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.
Nowadays, startups can be built while a founder is still fully employed. Many entrepreneurs start as solo founders and achieve great progress until they need a team. Virtual teams are common these days and easily affordable.
At 1Mby1M, we support employed entrepreneurs and solopreneurs who are at the very beginning of their journeys. They might not even know what to build or how to build it.
We encourage entrepreneurs not to quit their day job until their business becomes fundable or sustainable.
Hundreds of thousands of entrepreneurs get rejected by investors and accelerators every year. Y Combinator rejects over 95% of their applicants. Andreessen Horowitz rejects 99% of theirs.
In this mind-boggling stream of rejections, there are numerous high potential companies that need to bootstrap their way to fundability or sustainability.
We accelerate their learning with the 1Mby1M Curriculum and over 1000 case studies of real-life success stories.
We support their fund-raising efforts through personal introductions to investors.
If you enjoy this course, check out 1Mby1M Basic, our curriculum-only option.
If you’re trying to assess why you’re getting rejections, use the 1Mby1M Self-Assessment.
Stefan Batory is Co-founder and CEO of Booksy, a SaaS-enabled marketplace venture.
In case you missed it, you can listen to the recording here:
Sramana Mitra: You have been around for a long time and so have I. We have come from this era in Silicon Valley where people would not invest in companies that are more than 15 miles away from them. Now, people are investing without meeting people. What is your current thesis around what geography you are comfortable investing in?
Sumant Mandal: We, as a firm, never have been of the mindset that if I live in Southern California, then I want to be a Southern Californian investor. I was with one of my investors yesterday. I’ve lived in the Los Angeles – Santa Monica area for 20 years. I have been investing for 20 years, but I have only invested in two companies in LA.>>>
Kristi Herold, CEO of JAM, built a thriving bootstrapped business over twenty years until Covid hit. Read how she is surviving Covid.
Sramana Mitra: Let’s start at the beginning of your journey. Where are you from? Where were you born and raised? What kind of background did you have?
Kristi Herold: I grew up in a small city called Sudbury, Ontario. It is about four hours north of Toronto. I have two older brothers and a very supportive mother and father who encouraged us to get involved in sports. They taught us to do what we wanted in our life. My father is an entrepreneur. My grandfather was an entrepreneur as well. I followed the footsteps of both my brothers to be entrepreneurial going through high school and university.
I’m publishing this series on LinkedIn called Colors to explore a topic that I care deeply about: the Renaissance Mind. I am just as passionate about entrepreneurship, technology, and business, as I am about art and culture. In this series, I will typically publish a piece of art – one of my paintings – and I request you to spend a minute or two deeply meditating on it. I urge you to watch your feelings, thoughts, reactions to the piece, and write what comes to you, what thoughts it triggers, in the dialog area. Let us see what stimulation this interaction yields. For today – Fall Snow II
Fall Snow II | Sramana Mitra, 2018 | Watercolor, Pastel, Brush Pens | 18 x 24, On Paper
Earlier this month, Facebook (Nasdaq: FB) announced its first quarter results that surpassed market expectations. The company is focusing on developing its audio services to target the growing competition from other social media players like TikTok and Clubhouse.>>>
There’s an acute nurse shortage in the United States. SnapNurse works in IT-enabled provisioning and payment.
Sramana Mitra: Let’s start by introducing our audience to yourself as well SnapNurse.
Jeff Richards: I am the Chief Operating Officer and Co-Founder of SnapNurse and Paymint. SnapNurse was founded in 2016 to address the critical nurse shortage across the United States. This is still a problem. SnapNurse is the first and only tech-enabled platform that facilitates medical staffing in just 24-48 hours.>>>
This feature from The New York Times looks at how the semiconductor field, despite chip shortage, is entering a surprising new era of creativity, from industry giants to innovative start-ups seeing a spike in funding from venture capitalists that traditionally avoided chip makers. For this week’s posts, click on the paragraph links.>>>