We talk a lot about venture capital around here, but the truth is that most companies will never take VC money. Data from the Small Business Administration suggests that 99 percent of new businesses started each year will not get venture capital at startup.
Thanks to lower costs associated with starting a web-based company, many health IT companies have gotten off the ground – and some even to profitability - without taking any outside investment money.
But it’s not an easy undertaking. Here are some words of wisdom I rounded up on bootstrapping a startup, from those who have done it themselves.
Its not right for everyone:
Having a well-defined product or service, a small founding team, limited capital needs and a short sales cycle may be indications that bootstrapping is a good option, according to this piece by Les McKeown, a serial entrepreneur-turned-author.