Week 8 - Discussions
Money is a significant obstacle for TalentTap at this stage. The company recognizes the
need for funding to cover initial development costs and establish an emergency fund for
unexpected situations. This financial challenge arises from the ambitious nature of TalentTap's
vision and the lack of sufficient savings to fund these early-stage expenditures.
To overcome this obstacle and keep moving forward, TalentTap is considering two
primary funding options: crowdfunding and bank loans. Crowdfunding is the preferred choice
due to its potential to attract early adopters and customers who believe in the platform's vision. It
can generate interest in the initiative, secure initial support from individuals making small
contributions, and help assess market demand before committing to larger-scale development.
However, should the funds raised through crowdfunding fall short of covering all
expenses, TalentTap is open to exploring bank loans. Bank loans provide a substantial capital
injection upfront, allowing for greater investment in technology, marketing, and recruitment.
Nonetheless, the company acknowledges the importance of having a well-grounded financial
model and income projections to secure a bank loan and a reliable approach to repayment. Also,
in order to sustain financial stability, it is imperative to effectively control expenses and allocate
funds in an efficient manner. This may entail the use of stringent budgeting measures, effective
cost management strategies, and diligent monitoring of financial performance in order to
mitigate superfluous expenses.
In conclusion, TalentTap's strategy involves prioritizing crowdfunding as the primary
funding source and turning to bank loans only if necessary. This approach strikes a balance
between financial responsibility, confirming market potential, and ensuring sustained financial
