You raise 1M USD in seed capital, what is the first thing that you will do with it?
I’ll just be happy that we now have cash to build out a great product :)
Frugality is v imp.
Does that imply that the “first thing” you do is, put a large chunk of money in fixed income securities for inflation risk?
Because, you mention frugality is v imp. And the rest, is used for OpEx then.
@salt I am surprised how few founders do this. They let surplus money stay in bank instead of some low risk asset that at least beats inflation or more.
Well, the first thing to do would be to hire sensible operators who are bright but have been pushed over their lives because they don't fit the societal lens of pedigree or any other nonsense that recruiters/founders follow!
A hands on team built with vision and the hunger to outdo themselves and everyone around them, that's the kind of team with which you win! So definitely going in to build the right team by giving them fair offers and get the ball rolling on building your biz by roping in paying customers rather than senselessly spending money on high end marketing, unnecessary office spaces etc
This is a genuine strategy, you find talent that is hungry and vies for the best. Excellent coachability as well.
I like your answer,
Remind myself, not everyone is Brian Chesky and most probably my startup will go bust
If you ask me?
I will actually buy a bottle of champagne 🍾 for everyone on the team and it is going to be a Formula 1 🏎️ style podium celebration.
Get a bunglow. Set up incubation there. Get few like minded engineers, designers and builders together and hustle.
Buy a 3bhk...
