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Ask HN: My startup is running out of fund. What should I do?

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Re: Ask HN: My startup is running out of fund. What should I do?

#31

Post by joshxyz »

xupybd wrote: post #17
whentojoin wrote: post #14

Earlier quoted context omitted.

For me I want to move on something new. There is no point on saving something would almost certainly not work. But I am feeling guilty. He left his job to join me, and we are cofounder for a couple of years. He told me I am wasting his time if I don't keep working with him. That makes me feel very bad.

He could be wasting his time too. If he's playing on your emotions that's just manipulation. What's best for both of you? Enabling him to waste his life chasing his white whale is not the right thing to do. Especially if you end up collateral damage on the way. If there you think you've got the drive to make this work then make it work. If not move on.

they should immediately put stop into this blame game and really address the underlying issues: there is no money coming at the door and the lights wont be kept on if it stays that way.

if you cant raise some funding, close some sales.

Re: Ask HN: My startup is running out of fund. What should I do?

#32

Post by joshxyz »

whentojoin wrote: post #3
koyanisqatsi wrote: post #2

Shut it down and move on.

My cofounder tells me I am guilty if I don't stick with him keep building, even if it is something else. He quit his job to join me, and I am wasting his years of life if I quit. I am wondering if I am being a bad person.

well you sold him to this and you're the first one considering the idea of backing out just because things didnt go as planned. maybe he's all-in on this already thats why he said those things too. there might be other ways around this, there moght be still time left to correctly operate in this scenario.

Re: Ask HN: My startup is running out of fund. What should I do?

#33

Post by joshxyz »

_448 wrote: post #28
whentojoin wrote: post #21

Earlier quoted context omitted.

I left it intentionally vague for privacy. That is the money need it to make the product valuable to users. Without it, the product provides 0 value to users. Let's say there are many companies in this space, all spend at least that amount of money to launch. $0 of these millions is on marketing.

What are you launching, a spaceship with millions of dollars? And how is sharing what your product is a privacy issue? This all really sounds odd to me.

understandable if industry is defense or deep tech, but damn if external funding is their only option to move forward, theyre really fucked.

Re: Ask HN: My startup is running out of fund. What should I do?

#34

Post by GianFabien »

whentojoin wrote: post #21
jasfi wrote: post #18

Earlier quoted context omitted.

Is that all marketing cost? What exactly makes up the millions of dollars? Because there are bootstrappers that launch successfully by growth hacking, although that is admittedly difficult to do.

I left it intentionally vague for privacy. That is the money need it to make the product valuable to users. Without it, the product provides 0 value to users. Let's say there are many companies in this space, all spend at least that amount of money to launch. $0 of these millions is on marketing.

If you stay on your current course, how and when are those millions going to materialize for your launch?

Since you are competing with existing companies, how are you different enough to be attractive to investors? The fact that you haven't been able to raise any investments to date suggests that those who passed on the opportunity could see things that you are ignoring.

Re: Ask HN: My startup is running out of fund. What should I do?

#35

Post by GianFabien »

whentojoin wrote: post #20
Melting_Harps wrote: post #16

> What are your guys thought? Former fintech co-founder: I boot-strapped (VC and incubators expressed interest but wouldn't give term sheets because of Bitcoin's 'gray zone' reputation) and with this current tech-apocalypse afflicting the entire Industry I fear you will have a very hard-time raising anything without showing revenue right now. The fat is being trimmed even on the most established of companies, and I f…

Why would you enter a market that requires that much in run-way and think that this is a viable option let alone that could succeed given the current incumbents? >> To answer your question, we enter this industry as completely new-comer. If we know what we know now, we agreed we should have never started this business in the first place. Also we have 0 founder-market fit, and that should be a big reason why no VC fun…

>> "If we know what we know now, we agreed we should have never started this business in the first place."

You have answered your own question. should never have started this business.

Re: Ask HN: My startup is running out of fund. What should I do?

#36

Post by definitelyhuman »

Tough situation, clearly lots of emotions which is understandable. As others mention, startups are high risk, don’t let cofounders manipulate your thinking on that. Re:launch cost & funding, I’d ask if you actually need that money. Can you get any customers with what you have? Investors are spoiled for choice, and can afford to make startups hit higher burden of proof before funding. Regardless of market challenges, showing sales & fit is a big deal. Getting that could change your fortunes. If you do shut down, take pride in what you tried to do. Be sure to do a post mortem and take the learnings with you in your career. Startup or not, you’ve done something very hard that very few try. It will serves you well as n future work

Re: Ask HN: My startup is running out of fund. What should I do?

#37

Post by iancmceachern »

andirk wrote: post #7

My favorite sticky floor local dive bar shuttered at first blush of the pandemic. We've all been waiting with promises of an opening around the corner. I finally got the skinny: owner took the moment to do much needed deep repairs, gutting the whole place. But he needed more money to get it back up and running. So he took out a loan, and then another. Now it's not finished and he can't get any more financing. Wtf is…

This is the best advice. Do it before you've burned bridges trying to keep this one going.

Re: Ask HN: My startup is running out of fund. What should I do?

#38

Post by foobarbaz33 »

> My cofounder is telling me if I don't keep working on this startup (using the money out of my cofounder & me's pocket after the company die), then I am being guilty to him

He is not able to accept he fell on the wrong side of risk/reward. Failure is a norm for startups. End it.

He needs to take responsibility for his decision of taking on risk. Not blame you for it, as you are in the same shoes as him.

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