Escape the Startup Paradox 😬 MVP Without Venture Capital
Can’t Build Your Product Without Funding
But Can’t Get Funding Without a Product
In the newest episode of Feel the Boot, we're diving headfirst into the world of product development sans angel investment.
I provide strategies for startups to navigate the challenges of raising funding pre-MVP.
Consider the paradox that most startups face: they need money to build their product, but struggle to obtain funding without a product.
I lay out three strategies to overcome this challenge.
The first is to build a cheaper version of the product by using off-the-shelf tools and proving its success.
The second strategy is to validate the business by conducting interviews, surveys, and gathering evidence of customer interest.
The third strategy is to explore alternative funding sources beyond traditional equity investors like: friends and family, grants, partnerships, or bootstrapping.
By following one or more of these strategies, you can find alternative ways to build your minimum viable product (MVP), enabling you to progress towards your business objectives.
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0:00 Introduction
1:16 Strategies for Cutting through the Funding Paradox
2:11 Building Cheap
3:08 Frankenstein
4:29 Faking It
7:06 Compensating with Validation
14:36 Alternative Funding Sources
15:27 Friends and Family
16:13 Debt
17:13 Grants
18:13 Partnerships
21:03 Bootstrapping Your Business
Lance Cottrell has been an active startup advisor and startup mentor for over a decade.
He has helped countless startups navigate the key decisions of their journey, like when to take venture capital investment and negotiating term sheets.
He works with many companies in accelerators like Y Combinator and Founder Institute.
He provides help with startup funding including raising venture capital and angel investment.
He can help you achieve liquidity for your company at a high valuation.
Feel the Boot is a startup vlog of tips and advice for early-stage founders.
8 июл 2024
