Expanding the team, raising money & the rest...
Today we added more members to the team... there is a great sense of excitement and anticipation for the road ahead. On a side note we feel ready to secure some funding for the next stage. A few lessons learnt on the way to this point:
1. Seed Funding: Unless your idea is something huge, (Cold Fusion??) and requires big investment to even test the idea, its a bad move to raise a large amount of seed funding. Best to look into that piggy bank (and touch your friends, family or that well meaning acquaintance) to test the merit of the idea. Best businesses are grown using customer funds.
2. Early Stage: Once you have reached a comfort level with the business and fixed the teething problems, raise as much money as required to effectively exploit the opportunity - There is such thing as raising too little money and such thing as raising too much money. Find that sweet spot and stick to that.
.. Yet to learn the rest on a first hand basis.. so no personal insights there :)
1. Seed Funding: Unless your idea is something huge, (Cold Fusion??) and requires big investment to even test the idea, its a bad move to raise a large amount of seed funding. Best to look into that piggy bank (and touch your friends, family or that well meaning acquaintance) to test the merit of the idea. Best businesses are grown using customer funds.
2. Early Stage: Once you have reached a comfort level with the business and fixed the teething problems, raise as much money as required to effectively exploit the opportunity - There is such thing as raising too little money and such thing as raising too much money. Find that sweet spot and stick to that.
.. Yet to learn the rest on a first hand basis.. so no personal insights there :)
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