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It seems like telling the world you are dead in the water gives the upper hand to an acquirer here right?
I hope you can read the post and be more positive. Thanks!
Earlier quoted context omitted.
I hope you can read the post and be more positive. Thanks!
GP is trying to subtly let you know that you've significantly reduced negotiation leverage with any potentially interested party. There no benefit to you to publicly state your cash position.
It seems like telling the world you are dead in the water gives the upper hand to an acquirer here right?
Could the state of the business be hidden that you could take a big offer, get the money, and then they would discover the business is stalled?
Even if you could do that I wonder about legal issues / the relationship with whomever bought in.
It seems like telling the world you are dead in the water gives the upper hand to an acquirer here right?
We don't share stories of people who believed so hard, and then ended homeless and broke.
xkcd touches on the subject too ( https://xkcd.com/1827/ ), as they tend to do regardless of the topic.
That being said... why did you (or if anyone else can chip in) decide to chase funding when you didn't have a business model? Maybe I'm being naïve here, but isn't it kind of crazy to raise 3.5M in funds for a business that has no plan but to be acquired by someone else?
I'm torn, because I believe that people should absolutely pursue passion projects, and that a passion project should absolutely be monetized... if you have developed a respectable business model and a potential product-market fit.
My first thought is that you could get some funding and use this as a platform for fashion retailers to exchange consumer profiles at the B2B level, or as part of the internals of the recommendation system.
Earlier quoted context omitted.
I hope you can read the post and be more positive. Thanks!
GP is trying to subtly let you know that you've significantly reduced negotiation leverage with any potentially interested party. There no benefit to you to publicly state your cash position.
Maybe I have overlooked it but I think you have the perfect software to run an online shop. Pay influencers to use your product and viewers who like the results will want to buy clothes from you. The profit margins of the sold products should be higher than anything that can be made from selling an app.
That’s an interesting article. To me, that company should have been really valuable and done really well especially in the retail clothing industry. I wonder if it’s more luck and connections than anything that has to do with product when forming a company
As someone who is interested in one day starting my own business, I have nothing but respect for someone who has the guts to follow through with that and pursue their vision. That being said... why did you (or if anyone else can chip in) decide to chase funding when you didn't have a business model? Maybe I'm being naïve here, but isn't it kind of crazy to raise 3.5M in funds for a business that has no plan but to be…
That's a sane question. IMO it's the current financial environment that encourages such "leap without looking" strategies.
Fear of missing out is huge right now.
I know of a startup that received a multi-million valuation and many more million in funding. They don't even have a prototype!