ISO 13485:2016

Find the Best Funding for Your Needs

Find the Best Funding for Your Needs

You’ve created a growth plan for your business and now are ready to implement it. You will likely need to seek funding from a personal relationship, institution, or investor. Funding is essential for businesses to grow, tap into new markets, grab the audience’s attention, and perfect the product or service. When choosing suitable funding for your business, consider your credit, the amount of funding you need, the risk you can take, and your willingness to give up equity and control of your business. Once you’ve determined what you are willing to risk and what you want out of your business, you’ll be ready to evaluate the right funding for your situation. This article provides an overview of the different funding methods used by Start-Ups and Entrepreneurs. Forbes and TheProductStartUp reported these as the preferred methods of funding business endeavors:

Friends/Family Loan

Range: $0 – $100k
Terms: Negotiable
Personal Risk: Medium
Difficulty: Low

Pro: Your friends and family believe in you the most and want to encourage your business. You can negotiate more flexible terms such as zero down, little to no interest loans, with nearly anything as collateral.

Con: You have mixed business and pleasure. Your personal relationships may be jeopardized should the business struggle or fail. This type of funding typically does not have a structured contract or terms of agreement, which may lead to unclear expectations.

Personal Bank Loan

Range: $0 – $500k
Terms: 5% – 10% APR, 1 – 5% Application Fee
Personal Risk: High
Difficulty: Medium

Pro: Once the lender determines that you are a qualified borrower, especially if your collateral is personal savings, this may be a practical way of getting funding for your startup. If you decide to pitch to investors in the future, having more investment into your company, may help convince them that you’re committed to your idea.

Con: With secured loans, taking out a second mortgage/equity loan is a high-risk way of funding your business. You are liable for repayment if the business fails and a default on the loan could have harsh consequences for you and your family. Lenders are notoriously conservative when evaluating collateral assets. Getting a personal unsecured loan may not be possible if you have poor or no credit, or a high debt-to-income ratio.

Small Business Bank Loan

Range: $0 – $750k
Terms: 3.8- 4.6% APR, 2% Fee, collateral down

Personal Risk: Low
Difficulty: Medium

Pro: This is a low-risk loan that doesn’t require you to give up equity or control of your business. If you want to set up business credit, consider opening a secured account. The bank will freeze your funds as collateral and give you an equal line of credit. This won’t help raise immediate funds for manufacturing your product, but if you keep repayments consistent it will help you to create credit for future loans.

Con: Banks want to see an established company with revenue or large purchase orders from future clients before giving business credit. You will need to put in a sizeable (10 – 20%) down payment. By taking out a loan, you add the cost of a monthly loan payment to your list of bills.

Government Grants

Range: $0 – $1M+
Terms: Vary, Matching Funds/Loans
Personal Risk: Low
Difficulty: High

Pro: You don’t have to repay the funds.

Con: Only a small number of businesses qualify for grants. The process of applying for and receiving grant money is complex. Grants may have strings attached, requiring you to match funds or take out a loan.


Range: $10k – $2M
Terms: Fees of 4% – 10%, or Equity
Personal Risk: Low
Difficulty: Low

Pro:  Crowdfunding lets you confirm your market exists, spread awareness about your product, and create relationships with future customers before committing to costly funding contracts. If you don’t fund, this means you need to go back to the validate and design phase.

Con: Crowdfunding shows your product in a public light. This is not for you if you want to keep your idea confidential. The recent growth and popularity of crowdfunding means that you are competing against many other projects. It can be difficult to stand out in a sea of promotions.


  • Kickstarter
    • Popular For:Everyone
    • Fees:5% of funds raised + 3-5% transaction fees, or 0% if your campaign doesn’t fund
    • Time to Receipt of Funds: 30 to 60 days
    • Partial Funding:No- there is no partial funding option. If the campaign doesn’t meet its funding goal (5% as of 2015), the donors receive refunds
  • Indegogo
    • Popular For:Non-profits
    • Time to Receipt of Funds:40 days
    • Fees:4-9% of funds raised depending on the campaign type and funding
    • Partial Funding:Yes- you can choose to run a campaign that will refund customers if it’s not fully funded, or a campaign where you keep the partial proceeds (at a higher fee)
  • GoFundMe
    • Popular For:Individuals / Personal Causes
    • Time to Receipt of Funds:Unlimited
    • Fees:9% + $0.30 per transaction, or 9.25% of funds raised
    • Partial Funding:Yes- there are no goal requirements


Range: $25k – $120k
Terms: 5% – 10%+ Equity or Monthly Rent
Personal Risk: Low
Difficulty: Medium

Pro: Admittance into a program validates your business to investors. Incubators host workshops and classes, and pairs you with top mentors, who often are former partners in successful companies. You make lasting connections with fellow startups and mentors. Even if you don’t go on to get angel or venture capital (VC) funding, you leave the program more experienced.

