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The Startup Velocity Question: Venture Funding Bootstrapped Startups

The Startup Velocity Question: Venture Funding Bootstrapped Startups
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Best of Bootstrapping: Bootstrapped First, Scaled with VC Funds to an Exit

If you haven't already, please study our free Bootstrapping Course and Investor Introductions page. When we spoke in 2019, Faction Founder Luke Norris had executed a tremendously effective Bootstrap First, Raise Money Later strategy from Colorado. Faction was recently acquired by ORIX. Sramana Mitra: Let's start at the very beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background? Luke Norris: I was born in Nevada. Sramana Mitra: What's your background vis-a-vis education? Luke Norris: I'm a high school graduate. I was lucky to go to private school from K through 12. I was able to graduate rather early in high school. Sramana Mitra: What did you do after that? Luke Norris: At 15, I had my first company. It was a computer refurbishing business helping small to medium-sized businesses upgrade the computers they had. Soon thereafter, I got a full-time job at the age of 17

Best of Bootstrapping: Bootstrap First, Raise Money Later Strategy

If you haven't already, please study our Bootstrapping Course and Investor Introductions page. I wrote a book called Billion Dollar Unicorns a few years back. Writing this book took me through the extensive process of talking to entrepreneurs who have built tech companies with valuations above a billion dollars. While there is a tremendous amount of serendipity involved in any extraordinary success story, one recurring theme comes up in these case studies. I am particularly excited to share this nugget because it applies broadly to all classes of entrepreneurial ventures. Bootstrap first, raise money later. That's what Fred Luddy did when he founded ServiceNow back in 2005. Leveraging his domain knowledge and expertise in IT ServiceDesk software, he rapidly acquired 12 customers before raising funding. Initially, he started charging $25 per seat and the 12 customers paid up. He raised $2.5 million in venture capital WITH 12 customers, and ample

Best of Bootstrapping: Why 99% of Entrepreneurs Face Rejection and How to Overcome It

If you haven't already, please study our free Bootstrapping Course and Investor Introductions page. Let's start with a quote from Marc Andreessen: "At our venture capital firm we only invest in a sort of Silicon Valley–style tech. We see 3,000 inbound deals a year. And those are inbound and coming through our referral network, so those are sort of prequalified. We can do maybe 15 or 20 investments out of the 3,000 a year. So I like to say our day job is crushing entrepreneurs' hopes and dreams. Our main skill is saying no, and getting people to not hate us." Source: Inside the mind of Marc Andreessen – Fortune Management I run One Million by One Million (1Mby1M), a global virtual accelerator for startups. 2023 is our thirteenth year supporting entrepreneurs. Thousands upon thousands of entrepreneurs have approached us for help with their funding at a stage where their chances of getting funding is ZERO. We can't help them, regardless of how

Looking for 1Mby1M Ambassadors to Scale Our Work Globally

Friends, Many of you have responded to our collaboration requests on LinkedIn. Many of you have reached out to us independently, wanting to add value to the work we do in developing the tech entrepreneurship pipeline around the world. We are now much better equipped to harness your desire to contribute in a concrete way. In March 2021, we launched an initiative to develop Udemy courses based on the 1Mby1M methodology and case studies. Now, that initiative is quite far along, enough to give us ammunition to vastly scale our impact. Most importantly, now we can give YOU a clear path to take this work further into any community anywhere in the world. Here are the steps: We're looking for 1Mby1M Ambassadors to facilitate the learning of communities of aspiring entrepreneurs in a structured, diligent manner with study groups.Our Udemy courses with discount coupons are available globally at extremely affordable prices.Please pick one course a month, assign it to your

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