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Bootstrapping 🚀 VS funding 💰 what's your path...and why?
As the funding getting easier (at least in theory :) ) I've noticed a big trend of founders declining funding offers in favor of bootstrapping to maximize retention!
That's a big shift that will change founders posture from the ones that used to woo to the ones that are wooed
I would be highly interested in knowing your vision for your startup and why you have chosen this path?
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@molly_o_neill2 fully agree with you, what's the business you are bootstrapping?
Bootstrapping because my number one goal is to do what I love while being financially free. Having investors would mean I'd have to compromise on the "do what I love thing".
@dagorenouf You are totally right, however, it all depends on the investors, some angel newbies will be time-consuming and more of a distraction... however the right investor can be a real booster to your activity (for instance facilitating introductions if he's in the same vertical as you etc.)
@raoufremidan you're right it's never black and white. I guess for me I'd like to be on my own while I find product market fit, and maybe look for an investor for the growth stage 😉
We decided to bootstrap our startup, the idea is to create little apps with gamification to raise awareness and bring traffic to our subscription service what do you think?
As a solo founder and father of one who's currently bootstrapping a company, it's really tough. The thought of having some extra cash to make some initial hires is really tempting but I think I'll carry on solo for now. Eventually, if I want to realise the vision I have, bootstrapping won't be an option anymore and I'll have to raise money. Hopefully I'll have learned enough by then to continue being extremely frugal and keep making good decisions. I'm really excited to start building a team of great people around me eventually though!
@scott_pitchedit I relate to your story as I'm a father too :) covid "helped" me to crash one business and exit another so we are starting fresh again! I checked your website and indeed you can boostrap it easily if you have a killing service + take the time to build a community of happy startups around it (missing some success stories in the homepage for instance) but being solo is not the best plan, having a cofounder is not a luxury, see it as a relay to your motivation, when you're down, he's up and vice-versa
@raoufremidan Don’t get me wrong, I definitely want a co-founder. I’m just being patient about it. Finding a person to work with for the next potentially 10 years or more is not something I want to rush into. It’s probably the single most important choice I will ever make for the business.
Thanks for checking out the site! I haven’t “officially” launched yet, with equity crowdfunding there's a lot of regulatory compliance I need to have in place. So hence the lack of testimonials on the homepage. I’d love to hear any other feedback you have though?
@tyhitzeman I see that you are in the productivity/SAAS business up to which point you think you can/will boostrap your business?
@raoufremidan I'm still trying to find that answer for myself. Hopefully bootstrapping indefinitely, but I'll either need investment or revenue within 3-5 months.
If I was to start again I'd bootstrap. I think being nimble at the beginning by having limited financial resources will really make your startup prioritise those things that matter instead of focusing on vanity metrics or launching a "perfect" product.
@tarasmuz That's so true, I would add that bootstrapping helps you get the "warrior mindset" and come up with innovative ideas to solve problems while sharpening your skills rather than throwing money on easy solutions that may not be adapted to early-stage
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