Bootstrapping to SuccessBy http://profile.typepad.com/1237764140s22740 // February 13, 2011 in Bootstrapping, Emerging Companies
Awesome to see John Cook's Q&A with Chad Brown of IdentityMine in TechFlash on Friday.
This is the second time in a month that an IdentityMine founder has been featured in a PSBJ publication. A few weeks back, the focus was on Mark Brown, IdentityMine's CEO, in a piece about mobile apps. (Full article is behind a paywall, unfortunately.)
As is evident in both articles, IdentityMine (a client) is probably best known these days for their UX design and software on Windows Phone. I bought a Winphone last week just to enjoy IdentityMine's work on the Twitter app.
But the part I liked best about Friday's TechFlash Q&A is what Chad had to say about bootstrapping the company's growth:
"How did you finance the business in the early days? 'It was out of pocket. Thankfully, Mark and I were pretty successful -- not only in our (prior) businesses -- but also in saving money. And so we were able to go about eight months without any income, and that's what we did. We brought David Meunier on board, and we consider him one of the founders as well. And all three of us dipped into our finances to make it happen, and put our houses on the line and signed personal guarantees against credit and we made it happen. It was not easy.'
"So, did you ever consider taking outside funding? 'We really didn't want that. It would have been tough timing as well since there was a pull back around the same time. We didn't go out and pursue it. We felt optimistic.'"
Moral of the story for tech startupers: you can skip angel and VC financing and make it!