Con: The application process is highly selective and admittance is competitive. Incubators have rules which you must abide to. You must decide if it suits your style to give up equity and allow oversight from incubator management. Many programs are also regional and industry focused, so you may need to relocate temporarily to qualify.

Partner/Angel Investor

Range: $50k – $1M
Terms: Equity
Personal Risk: Low
Difficulty: Medium

Pro: Angel investment is less regulated and more flexible than venture capital. You can also expect to get funding in one lump sum. There is no need for repayment – you’re trading equity for cash.

Con: You will give up some equity and control over company decisions though most don’t take a seat on your board. It can take several months for a group of angel investors to do their due diligence.

Venture Capital

Range: $500k – $50M
Terms:  expect 50% return on investment, equity
Personal Risk: Low
Difficulty: Hard

Pro:  VC’s will have invested in companies in your industry before and has the experience to help you grow exponentially. They have deep pockets – no other form of funding can provide you as much. They also have broad connections, which can help you hit aggressive growth targets. You don’t need to repay any of the funds; you’re trading equity and a large cut of the future profits for immediate funding. This also means that you don’t have a loan payment to make each month.

Con: In this competitive market, VCs are highly selective. Typically, you need an introduction by someone who has previously worked with that VC. Firms are typically overloaded with pitches and have a formal application process. They are also heavily regulated, which means the funding process can drag out for over 6 months. You will give up your authority, equity stake, board seats, and/or veto power and the firm may make decisions that are best for the investors and not necessarily good for you or your product.

Ready for Business

Obtaining funding can be the hardest and most rewarding part of launching your business. Once you have a business plan and a growth strategy, you’ll need to explain to investors what the business does, the target audience, market information, and expected budget. You will need to evaluate your own risk, reward, and desired control of the company. These steps lay the groundwork for discovering the best funding type for you. After you’ve saved, been approved for a loan, or found people to invest in your company, you can focus on the business you love. Finding the right funding method for your needs will enable you to implement the best strategies for revenue building and long-term growth.

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Nectar is an award-winning design & engineering consultancy with a specialization in medical device development. We are proudly 13485 certified, we adhere to the highest industry standards. Nectar has been an industry leader in Southern California for over 25 years. Our proven user-centered design process has facilitated the successful launch of hundreds of products in the market.
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We are an ISO 13485-certified design and engineering firm based in Southern California, specializing in the development of cutting-edge medical devices.

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Darren Saravis


Darren is an accomplished, dynamic leader who founded Nectar, X-Naut, and BreathDirect. He is committed to improving the world through the synthesis of technology, science, and art. Under Darren’s leadership, Nectar is leveraging the latest advances in cutting-edge technology to transform medical device development and design. As part of his

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Steven Wells Ph.D.

Director of Operations

Dr. Steve Wells holds a critical role in steering Nectar’s operations and defining its strategic direction. His impactful leadership has established a clear course for the company’s success. He has revitalized the company with a passion for maximizing impact through expert resource utilization since taking the helm in 2020. Steve has boosted Nectar’s portfolio, streamlined processes, and reinvigorated its innovation agenda, all with the goal of developing life-saving and impactful products. His background in senior leadership roles at Georg Fischer and his people-focused, results-driven leadership style make him an invaluable asset to our team. Steve’s extensive knowledge in chemistry, biocompatibility, and biology only adds to his value as a team member.

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Nellie Roque

Director of Finance and Accounting

Nellie Roque is a seasoned professional with over 17 years of experience in the fields of accounting, human resources, and payroll. She has a wide range of experience, having worked in industries such as manufacturing, software, and non-profit organizations. Nellie holds a Bachelor’s degree in Business Administration and Accounting, demonstrating her strong foundation in financial management and human resource practices. Throughout her career, Nellie has gained extensive knowledge and expertise in these areas, making her a valuable asset to any organization.
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John Duval

Principal Engineer

John is a true asset to Nectar, having been a founding member and instrumental in shaping the company’s portfolio and establishing its reputation for engineering excellence. With over 30 patents and numerous design awards to his name, John is a master of product architecture and subsystem integration, as well as design for manufacture, mechanisms, and root cause analysis. His passion for creating simple and holistic solutions that take into account a wide range of variables is evident in his work and has made him a valuable member of the Nectar team.
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Aaron Gifford

