They had gotten to the point of hiring freelancers and seeing revenue growth, but money was still an obstacle. By the height of the pandemic, the company, which offers a scholarship database and advice for college applicants, was earning enough revenue to warrant the brothers taking it on full time. He and his brother Brian had launched Scholarships360 as a side project in 2010. In 2020, college admissions counselor-turned-entrepreneur Will Geiger found his business in that funding gap. In this piece, we’ll cover these funding options:įunding for bootstrappers: What are your options? Meanwhile, a November 2022 survey from e-commerce software Shopify found business owners with one to four employees spent $60,000 in their first year. In the first quarter of 2022, the median Series A round raised $10.3 million, according to data from equity management platform Carta. Plus, seeking venture capital funding often means raising millions of dollars, and not every startup needs that much funding. Taking on VC money often requires giving up a considerable portion of ownership in your company, in exchange for intense pressure to deliver the return on investment venture capitalists expect. Not every business venture wants - or needs - to scale exponentially to be successful. And for many startups, it doesn’t make sense to go this route. VC funding is one answer for startups looking to raise money for growth, but it isn’t the only answer. Headlines out of Silicon Valley make it sound like the only way to grow a business is to raise millions - or even billions - from venture capital.
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