Why We're Not Raising Funds

#1

Post by MateuszMucha » Tue, Mar 31, 2015, 1:58 PM UTC

Why We're Not Raising Funds
blog.omnicalculator.com

Re: Why We're Not Raising Funds

#2

Post by MateuszMucha » Tue, Mar 31, 2015, 1:59 PM UTC

The decision is far from undisputable, I'd love to hear what you think.

Re: Why We're Not Raising Funds

#3

Post by afandian » Tue, Mar 31, 2015, 2:32 PM UTC

Looks like this isn't connected with Omni Group (who are a long-established software company). Isn't the naming a bit confusing? https://www.omnigroup.com/about/

Re: Why We're Not Raising Funds

#4

Post by paskster » Tue, Mar 31, 2015, 2:32 PM UTC

I love the first reason "Because I can’t afford to allocate the time needed". Soooo true. You have really high upfront cost if you start fundraising and it might be that you end up with no real good offer at the end.

Re: Why We're Not Raising Funds

#5

Post by gphil » Tue, Mar 31, 2015, 2:33 PM UTC

My opinion is that you probably shouldn't raise money unless you need money to execute your business plan. Some business plans aren't capital intensive, so why give a big chunk of your company away if you don't need additional capital to execute your vision. I don't think mere "growth acceleration" is enough to warrant it. You need to be doing something with the money that you couldn't accomplish otherwise.

Re: Why We're Not Raising Funds

#6

Post by MateuszMucha » Tue, Mar 31, 2015, 2:36 PM UTC

afandian wrote: post #3

Looks like this isn't connected with Omni Group (who are a long-established software company). Isn't the naming a bit confusing? https://www.omnigroup.com/about/

There's more than a few companies and projects with "omni" in their names. It's a pretty generic word. If I called it "Awesome Calculator" or something like that we'd surely find a lot of similarl names, too.

Re: Why We're Not Raising Funds

#7

Post by afandian » Tue, Mar 31, 2015, 2:37 PM UTC

Genuinely non-snarky question.

It looks like a standard calculator and conversion app, and it looks like most of the implementation I could imagine being in a calculator app is already done.

Why would you even think of raising funds? You thought it was a good idea to write the blog post, so it obviously crossed your mind.

Re: Why We're Not Raising Funds

#8

Post by lewispb » Tue, Mar 31, 2015, 2:37 PM UTC

Why does your app ask for my location even when i'm not using the app?

Re: Why We're Not Raising Funds

#9

Post by codegeek » Tue, Mar 31, 2015, 2:40 PM UTC

Good read but it may be nice to add the word "yet" to the end. The author clearly says at the end that 'So, if it's going to happen, it will be because they will have knocked on our door, not me knocking on 50 of their doors"

I have a very small web based business that has the potential to be a $50MM business as well but I am always worried about the same thing if investors even care to blink unless we promise a $1B return/exit ?

Re: Why We're Not Raising Funds

#10

Post by MateuszMucha » Tue, Mar 31, 2015, 2:43 PM UTC

lewispb wrote: post #8

Why does your app ask for my location even when i'm not using the app?

It's a bit embarasing, but I'm not sure. I released it in June or July and didn't notice it for a long time (wasn't an iOS user). Then we've been working on a complete rewrite for a long time. The new release awaits App Store review.