I launched a self-funded startup to focus on technologies I developed that have the potential to deliver significant benefits to indoor farming operations. We

I launched a self-funded startup to focus on technologies I developed that have the potential to deliver significant benefits to indoor farming operations. We launched in 2019, yet, the pandemic put everything on hold for almost two years. This year we finally completed our first installation (paying customer) at a farm in Singapore. Yes, we are US-based. Due to circumstances and opportunity our first installation happens to be abroad. I applied to YC for multiple batches (I don't remember if it was three or four times). Rejected every time. I think it was an algo-rejection far more so than someone explicitly rejecting the company. We have shipping hardware and software products, a sizable first sale and at least one happy customer. This isn't an idea, it's a validated opportunity with solid execution. Our customer is looking to expand and wants more of our product. Lots more. We also have a product plan that will expand into other related domains. I don't know if I have a solid opinion about SV and agriculture. Starting 2023 I will be out there making a solid effort to seek funding to be able to press on the accelerator. I think $5MM would be about right. I will also be focusing on IP, which, like it or not, can be crucially important when dealing with hardware that could potentially unlock a billion dollar business. My only attempt at fund-raising has been applying to YC, conversations with our customer (who might be interested in investing) and a good friend of mine with deep and wide business experience in globally recognized companies. I guess I will soon learn what SV has to say about indoor farming startups. Being self-funded is great in that you can just drive and not worry about anything that might compromise your ability to focus on the mission. That said, at some point, if you are going to grow, you either need a series of massive (and profitable) sales to supporting customers who will wait for you to deliver (hardware takes time to build, etc.) or a strong cash infusion to front-load development and manufacturing. In looking at this industry I see companies who have raised hundreds of millions of dollars, even over a billion, and are flaming out. As an SV outsider, I see this as a syndrome of sorts. I view it as companies who might not have a reasonably solid business or product plan just trying to, in a way, force their way into a market position by burning cash. This is very, very different from self-funding a startup, doing all the R&D, manufacturing and shipping product, having a satisfied customer who wants more and, at the same time, walking away with a ~33% gross profit margin. I can understand burning cash to accelerate, yet, I think, the fundamentals have to be there in the first place. If I were to guess, I might say that this could be the part a lot of SV startups get wrong. Anyone can pretend they know how to sail with good, gentle, plentiful and steady wind.