Our startup raised money by recruiting a connected VP of Sales of a big bank to become President. He eventually ran the business into the ground (bloated salaries/consultants, questionable hiring of friends….) but did raise for us a couple million many years ago which honestly us just out of a not great college might not be able to do ourselves.
@@gidd We the founders did well salary wise (around 100k per year) once we brought in the new President but it lasted around one year so overall for all 3 years we spent without a salary and what we invested ourselves we made less than minimum wage on average :-( . Still many years later do not regret having taken a shot at making it big.
Best advice for any beginner entrepreneur work and save money, start small, you dont need to be instantly profitable. Bringing in investors or partners isnt worth the risk or time in my experience. No one is ever going to believe or work as hard as you for free. Start with friends and family in small amounts if you really need to. If you can get thru the first year and become profitable, the investor risks are lower, investments and loans are better, and you give up less equity. I can see the potential, I believe in our projections. Now I am not sure if I even want investors.
Caya, this is all solid advice, not just for investment pitches--i.e. raising capital--but solid advice for almost any endeavor. Like, don't send your deck without permission is correlate-able to don't send your screenplay without permission :D Lastly, lookin' pretty dapper my friend. The jacket is fly.
Been following you for years on here and I gotta say. This may be the most well timed video you've ever posted with where we're at about to launch our MVP. Hands down best channel for first time entrepreneurs that are looking to learn about all the aspects of a business!
Remember that a startup is a business so don’t seek investors unless you REALLY have to. Bootstrap as much as you can and just focus on creative ways to get your startup to make money/gain traction.
I always thought like this until i realize someone with big money or have connections to someone with big money who see potential in your idea can twist the idea little bit and without you realize already steal your idea and can speed up the progress with that money. what do u think?
@@habiboktavian8922 I mean that is true but some people have this misconception that you have seek investors right away. Seeking an investment is kinda like if your company is lacking something that you can’t provide you turn to investors. I’d rather own 50% of a successful company than to own a 100% of one that is unsuccessful. But when you try to be creative at the early stage and gain traction, you will be powerful when you receive your first seed round. Plus it lets the investors know that you are in it to win it.
Agreed, cold emails should be buried at the bottom of your toolbox. Try to put a price tag of $50/$100 per outgoing email, and spending time building a network will look cheap again. Also, 11:39... UK Airbnb without Marmite for breakfast???
Caya, you mentioned no code in this video. Can you elaborate on it . Will you do an episode on the no code platforms available and which one you think is best. I would definitely be interested in that so would many others.
Most VCs that write up about pitching almost always ask to have the deck with the email. Why do you think it's a mistake? Keep up the good work, this channel is great.
The next video should be about how to get an idea off the ground with no tech skills, no team, no real money, no network, just stoic you and your idea and your prototype and your fear of being suckerberged like Saverin or Winklevoss's.
The only need for a basic product in 2021 is not necessarily true. I’m looking to do a back-end system for companies in specific industries and if doesn’t have quite a lot of functionality they won’t switch from the existing ones.
Hey Javier, do you have a 5 second transformation? If you can demo how you are better in 5 secs or less, you have a better chance. This 5 sec transformation is what will make your product go viral in a company.
@@derrickduplessy215 Hey Derrick! Thanks for your insight! I think 5 seconds might be a bit too short, but if its somebody involved in the industry a quick 5 - 10 second quick demo might be doable
hey Caya ,just wondering when you said ,in one of your videos, the valuation of a tech startup is determined by the potential of the startup and some other things ,I want to ask that when you said potential of the startup ,were you referring to potential as the potential seen by investors ? If so ,then wouldn't that be subjective ,I mean different for different investors?
Thanks for the video. Just curious which financial institutions would you recommend to manage or park the investment or revenue over $250k which is the max FDIC insured amount? especially to avoid issues with limits, hold?
Appreciate your videos, as always. Just a question: Why not self-fund your own ventures if development costs are 100k? Using profits earned through other ventures, You’d eventually be able to self-fund whatever you like. Self-funding future ventures using profits earned from past self funded ventures seems like the best approach, as you retain total control of everything you do. It’s okay to work with partners, but make sure equity distribution is consistent with what’s truly deserved. Thank you for your videos; they tend to be insightful. 🙏
Awesome video Mr. Caya If i may, i want to ask a question. I think i have a great app idea but i cant code, i can learn but it takes time right!? So what i have to do.... pitching the deck straight away to investor or i have to make the early type of my app even tho' it takes a while? thanks
@@slidebean i already looked into these no-code tools but looks like their have some kind of limitations over the traditional coding method or is it tho' ? or i just maybe i just dont know how to fully use it!? thanks for your respond btw
I have a provisional patent, I have a supply chain, I have a distributor, I have a domain, I have Capital to purchase a thousand units I need to raise $14,500 for the injection mold
Our current operation cost is about $200K, so I see that money leave our bank account every month. It’s a shit ton of money, I am just insensitive to it at this point.😅
Come on, this dude did not come from humble beginnings. Any from his country can tell you. So how can you make this happen when you really are starting from zero? That’s the answer many are looking for
