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Paul Graham posted a Fundraising Survival Guide for start ups to his website. It’s a subject that’s been on my mind a lot lately.
Tick tock tick tock
When we started Infovark, we had roughly enough money to get through the first year. We did a fairly good job of budgeting, all things considered. We’ll be able to stretch our initial round further than planned, basically because we hired a few specialists under contract rather than another full time employee. We were also pleasantly surprised at the number of high quality software development tools you can get for free or at reasonable cost. (Microsoft’s Empower for ISVs was a particular boost.)
But when you’re a startup, the clock is always ticking. I can hear it now: “Time is money is time is money….” This is the mantra of the founder. It’s what gives us sleepless nights. It leads to fear and indecision. The search for additional funding can obscure the real goal of starting the company: building something useful — and having fun while doing it.
Infovark has by far been the best work experience of my life. Not merely because the Burrow is conveniently located in my basement — though it’s nice not to fight traffic — but because I’ve finally gotten a chance to create a product from scratch. I’ve never had the chance to do that before, and I’ve been learning a lot in the process. (That’s entrepreneur shorthand for making more mistakes faster than ever before.)
I’m really excited about this stage of the project. We’ve gotten an initial round of feedback from our alpha testers, and we’re mapping out the plan to get us to beta. But I can also hear the clock ticking…
That means at some stage — probably sooner than we’d like — we’ll have to leave the Burrow in search of funding. It’s a scary prospect for introverted software engineers. We’ll have to explain what we’re building, why we’re building it, and why you ought to invest in it. That means we’ll have to define why people will want to buy it and how much it will cost for them to get a copy. These are yet more things to add to our long, growing list of things that aren’t writing code. Except that getting funding is far from trivial, as Paul Graham points out. It’s a matter of survival.
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3 Comments
Nate Nash
Gents – Count Jay and I in for a cool Benjamin. But I want some crazy stock options in case you go Google on us.
14 Aug 2008 08:08 am
Steve Ardire
Nate I’ll take your Benjamin and raise you another and agree on your other thought
19 Aug 2008 07:08 pm
Gordon
Wahoo! All these Benjamins are going to add up to some sweet, sweet code!
Thanks Fellahs
19 Aug 2008 09:08 pm
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