Principal Engineer

With a wealth of experience as a medical device developer, Aaron is a valuable addition to the Nectar team. His expertise in transferring medical devices and IVD instruments to production is unmatched, and his 25 years of professional engineering experience speaks to his expertise. At Nectar, Aaron plays a crucial role in ensuring regulatory compliance throughout product development and manages projects with skill and precision. His recent leadership in the development of the critical care Covid EUA BDR-19™ ventilator is a testament to his abilities, and his 13 patents in the medical device space further highlight his contributions to the field.
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Larry Larson

Director of Hardware and Firmware Engineering 

Larry Larson is a highly experienced engineering professional who has served as Nectar’s Director of Engineering for several years. He has extensive experience in leading, overseeing, and managing the design and development of innovative products, and has been involved in 70 unique product design cycles to date. With a deep understanding of highly regulated industries such as medical and aerospace devices, Larry has been instrumental in bringing cutting-edge technologies to market and delivering solutions that meet the needs of his clients. He has a passion for engineering and is dedicated to advancing the field by delivering products that are safe, effective, and of the highest quality.
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Adam Marten

Senior Mechanical Engineer

Adam Marten has worked in the aerospace and consumer products industries since 2006 with lead engineering experience in conceptual design, product development, analysis and performance qualification testing. Adam has experience leading a range of technical projects, including multiple structural analyses for military and aerospace applications. He has also worked directly with engineering teams to develop medical devices and laboratory instrumentation.

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James Wilkin

Industrial Design Manager

James is a seasoned professional with over seven years of experience at Nectar, where he brings his expertise in industrial design, user interface, and user experience to the table. With a background in the highly competitive automotive industry, working for heavyweights like Daimler and Tesla, James is a true asset to the Nectar team. He is responsible for ensuring that the company adheres to user-centered design best practices, and he works closely with clients and partners on crucial human factors strategies for FDA submissions and the overall usability engineering process. James’ achievements in this field speak to his exceptional skills and dedication to the work he does.
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Rejsa Kuci

Business Development Coordinator

Rejsa is a dynamic force in driving sales and acquiring new projects at Nectar, where she excels in seamlessly aligning the Sales and Operations teams. Holding a prestigious double degree from the Rochester Institute of Technology in Management and Multimedia, Rejsa brings a wealth of experience to her role as a Project Manager, Digital Marketing Strategist, and Creative Lead. With over four years of expertise in the digital world, Rejsa is not only highly skilled but also enthusiastic about following the ISO 13485 path to ensure successful project completion. Her ability to effectively bridge the gap between Sales and Operations, combined with her passion for driving projects forward, makes her an invaluable asset to the Nectar team.
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Belen Quintero

Associate Project Manager

Belen is a project manager at Nectar who brings a wealth of experience and expertise to her role. With a strong background in Mathematics and Philosophy from the University of California, Riverside, she has honed her skills in a variety of industries including healthcare ,education, food manufacturing, and engineering. Belen’ success as a project manager is due in large part to her ability to align projects with business goals, clearly define project needs, lead cross-functional teams, and effectively communicate results to stakeholders. With her proven track record of success, Belen is a valuable asset to the Nectar team and a key player in driving the company’s projects forward.
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Erjon Ameti

Mechatronics Engineer

Erjon Ameti is a highly knowledgeable Mechatronics Engineer with a wealth of experience in both academic settings and startup environments. With a strong background in electronics, robotics, and 3D modeling, he possesses a unique combination of skills that allow him to excel in the fields of automation systems and mechatronics. Over the past five years, Erjon has honed his expertise in product development and industrial automation, emerging as a leading authority in his field. Currently, Erjon works at Nectar as a hardware engineer, where he is responsible for documentation, CAD design, and electronics in general. He has been involved in the entire process of Nectar engineering, bringing his expertise and experience to the forefront of the company’s success.
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Redon Berisha

Electronics Engineer

Redon is a highly skilled engineer with a passion for technology and innovation. He has a background in mechatronics, which has given him a strong foundation in electronics, including electronic design, PCB design, and cable design. Redon excels in the critical components of the design process, including documentation for assemblies, testing, debugging, and ensuring each project is completed to the highest standard. At Nectar, he plays a crucial role in the creation of cutting-edge technology, bringing his unique vision to life and making him a valuable member of the team. With his technical expertise and creative vision, Redon is a leader in the field of electronic design.
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Kerry Eiss

Clinical Expert - RN, BSN, CLNC

With over two decades of experience in healthcare innovation, Kerry has been instrumental in transforming patient care and improving patient outcomes across the globe. Her extensive knowledge and expertise in the cardiovascular and cardiothoracic operating room, as well as her experience in emergency medicine, geriatrics, pediatric psychiatry, and main OR, make her a versatile and valuable member of the team. From small hospitals to large teaching institutions, Kerry’s 20 years of experience with patient documentation, including the use of EPIC, Cerner, and Meditech electronic charting systems, have positioned her as a leader in her field. Her recent involvement in helping transition the Providence St. Vincent Medical Center’s Cardiac Surgery program from paper charting to electronic documentation further underscores her commitment to advancing the healthcare industry.

