A few weeks ago I ran a workshop at SOHO House called BootStrap Bootcamp. I thought I’d share a few of the key points over the next few posts.
First, what is bootstrapping? In general terms, it means pulling yourself up by your own bootstraps – or relying on your own efforts and resources instead of getting help. In the world of entrepreneurship, it tends to mean launching a business with limited capital investments.
There are a few flavors of this, though.
-A team funds the first phase of a startup by themselves, hits their milestones, and then raises outside financing.
-A team funds the first phase of a startup by themselves, and doesn’t need additional financing
-A scrappy team that starts and grows a company on a very tight budget – never investing or raising money. One common flavor of this is to use customer payments to finance growth