The importance of funding (and doing it correctly), the significance of people in business (both internal and external), and why persistence needs to go hand-in-hand with patience as a business owner.  

Uncover years of experience-based knowledge with us and Mike Lee, founder of Fundica. A company that is streamlining the funding journey for entrepreneurs and organizations by consolidating various resources into a single, convenient funding destination.

What are three things every Entrepreneur should know?

The first thing Mike believes every entrepreneur should know is the significance of following a structured approach to funding. In his experience, there are specific steps that entrepreneurs should adhere to when seeking funding, such as ensuring market fit, assembling a competent team, obtaining pre-funding, pursuing government funding and loans, and eventually seeking equity investment. 

Mike highlights the importance of following these steps in a sequential manner, although the sequence may differ for different companies and their unique situations.

Mike underscores the crucial role of people as the second thing that he believes every entrepreneur should know. He highlights that the people you work with, both within the organization and externally, are more important than any other aspect of your business.

Recognizing the value of building strong relationships and collaborating effectively with others is a key principle for entrepreneurial success, according to Mike.

Lastly, Mike advises entrepreneurs that it’s important for you to be persistent, but it’s equally as important that your persistence goes hand-in-hand with patience. Drawing from his own experiences working on a startup, he has learned that success takes time and requires unwavering dedication. 

Mike encourages entrepreneurs to remain committed to their goals while understanding that achieving them may require significant time and effort.

What problem does your business solve and who are its customers?

Mike is the founder of Fundica, a company that operates as a funding search engine. They have obtained licenses from major financial institutions in the United States, which utilize Fundica’s technology to assist businesses in identifying, organizing, and applying for suitable government funding opportunities. 

Essentially, Fundica serves as a comprehensive platform that simplifies the funding search process for its customers.

By leveraging Firmographics, Fundica captures relevant information about businesses, enabling effective filtering and inclusion of suitable funding options. Ultimately, Fundica aims to streamline the funding journey for entrepreneurs and organizations by consolidating various resources into a single, convenient funding destination.

What inspired you to become an Entrepreneur?

Like many of the entrepreneurs we’ve had the pleasure of speaking to, Mike was aware of his desire to become an entrepreneur from a young age. However, he experiences some nervousness in fully admitting to this fact. 

His grandparents on both sides came from Europe and went through times of war there before coming to Canada and becoming entrepreneurs which greatly inspired him to follow their path, he went so far as to say entrepreneurship was in his blood. 

Although Mike studied engineering, Mike felt drawn to the dynamic and versatile nature of entrepreneurship.

If someone had given you a million dollars when you first started your business, what would you have spent it on?

Mike had a rather realistic answer to the million dollar question, stating that he likely would have overspent the million dollars on unnecessary things due to his inexperience. Considering the market dynamics and the gradual acceptance of Fundica by clients, he acknowledges that efficiently utilizing such a significant amount of capital early on would have posed a challenge.

However, Mike also acknowledged that with a larger investment, he likely would have been able to expand his team and potentially scale his business more effectively. Nevertheless, he also couldn’t be 100% sure that receiving a larger investment at the outset would have significantly altered the trajectory of his business.

What is your proudest accomplishment as an Entrepreneur?

Mike found this to be a tough question as his proudest accomplishment is difficult to pinpoint, however, he mentioned that he derives great satisfaction from the positive impact he has had on others through Fundica. 

He recalled a poignant moment at an event when a stranger approached him, recognizing him as Mike Lee from Fundica, and expressed gratitude for using Fundica’s website, which helped them secure over a million dollars in funding. This heartfelt encounter deeply touched Mike, reaffirming the value and impact of his company’s work.

On the business side of things, Mike went on to say that throughout Fundica’s history, his team has celebrated numerous milestones – each of which contributes to their overall sense of pride and fulfillment. This led Mike to express pride in his team’s ability to come together and collaborate effectively, highlighting their collective efforts as another source of achievement.

One notable achievement was the successful formation of his team alongside his co-founders, which he considers a significant accomplishment. Another was securing partnerships with prominent financial institutions and obtaining a partnership with one of the largest banks in North America, TD Bank.

In terms of the product itself, Mike acknowledged the continuous progress and innovation that takes place and expressed excitement about the ongoing development of new features and enhancements.

That being said, rather than focusing on specific individual accomplishments, Mike adopts a broader perspective, focusing on the overall trajectory of Fundica. He aims to maintain a steady and upward progression, navigating both the highs and lows while keeping the team’s accomplishments in sight.

What big goals are you looking to achieve?

Mike began to answer our last question by stating that Fundica is in its commercialization phase. With clients across North America and a mature product, his main goal is to achieve specific business development targets, such as expanding the client base and scaling the business as well as its market presence.

In addition to business development, Mike aims to take Fundica’s product offering to the next level. This involves continuous improvement, innovation, and enhancement of its capabilities to meet evolving customer needs. To support these objectives, Mike plans to expand the team by hiring talented individuals who can contribute to the company’s success.

Mike’s experiences lend him wisdom as an entrepreneur, wisdom that he has been kind enough to share with us and now you. Are you an entrepreneur with your own wisdom and experiences to share? Get in touch with us to do just that on Entrepreneur Stories!