043e\u0441\u0442\u0442\u0430<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0421\u043b\u0430\u0439\u0434 11: Ask<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>[ ] \u041a\u043e\u043b\u043a\u043e \u043d\u0430\u0431\u0438\u0440\u0430\u0442\u0435<\/li>\n\n\n\n<li>[ ] \u0417\u0430 \u043a\u0430\u043a\u0432\u043e (\u0438\u0437\u043f\u043e\u043b\u0437\u0432\u0430\u043d\u0435 \u043d\u0430 \u0441\u0440\u0435\u0434\u0441\u0442\u0432\u0430)<\/li>\n\n\n\n<li>[ ] \u041a\u0430\u043a\u0432\u0438 \u0435\u0442\u0430\u043f\u0438<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u041f\u043e\u043b\u0435\u0437\u043d\u0438 \u0440\u0435\u0441\u0443\u0440\u0441\u0438<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u041a\u043d\u0438\u0433\u0438 (\u0437\u0430\u0434\u044a\u043b\u0436\u0438\u0442\u0435\u043b\u043d\u0438):<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8222;Venture Deals&#8220; &#8211; Brad Feld<\/li>\n\n\n\n<li>&#8222;The Mom Test&#8220; &#8211; Rob Fitzpatrick<\/li>\n\n\n\n<li>&#8222;Secrets of Sand Hill Road&#8220; &#8211; Scott Kupor<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u041e\u043d\u043b\u0430\u0439\u043d \u0440\u0435\u0441\u0443\u0440\u0441\u0438:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>YC Library<\/strong> &#8211; startup advice<\/li>\n\n\n\n<li><strong>First Round Review<\/strong> &#8211; VC insights<\/li>\n\n\n\n<li><strong>NFX<\/strong> &#8211; network effects bible<\/li>\n\n\n\n<li><strong>SaaStr<\/strong> &#8211; SaaS metrics<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0411\u044a\u043b\u0433\u0430\u0440\u0441\u043a\u0438 \u0440\u0435\u0441\u0443\u0440\u0441\u0438:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>BESCO<\/strong> &#8211; Bulgarian Startup Association<\/li>\n\n\n\n<li><strong>Endeavor Bulgaria<\/strong> &#8211; \u043c\u0435\u043d\u0442\u043e\u0440\u0438 \u0438 \u043c\u0440\u0435\u0436\u0430<\/li>\n\n\n\n<li><strong>Fund of Funds<\/strong> &#8211; \u0438\u043d\u0444\u043e\u0440\u043c\u0430\u0446\u0438\u044f \u0437\u0430 \u043f\u0440\u043e\u0433\u0440\u0430\u043c\u0438<\/li>\n\n\n\n<li><strong>StartUP.bg<\/strong> &#8211; \u043d\u043e\u0432\u0438\u043d\u0438 \u0438 \u0441\u044a\u0431\u0438\u0442\u0438\u044f<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u042e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438 \u043a\u0430\u043d\u0442\u043e\u0440\u0438:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0421\u043f\u0435\u0446\u0438\u0430\u043b\u0438\u0437\u0438\u0440\u0430\u043d\u0438 \u0432 VC deals<\/li>\n\n\n\n<li>\u041e\u043f\u0438\u0442 \u0441 \u043c\u0435\u0436\u0434\u0443\u043d\u0430\u0440\u043e\u0434\u043d\u0438 \u0442\u0440\u0430\u043d\u0437\u0430\u043a\u0446\u0438\u0438<\/li>\n\n\n\n<li>Fixed fee \u0437\u0430 \u0441\u0442\u0430\u043d\u0434\u0430\u0440\u0442\u043d\u0438 \u0441\u0434\u0435\u043b\u043a\u0438 (~\u20ac5-15k)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0424\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u0438 \u043a\u043e\u043d\u0441\u0443\u043b\u0442\u0430\u043d\u0442\u0438:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Due diligence \u043f\u043e\u0434\u0433\u043e\u0442\u043e\u0432\u043a\u0430<\/li>\n\n\n\n<li>\u041e\u0434\u0438\u0442 \u043d\u0430 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u0438\u044f \u043c\u043e\u0434\u0435\u043b<\/li>\n\n\n\n<li>\u0412\u0430\u043b\u044e\u0430\u0446\u0438\u044f \u043c\u043d\u0435\u043d\u0438\u044f<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u0417\u0430\u043a\u043b\u044e\u0447\u0435\u043d\u0438\u0435: \u041a\u043e\u0433\u0430 \u0434\u0430 \u043d\u0430\u0431\u0438\u0440\u0430\u0442\u0435 \u0438 \u043a\u043e\u0433\u0430 \u043d\u0435<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u041d\u0430\u0431\u0438\u0440\u0430\u0439\u0442\u0435 \u0444\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u0430\u043d\u0435, \u043a\u043e\u0433\u0430\u0442\u043e:<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u2705 \u0418\u043c\u0430\u0442\u0435 \u044f\u0441\u043d\u0430 \u0443\u043f\u043e\u0442\u0440\u0435\u0431\u0430 \u043d\u0430 \u043f\u0430\u0440\u0438\u0442\u0435 (hire, marketing, product) \u2705 \u041c\u043e\u0436\u0435\u0442\u0435 \u0434\u0430 \u0440\u0430\u0441\u0442\u0435\u0442\u0435 3-5x \u0441 \u043a\u0430\u043f\u0438\u0442\u0430\u043b\u0430 \u2705 \u041f\u0430\u0437\u0430\u0440\u044a\u0442 \u0435 \u0433\u043e\u0442\u043e\u0432 \u0438 timing \u0435 \u043f\u0440\u0430\u0432\u0438\u043b\u0435\u043d \u2705 \u0418\u043c\u0430\u0442\u0435 track record \u0438 momentum \u2705 \u0413\u043e\u0442\u043e\u0432\u0438 \u0441\u0442\u0435 \u0434\u0430 \u0434\u0430\u0434\u0435\u0442\u0435 \u043a\u043e\u043d\u0442\u0440\u043e\u043b<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u041d\u0415 \u043d\u0430\u0431\u0438\u0440\u0430\u0439\u0442\u0435, \u043a\u043e\u0433\u0430\u0442\u043e:<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u274c &#8222;\u0412\u0441\u0438\u0447\u043a\u0438 \u0433\u043e \u043f\u0440\u0430\u0432\u044f\u0442&#8220; \u274c \u041d\u044f\u043c\u0430\u0442\u0435 product-market fit \u274c \u0417\u0430 \u0434\u0430 \u0443\u0434\u044a\u043b\u0436\u0438\u0442\u0435 runway \u0431\u0435\u0437 \u043f\u043b\u0430\u043d \u274c \u0412\u0430\u043b\u044e\u0430\u0446\u0438\u044f\u0442\u0430 \u0435 \u043f\u0440\u0435\u043a\u0430\u043b\u0435\u043d\u043e \u043d\u0438\u0441\u043a\u0430 \u274c \u041d\u0435 \u0441\u0442\u0435 \u0433\u043e\u0442\u043e\u0432\u0438 \u0437\u0430 10x \u0440\u0430\u0441\u0442\u0435\u0436<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u0424\u0438\u043d\u0430\u043b\u043d\u0438 \u0441\u044a\u0432\u0435\u0442\u0438<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u041e\u0442 \u043f\u0440\u0435\u0434\u043f\u0440\u0438\u0435\u043c\u0430\u0447\u0438, \u043c\u0438\u043d\u0430\u043b\u0438 \u043f\u043e \u043f\u044a\u0442\u044f:<\/strong><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">&#8222;Fundraising \u0435 \u0441\u0440\u0435\u0434\u0441\u0442\u0432\u043e, \u043d\u0435 \u0446\u0435\u043b. \u0424\u043e\u043a\u0443\u0441\u0438\u0440\u0430\u0439\u0442\u0435 \u0441\u0435 \u0432\u044a\u0440\u0445\u0443 \u0431\u0438\u0437\u043d\u0435\u0441\u0430.&#8220;<\/p>\n<\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">&#8222;\u041f\u043e-\u0434\u043e\u0431\u0440\u0435 \u0443\u043c\u043d\u0438 \u043f\u0430\u0440\u0438 \u043e\u0442 \u0434\u043e\u0431\u044a\u0440 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0442\u043e\u0440 \u043d\u0430 \u043d\u0438\u0441\u043a\u0430 \u0432\u0430\u043b\u044e\u0430\u0446\u0438\u044f, \u043e\u0442\u043a\u043e\u043b\u043a\u043e\u0442\u043e \u043e\u0431\u0440\u0430\u0442\u043d\u043e\u0442\u043e.&#8220;<\/p>\n<\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">&#8222;\u041f\u044a\u0440\u0432\u0430\u0442\u0430 \u043e\u0444\u0435\u0440\u0442\u0430 \u0440\u044f\u0434\u043a\u043e \u0435 \u043d\u0430\u0439-\u0434\u043e\u0431\u0440\u0430\u0442\u0430. \u0412\u0438\u043d\u0430\u0433\u0438 \u0438\u043c\u0430\u0439\u0442\u0435 \u0430\u043b\u0442\u0435\u0440\u043d\u0430\u0442\u0438\u0432\u0438.