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by rickyconnolly
5203 days ago
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As an Irish individual, I can tell you that the author is overlooking one very crucial downside to operating a startup in Ireland. As you may know, our banking sector was decimated in the financial crisis. This has made it extraordinarily difficult for startups to obtain even modest business loans from financial institutions. Remember this is Europe we are talking about, where VC financing is much less common than 'mainstream' financing through bank loans. Many businesses are closing their doors and opportunities are being lost simply because startups do not have access to the liquidity needed to keep the lights on.
On the flip side, this could be a great opportunity for you VCs to buy into promising startups for a veritable pittance. |
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The secret is that you don't! Bootstrap yourself, focus on bringing in customer's money, rather than spending your equity (which is effectively what you're doing when you take funding).
Take this story http://fashion.telegraph.co.uk/article/TMG9133619/Spanx-crea... . Sara Blakely has built a billion dollar company, which she owns 100%, without taking a penny of funding and using $5,000 dollar of her savings. And this is a physical product! When you're selling online services/software there should be even less need for it.