Why I ♥️ bootstrapping over fundingMar 25, 2021
When Frank and I started Finder in 2006, we were probably 10 years too late. We weren’t the first to market, we didn’t have a big gap where we needed to launch at super speed. So we didn’t need funding for exponential growth upfront.
We decided to bootstrap and we’ve been self-funded ever since.
I spoke about why I love bootstrapping at the 7th annual Fintech Summit, held this week. I also discussed Open Banking, the democratization of investment products, and the injustice of general insurance in Australia.
The things I love about bootstrapping are:
- It teaches you discipline
- It teaches you capital control
- Cost reduction
- Free cash flow management
Literally all the essential skills you need to make sure your business survives.
But what it comes down to is how much control you want to hold. Without investors, we aren’t pushed to an outcome, there’s no deadline to meet to get the money back to investors. We don't have those pressures.
But maybe I was wrong. Sure, we could have gone much faster. But we know how to run a business and operate it well. And that’s what matters.
So whether you choose to get funding or bootstrap your business, focus on the financial discipline and you’ll set yourself up for success.
⚡️ TIKTOK TIP ⚡️
What are you going to do this weekend to refresh, rewind and re-energise? This is why it’s important to look after yourself:
⚡️ INSTA INSPO ⚡️
This time it’s from Dexter Cousins, who was the first to accept my challenge of changing your job title, following Elon Musk’s new “Technoking of Tesla”.
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