Some thoughts on Funding and Riding the Wave
- Consider Bootstrapping if you can
- But remember the risk that better funded competitors can storm by you
- It can be a hungry time if you have to do everything yourself
- Fundraising is a full time job – hope for 6 months of hard pitching and closing (after the business plan and all related materials are done), but PLAN for 12 months
- Remember, it can easily take 3 months just to get the legal papers done
- When you raise money, target two years of
cash on hand – never go below one year!
- It will take twice as long to raise money
as you plan (probably a year)
- Follow Clayton Christensen’s advice –
Drive to profitability as quickly as you can
- Taking technology to market
is like surfing
- You have to on the board and
in the market BEFORE the wave breaks
- You may be too early
- You may be too late
- There may BE no wave!
- It may be a Tsunami!
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