ETech - from coder to co-founder -2
Here are some more pointers from the coder to co-founder session.
[people]
You need co-founder to share the tasks and feed energy to each other. Employee, the first two or three employees set the tune for rest of the company. Don’t let anybody in until you are sure they will be able to set the tune you like for the company. Hire people you like and people like you.
[funding]
There are two paths for startups to get funded, bootstrap and investment. Bootstrap is on you own. You have to start the company first. Investment could be from angel investor or VC. VC usually will take 50% or more your company. The best way to raise money from VC is not to need it. Here are some VC related averages:
10 face to face pitches will lead to 1 termsheet.
3 termsheets could become 1 financing.
From pitch to term sheet = 1 month
Total time spend to get funding = 4 - 12 month.
[strategy]
None startup should spend money on ads. It’s waste of money. Do great customer support. The support pipeline is the best sales pipeline. Do search on internet and response ANY thing associate with your company, product and yourself, no matter is blog, chat, etc.
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