8 Things Bootstrappers Should Know. From My UCLA Workshop With Adeo Ressi
Today, Adeo Ressi and I spoke about bootstrapping at the UCLA Entrepreneur Conference.
We discussed bootstrapping using these notes that Adeo sent me before the conference.
The bootstrap funding routes are as follows:
(1) don't quit your day job - this is the best option
(2) enlist support of co-founders to donate time
(3) identify partners and vendors to donate resources
(4) negotiate with prospective customers to pay up-front
(5) leverage debt - credit cards, banks, mortgages, etc.
Additionally, every bootstrapper should take advantage of three major trends:
(1) open source and free technology - Ubuntu, Open Office, Gmail, Skype, etc.
(2) declining cost per feature of custom software for efficiency
(3) massive global freelance economy - eLance, 99designs
One individual can run massive brands inexpensively.
