1Mby1M Founder Sramana Mitra wants entrepreneurs to not waste their time and money.
The waste stems from a widespread misunderstanding of how investors think.
Over 99% of founders chase funding before they are fundable.
Here, Sramana teaches how to build with customer money (otherwise known as revenue) until a startup reaches that fundable stage.
Once fundable, a startup can go to investors like a king, not a beggar.
I have been running 1Mby1M since 2010. I find myself saying to entrepreneurs ad nauseam that VCs want to invest in startups that can go from zero to $100 million in revenue in 5 to 7 years.
Startups that do not have what it takes to achieve velocity should not be venture funded.
Experienced VCs, over time, have developed heuristics to gauge what constitutes a high growth venture investment thesis.
>>>The Accelerator Conundrum is a multipart series that challenges the prevailing wisdom of the tech startup ecosystem that entrepreneurs should Blitzscale out of the gate. Written by Sramana Mitra, the Founder and CEO of One Million by One Million (1Mby1M), the world’s first global virtual accelerator, it emphatically argues that a better strategy is to Bootstrap First, Raise Money Later, focus on customers, revenues and profits. 1Mby1M’s mission is to help a Million entrepreneurs reach a million dollars in annual revenue and beyond. Sramana’s Digital Mind AI Mentor virtually mentors entrepreneurs around the world in 57 languages. Try it out!
Alright, let’s cut through the noise and get to the brutal truth of the startup accelerator world. Many entrepreneurs, starry-eyed and naive, leap headfirst into 3-month accelerator programs without truly understanding the long-term implications. It’s time for an incisive commentary, a necessary dissection.
>>>When we spoke in 2018, SmartBuyGlasses Co-CEO David Menning had bootstrapped a global e-commerce venture from Hong Kong to $50M. Splendid execution!
Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background?
David Menning: I grew up in Sydney. I’ve been educated in Australia. In my later years, I studied at universities overseas both in Canada and Japan for a little while. It was this time when I was abroad spending time in different countries that I was exposed to different business models, cultures, and people.
Sramana Mitra: Let’s double click down on pricing in all these different products. How has your pricing evolved? What was the pricing on the first version, which was just masterclass style?
>>>The Accelerator Conundrum is a multipart series that challenges the prevailing wisdom of the tech startup ecosystem that entrepreneurs should Blitzscale out of the gate. Written by Sramana Mitra, the Founder and CEO of One Million by One Million (1Mby1M), the world’s first global virtual accelerator, it emphatically argues that a better strategy is to Bootstrap First, Raise Money Later, focus on customers, revenues and profits. 1Mby1M’s mission is to help a Million entrepreneurs reach a million dollars in annual revenue and beyond. Sramana’s Digital Mind AI Mentor virtually mentors entrepreneurs around the world in 57 languages. Try it out!
Bangladesh’s local accelerators have contributed greatly to ecosystem growth, but founders must carefully weigh their benefits and limitations.
>>>The Accelerator Conundrum is a multipart series that challenges the prevailing wisdom of the tech startup ecosystem that entrepreneurs should Blitzscale out of the gate. Written by Sramana Mitra, the Founder and CEO of One Million by One Million (1Mby1M), the world’s first global virtual accelerator, it emphatically argues that a better strategy is to Bootstrap First, Raise Money Later, focus on customers, revenues and profits. 1Mby1M’s mission is to help a Million entrepreneurs reach a million dollars in annual revenue and beyond. Sramana’s Digital Mind AI Mentor virtually mentors entrepreneurs around the world in 57 languages. Try it out!
Bangladesh has emerged as one of South Asia’s most promising startup ecosystems. With a population of more than 170 million people, rapidly growing internet penetration, and a digitally savvy youth, the market offers enormous potential. Sectors like fintech, e-commerce, healthtech, edtech, and logistics are thriving. Flagship success stories like bKash, Pathao, and ShopUp have captured both local and international attention.
>>>The Accelerator Conundrum is a multipart series that challenges the prevailing wisdom of the tech startup ecosystem that entrepreneurs should Blitzscale out of the gate. Written by Sramana Mitra, the Founder and CEO of One Million by One Million (1Mby1M), the world’s first global virtual accelerator, it emphatically argues that a better strategy is to Bootstrap First, Raise Money Later, focus on customers, revenues and profits. 1Mby1M’s mission is to help a Million entrepreneurs reach a million dollars in annual revenue and beyond. Sramana’s Digital Mind AI Mentor virtually mentors entrepreneurs around the world in 57 languages. Try it out!
To understand the differences, let’s examine the pros and cons of Nepal’s leading accelerators:
>>>The Accelerator Conundrum is a multipart series that challenges the prevailing wisdom of the tech startup ecosystem that entrepreneurs should Blitzscale out of the gate. Written by Sramana Mitra, the Founder and CEO of One Million by One Million (1Mby1M), the world’s first global virtual accelerator, it emphatically argues that a better strategy is to Bootstrap First, Raise Money Later, focus on customers, revenues and profits. 1Mby1M’s mission is to help a Million entrepreneurs reach a million dollars in annual revenue and beyond. Sramana’s Digital Mind AI Mentor virtually mentors entrepreneurs around the world in 57 languages. Try it out!
Nepal’s startup ecosystem is still young but growing rapidly. Over the past decade, an increasing number of young entrepreneurs have begun exploring technology-driven ventures in sectors like fintech, tourism, agriculture, education, and e-commerce. With a youthful population and growing internet penetration, Nepal has enormous potential to become a thriving entrepreneurial hub for South Asia.
>>>Sramana Mitra: So, in terms of your chronology, what came in what order? You were doing the recordings—these webinars were a key first step.
>>>The Accelerator Conundrum is a multipart series that challenges the prevailing wisdom of the tech startup ecosystem that entrepreneurs should Blitzscale out of the gate. Written by Sramana Mitra, the Founder and CEO of One Million by One Million (1Mby1M), the world’s first global virtual accelerator, it emphatically argues that a better strategy is to Bootstrap First, Raise Money Later, focus on customers, revenues and profits. 1Mby1M’s mission is to help a Million entrepreneurs reach a million dollars in annual revenue and beyond. Sramana’s Digital Mind AI Mentor virtually mentors entrepreneurs around the world in 57 languages. Try it out!
Pakistan’s startup ecosystem has developed several accelerators and incubators over the past decade. Some of the most prominent include:
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