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Flaka Brahimi

Marketing Manager

Flaka, a highly skilled professional with a background in Architecture and Spatial Planning from the University of Business and Technology in Pristina, holds a dual role at Nectar as both the Marketing Project Manager and a valuable member of the Business Development team. In her role as Marketing Project Manager, she is responsible for overseeing the development and execution of marketing strategies and as a member of the Business Development team, she actively contributes to the growth of the company by assisting in the creation of impactful marketing tactics. With her diverse background and expertise, Flaka plays a crucial role in ensuring the success of Nectar’s projects.
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Brayton Hammerli

User Experience Designer

Brayton is a multi-disciplinary designer with a A.A in Studio Arts and a B.S in Industrial Design from California State University Long Beach. As a user experience designer, Brayton specializes in usability evaluations, user research, feedback studies, GUI design, mobile app design, human factors evaluations, and formative studies. In his free time, Brayton enjoys outdoor activities such as hiking, mountain biking as well as other creative pursuits. He approaches problems with a solution-focused mindset and enjoys exploring ideas. 
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Stephanie Rodriguez

Accounting Coordinator

Stephanie Rodriguez is a highly experienced administrative professional with over 10 years of expertise across a diverse range of industries, including contract manufacturing, financial and wealth management, and the medical field. She holds a Bachelor’s degree in Humanities from Northern Arizona University. As a valued member of the Nectar team, Stephanie plays an integral role in supporting the engineering teams by acquiring materials and parts for the prototype phase of our clients’ projects. She also assists the Director of Accounting by issuing purchase orders and provides project managers with accurate data to effectively manage and track budgets for each stage of the statement of work. Stephanie’s knowledge and skills, combined with her dedication and drive, make her an asset to Nectar and a key player in ensuring the successful completion of our projects.
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Toska Ukaj

Scientific Content Writer

Toska Ukaj is a gifted writer who brings a wealth of expertise and passion to Nectar. With a background in medical science and years of experience producing high-quality scientific and medical publications, Toska’s writing skills are unparalleled. She boasts an excellent educational record, advanced interpersonal skills, and a deep passion for healthcare. As Nectar’s writer, Toska consistently produces clear, concise pieces that can be easily understood by the public and truly captures the essence of Nectar’s mission. With her exceptional writing abilities and commitment to healthcare, Toska is an invaluable asset to the Nectar team.
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Sean Wells

Mechanical R&D Technician

Sean plays a critical role at Nectar. He has a wide range of skills that help keep the company and equipment running. His background in machine and building maintenance means he has skilled hands ready for anything. Sean runs our lab equipment including 3D printers and a laser cutter. He also helps with complex project builds, assemblies, and testing.
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Jonathan Cantera

Quality Manager

Jonathan at his core is a Human Factors Engineer with his M.S. in Human Factors and Minor in Sociology from California State University of Long Beach. At Nectar, Jonathan is responsible for managing and maintaining the company’s ISO 13485 Quality Management System keeping in compliance with US and international regulations for product development. Jonathan’s role ensures each department is in compliance every step of the design process, making him a critical Nectar team member. Jonathan’s Human Factors background also allows him to aid in user research, feedback sessions, usability evaluations, and formative studies such as risks assessments. When he’s not in the office, Jonathan enjoys film photography, and reading.
Vessa Hyseni Purchasing Manager

Vesa Hyseni

Purchasing Manager

Vesa is a skilled Purchasing Manager with a strong focus on procurement strategies and vendor management. With a track record of successfully leading procurement teams, Vesa excels in optimizing procurement processes, consistently striking a balance between quality assurance and cost-effectiveness. Her ability to identify cost-saving opportunities and manage supplier relationships effectively makes her an indispensable asset to Nectar.
Uran Cabra Engineer

Uran Çabra

Software Engineer

Uran Çabra, with a background in Mechatronic Systems Engineering, has been working on Embedded Systems, specifically on IoT product development. His responsibilities include firmware development and electronics design and testing. He holds a master’s degree in Electrical Engineering with a focus on Autonomous Mobile Robotics.
Sarah Clark UX UI Designer

Sarah Clark

Industrial Designer

Sarah has a background in fine art & graphic design with a B.S in Industrial Design from California State University Long Beach. As a user experience designer her specialties include: keen aesthetics, creative problem solving, a detail oriented approach to research, and improving user journeys within complex experiences.