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The Myth About Seed Funding

Posted on Sunday, Aug 14th 2011

By guest author Irina Patterson

We, at 1M/1M, have invested significant resources to dispel the myth about seed funding. We engaged with and interviewed some very successful entrepreneurs who bootstrapped multimillion dollar businesses without outside funding.

Here are just a few examples: Zoho [CEO Sridhar Vembu], RightNow [CEO Greg Gianforte], eClinicalWorks [CEO Girish Navani] ClubPlanet [CEO Andrew Fox] and Finisar [CEO Jerry Rawls].

These entrepreneurs kept building their technology and technology-enabled services businesses and kept validating, until they closed their first key customers. Then, some did take outside money and scaled their business into multimillion dollar companies.

But some of them never took outside money and still own 100% of their multimillion dollar ventures.

1M/1M supports bootstrapping. As long as an entrepreneurs have a place to live, money for food and serious work ethics, we can teach them how to build a multimillion dollar company, block by block. We don’t recommend they waste time looking for seed funding too soon. When they’re ready, we can advise them to do so, but not too early, not too soon.

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