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Published May 21, 2019

The case for bootstrapping, w/Mailchimp's Ben Chestnut

Discover Mailchimp's bootstrapping journey as co-founder Ben Chestnut reveals how strategic challenges, an innovative freemium model, and customer feedback fueled their $600M success without external funding, along with insights into alternative funding options like crowdfunding and angel investors.
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  • Crowdfunding

    Crowdfunding offers a viable alternative for early-stage entrepreneurs who struggle to secure venture capital. , founder of iFundWomen, emphasizes that only 1% of founders raise VC funding, leaving 99% to explore other options like crowdfunding. She advises aiming for the bare minimum needed to create a minimum viable product (MVP) and iterating based on user feedback 1. shares his experience with crowdfunding for his Reading Rainbow app, highlighting the importance of betting on oneself when traditional funding isn't available 2.

    Crowdfunding is great for companies at any stage. It allows you to prove demand for your product or service before investing in making it.

    --- Karen Cahn

       

    Angel Investors

    Angel investors can be crucial for early-stage startups, providing not just capital but also strategic guidance. likens VCs to booster rockets, emphasizing the importance of timing and the right team for rapid growth 3. He shares his experience of assembling 47 angel investors for his company, Hear Music, highlighting the value of diverse expertise and strategic advice 4. However, managing numerous investors can be challenging, especially when market conditions are uncertain.

    You need folks who understand the industry or at least have experience growing a business.

    --- Don MacKinnon

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