By Poornima Vijayashanker
While you might think that get funding from investors is easy to come by, it’s not… But, many founders spend a fair amount of time wooing investors even before they have a prototype out the door. They think that an idea is enough to get them funding.
This approach not only slows founders down, it stifles product development, and cripples your a business’ actual growth.
But you’re probably thinking, “I need funding to develop my product!”
I hear ya!
The good news is that there are other methods to fund product development.
In the following video segment, Ben and I share methods we’ve used to get working capital to fund product development.
The BEST part about these other options is that they also prove that there is a market for your product, and force you into building the right product!
Now if you’ve drank too much of the fundraising kool-aid, you might be skeptical…
But I’d highly recommend you watch this video, because Ben and his team at Olark have bootstrapped their way to a profitable multi-million dollar business.
And if you’ve ever wondered about giving your product away for free initially to grow the following and get feedback, then hear how Ben and his team used this strategy to their advantage.
After you’ve watched the video, tell me what you think of these new funding strategies, and which you’re likely to try out, let me know in the comments below!
Missed the first four videos in this series? Check them out here.