In the startup world, the traditional name of the game is rapid expansion at all costs: raise funding, expand the team, and pursue scale as fast as possible.Today, as a second-time founder who launched a company during the “AI Renaissance,” I’ve adopted a different stance. In this article, I’ll explain why in 2024, it’s better for startup founders to bootstrap their startup, not just for as long as they can, but maybe forever.
When your product is good enough that your customers are excited to share it with their network, you don’t need to interrupt peoples’ days with unwanted cold calls or ads…they’ll find you.If you launch a startup and immediately hire a salesperson to reach out to prospects, a customer success rep to manage relationships, a product owner to manage the roadmap, and engineers to build the product for you, what do you get?Why? Because you’re creating an unnecessary game of telephone.
If your customers like you and you consistently deliver for them, they will in turn deliver contract renewals, expansions and plenty of referrals for you.In 2024, I am convinced that small, agile startups can outcompete significantly larger companies through automation and AI.As a bootstrapped startup, we are forced to find ways to provide an incredible product, exceptional customer support and effective marketing and sales operations with a team of three, funded only by the revenue we bring in.