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It's unfortunate he used those exact words, but you're also leaving out the greater context: "A good product will sell itself without spending the billions on
by yannyu 10y ago
It's unfortunate he used those exact words, but you're also leaving out the greater context:
"A good product will sell itself without spending the billions on marketing. It’s so amazing that a startup that has not even spent ₦100,000 on marketing came for an investors meeting and was asking for ₦100 million to be spent on marketing for a 4-month duration."
His point is referring to these startups coming in asking for huge amounts of money without having spent even a small amount already. It doesn't make sense for an investor to put in $10 million if you haven't even put in $10 thousand.
- pejrich 10y ago> It doesn't make sense for an investor to put in $10 million if you haven't even put in $10 thousand. That's not always the case, and it depends on the situation. If a startup founder is working for no salary and focusing fulltime on the startup, then money might be better in their pocket, than in the company. $10k could by the founder 6months working at the company. Sweat equity and opportunity cost are also important to consider. Just because a founder hasn't put up cash, doesn't mean they aren't also committed and taking a risk.