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Bootstrap or Seek Angel Investment? Advice Needed
I've been working on my project solo for the past five months, and it's been an exciting journey so far. I'm currently generating a revenue of $10.5k with a Monthly Recurring Revenue (MRR) of $3.8k. It's also profitable, which is excellent!
However, I'm at a crossroads and could use some advice. I'm considering whether to continue bootstrapping or to seek angel investment to accelerate the growth.
On one hand, bootstrapping has given me control and kept the operation lean. On the other hand, bringing in angel investors could provide the capital needed to scale faster and take advantage of opportunities that require more resources.
For those in a similar situation, what did you choose and why? What were the pros and cons you experienced with each approach? Any insights or recommendations would be greatly appreciated!
Thanks in advance!
- andrewfromx 2y agodon't take the money for years. Let the investors chase and chase you. Turn them down over and over. It's the best thing for your mindset and your business.
- evganin 2y agoGot it. Thanks!
- bearjaws 2y agoDo you have competitors nipping at your heels? Do you have the talent to rapidly scale a team with talented individuals (and offer them equity)? e.g. you've previously hired 30-50 engineers and know "what good looks like". If the answer to BOTH of those is yes, then you should probably get investment money. Otherwise you could be adding rocket fuel to a paper airplane.
- evganin 2y agoBut the pre-seed round still exists.