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+## Chapter 9. Lesson 3. Fundraising
+###### tags: `Chapter 9`
+
+It is the second model of our “What's next” section covering on what you can do next once you've finished coding all the smart contracts. It's important to understand the practical aspects of building and founding projects in the TON ecosystem. Today, we'll cover the fundamentals of raising capital for early stage projects and why investors are willing to support these ventures despite the uncertainty of building and starting a new business.
+
+### Embracing uncertainty
+In the beginning, there are many uncertainties and unknown variables such as market viability and technical feasibility of the projects. Investors are well aware of these uncertainties and are willing to take calculated risk to support promising projects. As builders, it is essential for you to acknowledge and embrace this uncertainty. By doing so, you will be able to adapt and make better decisions through the development process. Moreover, the uncertainty can lead to innovation and unique solutions that may not have been considered otherwise.
+
+### Validating assumptions 
+Developing a successful project requires validating your assumptions about the problem you're solving and the market you are targeting. Raising capital allows you to test these assumptions through experiments, market research, and gathering customer feedback. As you gather data from your experiments, you refine your understanding of the market and adjust the hypothesis accordingly. This iterative process is crucial for developing a viable product or service that meets the needs of your target market and provides you means to exist.
+
+### Importance of funding
+Collecting market data and validating your understanding of the market can be a time-consuming and resource-intensive process. Funding enables you and your project to invest in the necessary tools, marketing efforts, and human resources to gather the data you need. While the ultimate goal is to find a profitable business model, early-stage funding is often about achieving a sustainable business model that allows your project to survive and grow. This may involve finding a reliable revenue stream, building a strong customer base, or forging strategic partnerships. Getting somebody to fund and support your project isn't a fast or straightforward process. It usually starts with sharing information about your project through your personal social media, website, or general pitch. Pitch deck is not a must, but it helps to navigate the communication and to explain what your project is about and what exact idea you have in mind.
+
+### Conclusion
+In terms of both grants and investments, some considerations are in place, which may take from one week to a couple of months. Generally, you can't allow it to take so much time. Luckily, you can always ask about the process and find out more about the status of the application reaching to the people. This is actually our encouragement to builders to not hesitate and inquire status of the application regardless of whether it was a grant or investment request application. Of course, we need to remind you the need to respect your counterparty because usually people dealing with incoming requests are very busy. Some general rule of thumb is to wait at least one business day for them to respond. In this model, we've covered the importance of raising capital for early stage projects, the role of investors in supporting ventures with inherent uncertainties, and the need for funding to test hypotheses, valid assumptions, and ultimately find a sustainable business model. With the foundation in place, you are now better equipped to understand the venture ecosystem point of view and how to navigate it as a builder. In our next module, we'll discuss the various means of support available to the projects within the ecosystem, so stay tuned.
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