#ops-finance-funding
Thread
Hi everyone! I’m a bootstrapped founder working to secure capital for my first production run. I ran a Kickstarter that helped but fell short of the full amount needed. Since then, I’ve pitched to four VC firms and applied for several business loans without success. The main hurdles have been: not showing revenue for a long enough duration, not meeting the required revenue amounts, and not having collateral for a loan.
For those who’ve been here before—how did you get out of your boots and into outside capital? I’d love to hear your insights or advice.
Try Shopify Capital? They should give you an estimate on how much you can get based on the revenue you have.
Someone just mentioned Wayflyer to me. I don't know anything about them.
Have you looked into opportunities for women owned businesses? Possibly there are grants.
@Deb Mukherjee <@U097BUQMX3R> I heard that the interest rates on both Shopify and Wayflyer are crazy high. I might have to bite that bullet though with them or credit.
What are the rates they’re offering? How much are you looking to secure? <@U09CZEUM3LG>
@Mordechai Nir I haven't been generating enough business for either of them. I heard to be weary of the interest rates from the Bootstrapped Giants newsletter. Minimum I'm needing is $50k but that wouldn't include a marketing budget.
<@U09CZEUM3LG> I can secure funding for that amount.
@Mordechai Nir let's talk! I'll shoot you a DM.
Try IFundWomen - I can add you to the Slack. There are also numerous female angel clubs. I teach fundraising (I've raised $500+MM) so happy to look at your pitch if you want to send it to me.
Thank you for your input <@U082642SSSH> and <@U097C4YNU07>! I would love to connect in the slack Julie- I joined IFundWomen and applied. I think I need to take your course!
<@U09CZEUM3LG> what’s the business?
@Chris Grippo A sleep product company- starting with a pillow I invented.
Can you DM it to me? I might have a lead for you