&#8220;<\/p>\n<\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">&#8222;Due diligence \u0440\u0430\u0431\u043e\u0442\u0438 \u0432 \u0434\u0432\u0435 \u043f\u043e\u0441\u043e\u043a\u0438 &#8211; \u043f\u0440\u043e\u0432\u0435\u0440\u044f\u0432\u0430\u0439\u0442\u0435 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0442\u043e\u0440\u0438\u0442\u0435.&#8220;<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u041f\u043e\u043c\u043d\u0435\u0442\u0435 &#8211; 90% \u043e\u0442 unicorns \u0441\u0430 bootstrap \u043f\u044a\u0440\u0432\u0438\u0442\u0435 18 \u043c\u0435\u0441\u0435\u0446\u0430. \u041d\u0435 \u0431\u044a\u0440\u0437\u0430\u0439\u0442\u0435 \u0441 \u0432\u044a\u043d\u0448\u043d\u043e \u0444\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u0430\u043d\u0435, \u043e\u0441\u0432\u0435\u043d \u0430\u043a\u043e \u043d\u0430\u0438\u0441\u0442\u0438\u043d\u0430 \u043d\u0435 \u0432\u0438 \u0442\u0440\u044f\u0431\u0432\u0430 \u0437\u0430 \u0440\u0430\u0441\u0442\u0435\u0436, \u043d\u0435 \u0437\u0430 \u043e\u0446\u0435\u043b\u044f\u0432\u0430\u043d\u0435.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0423\u0441\u043f\u0435\u0445 \u0432 \u043f\u044a\u0442\u0435\u0448\u0435\u0441\u0442\u0432\u0438\u0435\u0442\u043e! \u0411\u044a\u043b\u0433\u0430\u0440\u0438\u044f \u0438\u043c\u0430 \u0432\u0441\u0438\u0447\u043a\u0438 \u043f\u0440\u0435\u0434\u043f\u043e\u0441\u0442\u0430\u0432\u043a\u0438 \u0434\u0430 \u0441\u044a\u0437\u0434\u0430\u0434\u0435 \u0441\u043b\u0435\u0434\u0432\u0430\u0449\u0438\u044f \u0435\u0432\u0440\u043e\u043f\u0435\u0439\u0441\u043a\u0438 unicorn. \u041c\u043e\u0436\u0435 \u0431\u0438 \u0442\u043e\u0432\u0430 \u0449\u0435 \u0441\u0442\u0435 \u0432\u0438\u0435?<\/p>\n\n\n<style>.wp-block-kadence-spacer.kt-block-spacer-6082_10c39e-0d .kt-block-spacer{height:30px;}.wp-block-kadence-spacer.kt-block-spacer-6082_10c39e-0d .kt-divider{border-top-width:1px;height:1px;border-top-color:#eee;width:80%;border-top-style:solid;}<\/style>\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-6082_10c39e-0d\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><hr class=\"kt-divider\"\/><\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u0422\u043e\u0432\u0430 \u0431\u0435\u0448\u0435 \u043f\u043e\u0441\u043b\u0435\u0434\u043d\u0430\u0442\u0430 \u0441\u0442\u0430\u0442\u0438\u044f \u043e\u0442 \u043f\u043e\u0440\u0435\u0434\u0438\u0446\u0430\u0442\u0430 &#8222;\u041f\u0440\u0430\u043a\u0442\u0438\u0447\u0435\u0441\u043a\u0438 \u0433\u0438\u0434 \u0437\u0430 \u0418\u0422 \u043f\u0440\u0435\u0434\u043f\u0440\u0438\u0435\u043c\u0430\u0447\u0438&#8220; \u043d\u0430 \u0411\u0418\u0426 \u0418\u043d\u043e\u0431\u0440\u0438\u0434\u0436. \u0411\u043b\u0430\u0433\u043e\u0434\u0430\u0440\u0438\u043c \u0432\u0438, \u0447\u0435 \u043d\u0438 \u043f\u043e\u0441\u043b\u0435\u0434\u0432\u0430\u0445\u0442\u0435 \u0432 \u0442\u043e\u0432\u0430 \u043f\u044a\u0442\u0435\u0448\u0435\u0441\u0442\u0432\u0438\u0435!<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcca \u0426\u044f\u043b\u0430\u0442\u0430 \u043f\u043e\u0440\u0435\u0434\u0438\u0446\u0430:<\/strong> \u041d\u0430\u043c\u0435\u0440\u0435\u0442\u0435 \u0432\u0441\u0438\u0447\u043a\u0438\u0442\u0435 6 \u0441\u0442\u0430\u0442\u0438\u0438 \u0432 \u043d\u0430\u0448\u0438\u044f \u0431\u043b\u043e\u0433 \u043d\u0430 www.innobridge.org<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\ude80 \u0413\u043e\u0442\u043e\u0432\u0438 \u0437\u0430 \u0441\u043b\u0435\u0434\u0432\u0430\u0449\u0430\u0442\u0430 \u0441\u0442\u044a\u043f\u043a\u0430?