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Bootstrapping vs Raising Capital
Transcript of Bootstrapping vs Raising Capital
Fell in love with computers (4)
Founded first company in Bogota (14)
Moved to Miami (20)
Bunny Inc. (24)
[Co]Founded: 11 companies
Hanging in there: 1
Myths about raising capital
(How much money I've made)
Unrealized gain: $2m
Unrealized gain: $50m
You need capital to grow your user base
Sorry: If word of mouth is not enough to grow your user base, your problem is not capital, but your product.
VCs provide good advice.
But… a well-built board of advisors can provide better advice
It's important to start talking to investors early on
Sure, but time invested in raising capital is time not invested on improving the product
There's no going back after you raise capital.
You can raise money in many other ways.
Wait for investors to offer you money. Until then, continue focusing on your product!
Remember: < 1% of startups get funded
You need investors so that you can quit your job and focus on your startup
Don't raise capital just because everybody around you is raising capital.
If your goal is to have a long-lasting impact while enjoying life, bootstrapping is more likely to help you achieve that objective.
Step 1: Keep your job, start consulting on the side.
Step 2: Become a full-time consultant.
Step 3: Start executing your idea on the side.
Step 4: Once you have enough cash flow, focus on your idea.
When to raise capital?
When your business is ad-based (next Facebook or Google!)
For paid user acquisition, when the cost is higher than the revenue you can get from each user within a few weeks of acquiring him/her.
For hardware (after a successful Kickstarter campaign)
(Fuck you money)