If you count Mom and Pop shops, the average entrepreneurial venture requires about $25k in startup cash. Talking to Web 2.0 guys, it seems like everyone is out to raise a couple million to put their plans into action and pay their salaries during early stage growth. I was particularly struck by this article and Nivi’s responses which state you should raise “As much as possible“. I’ve also been advised more than once that I should look to add people to our advisory board who can introduce us to sources of possible funding (in other words: VCs and Angels). For better or worse, we’re bootstrapping for now.
A couple of things have led us to this decision and an understanding of when we’re going to have to change our minds.