Hey Guys, We are a 13 months old startup, in revenues with good traction and also a net profit business. As in we burn less than we make every month from the product. Last few months I have been trying to raise funds cause I think we have perfected a model and we just need to put money to it and it would scale 100x or 1000x times. I met few VCs via Nasscom 10,000 ( we are a Nasscom 10k company) and one of them got quite close to funding , after he gave us a condition to find one such USP which will differentiate us from rest of the market. We pondered on several ideas/business models for weeks and finally hit that one thing which makes us unique and will be able to capture the market if marketed extensively and the VC agrees to it. Right now we are implementing that USP into the product. However when I look back at this whole fund raising activity is taking a lot of toll on my time and I am not able to focus on the product. These travels. meetings , follow-ups takes my focus away and am feeling am not doing enough justice to the product and the opportunity at hand. The first 9 months I got like 100x and these last 4 months where I was focusing also into fund raising it was a complete disaster, I think we got only like 40x work done. I am looking for some feedback from the community about how to handle this situation. I am single co-founder with a very strong engineering team. For marketing and tech I am one man army I can code and as well do marketing, am kind of good at both jobs, so I didnt need a tech co-founder, tech part I handle myself. Anyways its damn difficult to find a tech guy to lead your product roadmap if you are bootstrapped. I also didnt need a marketing guy, I create all the PPC campaigns,landing pages, SEO and Content strategy myself and get it executed either inhouse or via freelancers whom I have worked with over the years and built contacts. I can handle both as I love both these works, so I can keep working on them for ever. But this third thing fund raising is kind of non interesting activity for me, I dont want to waste time running after VCs , rather than focus on building the product. My question to the community is, are there people who particularly do fund raising, like a fund raising co-founder :) His job will be only to run after the VCs pitching my startup. I am OK to give some part of my company to him for this job, may be a performance based pay. X% stocks to join the company,which get vested in 3 years,and X+Y% when he is able to close some funding. This could be a part time role as well, as fund raising guy has nothing to do with day to day company operations. I know the community would say, this is the job of the Founder,but I feel its taking a lot of my time which I would like to put into the product at this early stage, so am looking for a fund raising co-founder,who can take this off my plate. what do guys think? Am I getting crazy here and I should just spend time on fund raising as its the ultimate nirvana in the startup eco system or do I have a point here? Any pointers would be good :)
Posted on: Thu, 15 Jan 2015 11:16:56 +0000
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