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Good read:
Ditch the Biz Plan, Buy a Lottery Ticket
excerpt:
The way the system works is that if you build something of value, the money will find you. Yes, there is a catch-22: you need seed financing, but no one will give you a cent until you have a marketable product and your company is producing revenue—which means that you don’t really need the money. But that’s the way it goes. Ironically, raising millions of dollars is usually easier than raising thousands.
I’ve founded two tech companies, and we raised close to $100 million in private and public financing over the years. I bootstrapped my second startup up to the point that I had VCs tripping over each other to fund it. My advice for entrepreneurs in industries with relatively low capital costs (like internet/software) is to bootstrap. Of course, you can start by trying raising venture or angel capital when you have just an idea (you never know, you might get lucky); but don’t waste too much time on it. And don’t get discouraged if they turn you down; you are in the majority. Instead, focus on validating your idea, building it, and selling for survival. You’ll have to raise the money to get started by begging and borrowing from family and friends. Be prepared to dip into your savings and credit cards, obtain second mortgages, and perhaps look for consulting work or customer advances.
Ditch the Biz Plan, Buy a Lottery Ticket
excerpt:
The way the system works is that if you build something of value, the money will find you. Yes, there is a catch-22: you need seed financing, but no one will give you a cent until you have a marketable product and your company is producing revenue—which means that you don’t really need the money. But that’s the way it goes. Ironically, raising millions of dollars is usually easier than raising thousands.
I’ve founded two tech companies, and we raised close to $100 million in private and public financing over the years. I bootstrapped my second startup up to the point that I had VCs tripping over each other to fund it. My advice for entrepreneurs in industries with relatively low capital costs (like internet/software) is to bootstrap. Of course, you can start by trying raising venture or angel capital when you have just an idea (you never know, you might get lucky); but don’t waste too much time on it. And don’t get discouraged if they turn you down; you are in the majority. Instead, focus on validating your idea, building it, and selling for survival. You’ll have to raise the money to get started by begging and borrowing from family and friends. Be prepared to dip into your savings and credit cards, obtain second mortgages, and perhaps look for consulting work or customer advances.
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