Bootstrap then Raise - with Besnik Vrellaku
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My guest on the Meet.Capital Startup Podcast this week was Besnik Vrellaku , a serial entrepreneur and investor. He is the founder and CEO of SalesFlow.io , a sales engagement platform for multi-channel sales automation, which he bootstrapped and scaled to become one of the market leaders.
He shared a thoughtful and honest account of his journey and learnings, including his thoughts about bootstrapping, and the right time to raise capital for a SaaS startup.?
Here are Besnik’s 5 tips for startup founders:
1. Build Sweat Equity: Start with sweat equity. Show something tangible—an MVP, growth, or initial traction. Invest your own savings or seek grants if you're a student. Prove real value before seeking investment.
2. Gain Experience: Before you decide to become a startup founder, consider working in a startup or becoming a domain expert in your problem area. Startups are a different journey from corporate life. Experience in the industry is crucial for success.
3. Experiment Widely: Test various methods to find your traction channel. Experiment like wildfire and use the data to show investors your growth potential. Prove you can scale successfully.
4. Know Your Unit Economics: Master your unit economics. Know your pricing, CAC, retention, and churn. Be ready to explain your financials to investors. Think like a fund manager and allocate resources wisely.
5. Cultivate Resilience: Resilience is everything. Bootstrapping takes perseverance and a love for your work. Don't give up after rejections. Use technology and data to find the right investors and scale your efforts. Persistence will increase your chances of success.
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