Bootstrapping A Product Startup w/ Services | Sramana Mitra
What you'll learn
- Through in-depth interviews with successful startup founders who have built multi million-dollar revenue companies, gain insights on how to bootstrap startups b
- How bootstrapping with services looks from the perspective of investors in their own words.
- What the 1Mby1M Bootstrapping with Services Methodology is.
- When to consider bootstrapping with services.
- When to bring on a team while bootstrapping using services.
- What the challenges are when bootstrapping with services and how to overcome them.
- How to scale your startup when bootstrapping with services.
- What exit options are when bootstrapping with services.
- The only requirement for this course is an open mind and a willingness to learn.
The 1Mby1M Methodology is based on case studies. In this course, Sramana Mitra shares the tribal knowledge of tech entrepreneurs by giving students the rare seat at the table with the entrepreneurs, investors and thought leaders who provide the most instructive perspectives on how to build a thriving business. Through these conversations, students gain access to case studies exploring the alleys of entrepreneurship. Sramana’s synthesis of key learnings and incisive analysis add great depth to each discussion.
Raising funding for startups in Silicon Valley is a low probability game. Fewer than 1% who try actually succeed.
Outside the Valley, the startup eco-systems are mostly immature, and the probability gets even lower.
The bar to raise seed funding is getting higher and higher. Seed investors are mostly operating as growth investors, expecting that the entrepreneur will somehow manage to bridge the gap and bring a concept to realization. In fact, what these investors really want is to invest in businesses that have traction, not just validation.
In short, they want to come to the rescue of victory.
As an entrepreneur, how do you go from concept to traction? How do you bridge the seed capital gap? What do you do if you are full of dreams, but stuck in the gap between concept and seed?
Offering a service is one of the best ways to bootstrap.
This remains a controversial point of view. Most industry observers take the position that companies get distracted if they try to bootstrap a product with a service. But from where I sit, bootstrapping products with services is a tried and true method.
In our incubation methodology, we actively encourage entrepreneurs to engage in services businesses. In particular, we encourage them to immerse themselves with customers, learn their problems, and do some services projects that not only generate cash, but also generate customer intimacy and trust. Through these kinds of dialogues, entrepreneurs diagnose real pain-points in customers, and end up building products that customers are willing to pay for.
The 1Mby1M courses are all heavily based on interview-based case studies on Innovation, Business Models, Go To Market Strategies, Validation Principles, and various other nuances of an entrepreneur's journey. We offer extensive opportunities for entrepreneurs to learn the lessons from the trenches from successful entrepreneurs who have done it before.
Who this course is for:
- Ambitious entrepreneurs with limited resources who want to pursue ideas for which they have both passion and expertise.
- Engineers who want to turn their tech knowledge into a multi-million dollar revenue businesses by becoming startup founders rather than remain employees.
- Aspiring founders who want to increase their chances of getting accepted into a top startup accelerator such as Y Combinator, Techstars, and 500 Startups.
- Any entrepreneur who wants to learn from successful entrepreneurs who have done it before and from investors who have supported them.
- Professors teaching technology entrepreneurship courses anywhere in the world.
Sramana Mitra is Founder and CEO of One Million by One Million (1Mby1M), a global virtual accelerator that aims to help one million entrepreneurs globally to reach $1 million in revenue and beyond. She is a Silicon Valley entrepreneur and strategy consultant, she writes the blog Sramana Mitra On Strategy, and is author of the Entrepreneur Journeys book series and Vision India 2020. As an entrepreneur CEO, she ran three companies: DAIS, Intarka, and Uuma. Sramana has a master’s degree in electrical engineering and computer science from the Massachusetts Institute of Technology. In 2015, Sramana was named one of LinkedIn’s Top 10 Influencers, alongside Bill Gates and Richard Branson.