Have you ever tried to pull yourself up by your bootstraps? Do your boots even have straps? Being a Mainer for the last 20 years, I of course own a well worn pair of LL Bean boots, and they do have a loop on the back that is a strap to help pulling on the … Read more
As your company grows, corporate partnerships may become an option to expand into new markets or deepen penetration of existing markets. While corporate partnerships are usually thought of in the context of sales and marketing, they also have significant impact on funding. Corporates already have deep customer relationships. A corporate partnership can dramatically lower marketing … Read more
Did you know that your chance of success on Kickstarter, as well as the amount you can expect to raise, varies a lot by what type of business you have? We analyzed Kickstarter’s own published data on every successful (and unsuccessful) crowdfunding campaign they’ve ever had. On average: You Aren’t an Average Kickstarter Success The problem with looking … Read more
Most funding attempts by young companies fail, no matter what type of business funding they are trying to get. That’s true for business credit cards, trade credit, commercial bank loans with or without SBA guarantees, Kickstarter or Indiegogo crowdfunding, SBIR federal grants, and equity fundraising from angels and venture capital firms. Why is that? Why do so many young companies seek funding only to come up … Read more
I just met with a company that wants to raise equity to invest in marketing. The B2B services company founder thought they were ready. I soon found out they are not. The biggest issue for them is fundamental to any business that generates recurring monthly revenue, or other reasonably reliable repeat revenue from existing customers. Stated simply: … Read more
Scrappy bootstrapping entrepreneurs pull off amazing things with very few financial resources. But like all good things, frugality can go too far. It can lead to being “Penny Wise, Pound Foolish.” This phrase goes back to 1621, when the British pound was a lot of money. Just as in the US, a hundred pennies make up a … Read more