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When starting feastively.com I thought by using lean concepts in an otherwise traditional industry, food supply chain, we could hack our way to market fit without spending too much. Of course, in hindsight, this seems like a naive thought. To get us started here were some sources of funds I put together.
I still recall Marley Spoon's CEO (a competitor for us) quoting that building a food supply chain is really not a business one can bootstrap and his most important advice is to keep the business well funded. While the advice is sound, recent mega closures in food-tech in US and our quest to prove market fit means we don't quite qualify for even angel fundraising yet.
P.S. Something has to change about investing one's own super in their startup. It's an investment for the future, for making the world a better place and of course, my retirement. I can invest my super in someone else's startup with Spaceship but not my own. Happy to sign a waiver that the Government will not be responsible for my well-being after retirement.
P.P.S. I tried signing up to uber too but my past driving record wouldn't afford me this pleasure.
An airbnb listing is being actively considered.
Gardenhood. I self-funded. I had to stop because I ran out of money before I hit the market (made poor hiring decisions, the agency I hired dumped me mid-build so I couldn't get to market, so now I have all the IP, a website that needs further work, in-kind support from heavy weights in the industry but no money to launch it).
I won't give up but I've had to stop until I get my R&D Tax Incentive back and focus more on the money. In the meantime, I'm hammering my other business where I get a little bit more of an income as well as earnings from a property on Airbnb. Living on nothing, I haven't bought new clothes in around 2 years but I do eat out, it's my only luxury right now.
I started the project with a nice lot of money but burned through it quickly on developers and agencies. Now I'm learning how to build and manage what I have so I avoid working with the wrong people in the future.
Neil Cocker - CEO - RampTshirts.com - email@example.com
In short, we moved our business 1,400 miles to Sofia, Bulgaria!
We graduated from an accelerator programme in London just over a year ago. And as everyone around us started raising seed rounds to fund their operations. But having not long before been almost killed off by a disastrous fund-raising event, we decided that instead of raising seed capital, we would just slash our operating expenses.
By moving to Bulgaria, and employing a skeleton staff here, it gave us a lot more time and breathing space. We weren't making decisions based on any desperate need for revenue, which can often take you down the wrong path as you scramble for sustainability. A few lean weeks didn't result in us having to take out loans, or think about not taking a salary that month. We were making decisions that were right for the longterm growth of the startup.
So far I can safely say that it was exactly the right decision for us.
You can read about it in detail here, but I'm more than happy to answer specific questions you have about it.
Awesome! Well done, I think raising capital is a buzz word in tech with little accountability. Great to see you thinking like a business person and being more agile.
I ate nothing but egg salad sandwiches and cheap spaghetti bolognese for 4 months. I lost 8 kilograms, but it was all worth it... $30/week on food tops.
This is my current life every day after developers ditch me pre-build. ha!
When starting emptyspot.com.au I didn't want to take on investor money at first. I looked at all possible ways to fund it myself. I was fortunate that I was working full time with a solid income, however I was also heavily in debt with investment properties. When starting out, I did a careful analysis and costing of my start up costs. Once I had an idea of the budget required I sought to see how I could fund it myself. I gathered the funds in multiple ways:
But most importantly to note is that all of the above took 'time'. When bootstrapping my start-up and without investor funds, many of the build costs, marketing and growing of the business was spread over time. Again, this has some challenges as you are limited with what you can do, but when you play the long game in growing your business, this was the best strategy for us.
I am the founder of emptyspot.com.au