One of the most persistently held views by (particularly tech) startup founders is the notion that they need to raise outside funding. For most founders I meet these days, it is an unchallenged believe that you have to go through the motions of raising angel, seed and ultimately VC money.
And yet — this couldn’t be further from the truth…
Only twenty per cent of the Inc. 500, the five hundred fastest-growing private companies in the US, raised outside funding.
There are a million ways to build your company. Taking the VC funding route is just one (and often not the best) strategy. Even top-tier VCs regularly point this out — such as John Lilly, Partner at esteemed VC firm Greylock Partners who went on record in one of Singularity University’s programs, stating that “VC funding is just one way to build your company and often not the best”.
As you are working through the fundamental question of how to best build your company — allow yourself to veer of common (and often misleading) wisdom, explore your options and be creative. Study companies which have successfully deployed different strategies and base your decisions on data and understanding instead of group-think.
Godspeed!