Bootstrapping--in a way, fundraising is a byproduct of success. We wanted to wait to fundraise to help mitigate risk.
Probably waiting a little bit too long to fundraise. Especially with the way things are, an economic depression, systemic racism, and a global pandemic is taking our country into self-implosion; our timing was too long and coincided with this.
We started off our subscription price too low. When pricing you want to start off low and go high but not start high and go low. Even with this, I think I should’ve charged more from the jump.
I’m a product person by default, so I wanted to learn everything I could about finance. In hindsight, I wish I had begun to learn about this a few years ago, but my financial advisor set me straight, and I feel confident that I can develop a good financial model.
$1M in venture capital
Building a great product--better compliance, grow it by putting our content and community on steroids, building an app to automate our product, grow the team, pay salaries, get ready for the next round.
Just keep going--we aren’t inexperienced in this. We’re working fast, but not in a hurry. We want to grow the product quickly in the way we want to see it. Good news is that we’re taking in money already.
I was working on a project in the health-tech space, targeting older adults. I realized during this that compliance is expensive and difficult. I began the product, released it on the internet (a “janky” version) and it snowballed. Decided to work on it full time with Michael (now CTO of Stark).
With the fact that we’re working fast, but not in a hurry, we struggled to ship efficiently and often while delivering value. I think we course-corrected that already. I also think we should’ve brought in a full-stack developer earlier. While it is best to wait, we’re starting to feel the effects of not bringing one on sooner.
I was also a little hesitant to experiment a lot to try not to tarnish the community. People don’t buy what you do, they buy why you do it. Once trust is built, something magical happens.
With my partner Michael, we’ve been able to complement each other very well. I’m much more bullish, while Michael is much more chill, and those work very well together. Find good people to work with.
Being frugal is key. It’s important to know when and where to dump that money and how much. Unless you have paid plans coming in from the beginning, it’s important to have that cash up front.
Really hone in on the financial model. Realize when it will no longer work and will have to fundraise.
Being frugal is key. It’s important to know when and where to dump that money and how much. Unless you have paid plans coming in from the beginning, it’s important to have that cash up front.Read their story