<\/strong> \u0411\u0418\u0426 \u0418\u043d\u043e\u0431\u0440\u0438\u0434\u0436 \u043f\u0440\u0435\u0434\u043b\u0430\u0433\u0430 \u043c\u0435\u043d\u0442\u043e\u0440\u0441\u0442\u0432\u043e, \u0432\u0440\u044a\u0437\u043a\u0438 \u0441 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0442\u043e\u0440\u0438 \u0438 \u043f\u043e\u0434\u043a\u0440\u0435\u043f\u0430 \u0437\u0430 \u0432\u0430\u0448\u0438\u044f fundraising \u043f\u0440\u043e\u0446\u0435\u0441.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0417\u0430 \u043a\u043e\u043d\u0442\u0430\u043a\u0442:<\/strong><br>\u0411\u0418\u0426 \u0418\u043d\u043e\u0431\u0440\u0438\u0434\u0436<br>\u0442\u0435\u043b: +359 (0)82 825 875<br>email: <a href=\"mailto:info@innobridge.org\">info@innobridge.org<\/a><\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading6082_a2f1cf-ba, .wp-block-kadence-advancedheading.kt-adv-heading6082_a2f1cf-ba[data-kb-block=\"kb-adv-heading6082_a2f1cf-ba\"]{padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);padding-left:var(--global-kb-spacing-sm, 1.5rem);font-style:normal;border-top-left-radius:6px;border-top-right-radius:6px;border-bottom-right-radius:6px;border-bottom-left-radius:6px;}.wp-block-kadence-advancedheading.kt-adv-heading6082_a2f1cf-ba mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading6082_a2f1cf-ba[data-kb-block=\"kb-adv-heading6082_a2f1cf-ba\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading6082_a2f1cf-ba img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading6082_a2f1cf-ba[data-kb-block=\"kb-adv-heading6082_a2f1cf-ba\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading6082_a2f1cf-ba wp-block-kadence-advancedheading has-theme-palette-9-color has-text-color has-theme-palette-5-background-color has-background\" data-kb-block=\"kb-adv-heading6082_a2f1cf-ba\"><strong>\u0417\u0430\u0431\u0435\u043b\u0435\u0436\u043a\u0430<\/strong>: \u041f\u0443\u0431\u043b\u0438\u043a\u0430\u0446\u0438\u044f\u0442\u0430 \u0435 \u0438\u0437\u0433\u043e\u0442\u0432\u0435\u043d\u0430 \u0441 \u043f\u043e\u043c\u043e\u0449\u0442\u0430 \u043d\u0430 \u0433\u0435\u043d\u0435\u0440\u0430\u0442\u0438\u0432\u0435\u043d \u0438\u0437\u043a\u0443\u0441\u0442\u0432\u0435\u043d \u0438\u043d\u0442\u0435\u043b\u0435\u043a\u0442, \u043a\u043e\u0439\u0442\u043e \u043f\u043e\u0434\u043f\u043e\u043c\u043e\u0433\u043d\u0430 \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0438\u0440\u0430\u043d\u0435 \u0438 \u0444\u043e\u0440\u043c\u0443\u043b\u0438\u0440\u0430\u043d\u0435 \u043d\u0430 \u0441\u044a\u0434\u044a\u0440\u0436\u0430\u043d\u0438\u0435\u0442\u043e. \u0424\u0438\u043d\u0430\u043b\u043d\u0438\u044f\u0442 \u0442\u0435\u043a\u0441\u0442 \u0435 \u0440\u0435\u0437\u0443\u043b\u0442\u0430\u0442 \u043e\u0442 \u0435\u043a\u0441\u043f\u0435\u0440\u0442\u043d\u0438\u044f \u043f\u0440\u0438\u043d\u043e\u0441 \u043d\u0430 \u0430\u0432\u0442\u043e\u0440\u0430, \u043a\u043e\u0439\u0442\u043e \u0433\u0430\u0440\u0430\u043d\u0442\u0438\u0440\u0430 \u043d\u0435\u0433\u043e\u0432\u0430\u0442\u0430 \u0442\u043e\u0447\u043d\u043e\u0441\u0442 \u0438 \u043f\u0440\u0430\u043a\u0442\u0438\u0447\u0435\u0441\u043a\u0430 \u043d\u0430\u0441\u043e\u0447\u0435\u043d\u043e\u0441\u0442.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Complete Guide to Raising Capital in Bulgaria and Beyond Funding is the lifeblood of every startup. 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