This is the fourth part of a 7 day series titled “7 things to learn from our app startup”. You can view the earlier parts here
Key Point: Be sure what kind of “investment” you’re seeking.
I know what you’re thinking – “What kind of investment? MONEY! Duh…”. It’s the kind EVERYONE needs, right? When we initially set out to “fund” Cyphr the only goal was money. We knew we needed an investment and needed it yesterday. Money was the solution to fund our $1,000,000 baby. We could simply get a capital infusion, throw some towards the Android developers, throw some towards the iOS development, throw some towards hiring employees, and within 6 months we’d make our money back and we’d all be off to the races. Isn’t that how it works? You just throw money at the problem and make more money? Sometimes, but rarely. We learned a lot through this process. We learned we could do it without an investment. We learned that if you build a great product it will sell itself. We learned to really figure out the difference between WANT and NEED. We WANTED an investor, but we didn’t NEED it. Hind sight, we realize after meeting with investors it was a blessing that they didn’t fund us. We were more interested in the dollar signs than the strategic (or not so strategic) partnership we would have been entering into. If you’re thinking a financial investment is the only way to kick your startup into gear, I challenge you to think again.
Comment below and let us know what you took away from today’s message. Stay tuned for Part 5 of our series tomorrow!