Comments on 22 Michaels: Bootstrapping a startup

Fergus and VentureDen, thanks for sharing your tho...

2010-01-02T08:29:49.060+11:00

Fergus and VentureDen, thanks for sharing your thoughts. Sounds like we've got some thinking to do to determine what's right for our business.

Wooshii and VentureDen both look like great sites by the way. I'll keep them in mind as we go through this process. :)

Hi Matt, thanks, I'll take a look at the book....

2010-01-01T09:29:33.762+11:00

Hi Matt, thanks, I'll take a look at the book. That's interesting to hear that most entrepreneurs who took funding regretted it later.

I agree with inspiredworlds. Many startups seek fu...

2010-01-01T04:32:28.243+11:00

I agree with inspiredworlds. Many startups seek funding right from the start when they should take their business as far as possible before seeking funding. Aside from keeping control of your business bootstrapping breeds creativity for marketing on a low budget and in general teaches you to spend wisely which are great traits to have in business.

Well I can't entirely agree. True VC take some...

2010-01-01T04:12:54.619+11:00

Well I can't entirely agree. True VC take some control but they are so often painted in a negative light.

My view is that you are at Angel stage. Have been there many times both as angel and boostrapped company.

Simply to scale you need cash. The degree of cash will determine which route. Bootstrapping is a great way tp prove a concept and market but for real growth you need funding. There are exceptions of course but they are rare.

Actually reading a book which covers this very top...

2009-12-31T19:33:24.767+11:00

Actually reading a book which covers this very topic for online startups called "once your good, twice ur lucky: silicon valley and the rise of web 2.0". It says that most of the entrepreneurs regretted raising vc and giving up control. As the next gen of web 2.0 entrepreneurs came around, costs had significantly decreased and they didn't need as much capital for their startups.

If they needed, they turned to friends who were entrpreneurs and were able to get money from them or other angel investors. I think the point is to avoid vc for as long as possible!!