Factors to consider when thinking about Bootstrapping vs. VC/Angel funding
Hey fellow monkeys.
I'm working on a particular set of ideas that I think is gonna fill in the gaps of what's missing in the trading space. But I'm struggling to decide whether I should bootstrap first or seek funding right away.
The situation that I'm in as follows - I'm confident enough that I can create a good business around my 1st product, which I suspect is mid 7 figures~low 8 figure ARR product. But, I have a whole set of products in mind that'll all address the same "mission" and could get me up to high 8~9 figure ARR. Each product is meant to enhance the portfolio of products by creating network effects and becoming moats to each other. I sense that there might be some number of others who are thinking the same and I'm afraid my information advantage will go away in a year or so.
Right now, I have a whole business model, go-to-market strategy, and differentiation in mind. I'm working on a prototype that I can likely finish by EOY. I don't have any customers yet but I'm in touch with what the right channels are to start talking to customers.
The worry is that, if I bootstrap, I won't be able to build and launch my other products quickly enough. Worry about getting VC funding is losing control over my vision. I've thought about reaching out to some luminaries in the industry for Angel funding and have networked with some small scale VCs run by handful number of people who individually I like as people (so I'm really treating them as more or less Angels) but I'm just not sure what the right decision here is.
Wrt to time commitment, if I bootstrap, it'd just be me and this other guy working part-time until revenue hits a critical mass. If I get funding then I can get whatever number of people I think would be needed.
Hope that the VCs, entrepreneurs, and others can offer some perspective and thoughts here.
Thank you!
@m_1 sorry to solicit you, but I know you have ton of experience starting and running companies so wanted to ask you specifically as well.
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