Minimum Viable Product · Bootstrapping

What are some great passive income ideas that help during bootstrapping phase?

Maja Rašić QA Tester

November 22nd, 2016

Currently in the process of building a startup with a couple of other cofounders. The issue is that we are not ready yet to fundraise for the business as we are still in the process of bringing the minimum viable product (MVP) to market. With this in mind, I am exploring alternative ways that would help in paying the bills and that would allow me to continue full time on building the business. Any ideas that you can share in this regard will be much appreciate it.
As a founder, you’re always in fundraising mode (whether active or passive). In this course, we’ll teach you how to successfully raise follow-on capital, establish a valuation for your company, build an investor pipeline for your next round, and more.

Pankaj Nathani Founder at VersionN Studios (http://versionn.com)

November 22nd, 2016

Hi Maja,

Is your target audience the tech / software industry? In my option, building an MVP with a few partners / co-founders shouldn't run you a long bill. Putting together something that just functionally works to validate the idea should not be very expensive especially if you have others to split the cost with. If building an MVP is turning out to be expensive for you - then you may be doing it wrong. Discuss more with your co-founders on what would be the bare minimum product to validate your idea (without any fluff) and get that going. Having worked with quite a few startups on their products and MVP - I see that some founders end up building a full product instead of MVP.

Besides building an MVP, I realize that you would have to bootstrap until you raise a seed / angel round of investment. I would suggest that if you have a day job, you may not want to quit until you have validated your idea with an MVP - that would give you a headstart. If you've already quit your day job and are working on your startup fulltime - use your skills, do some freelancing, help other startups / founders in ways you can - that should be good enough to keep you going.

PS: Of course, if you are not in the tech industry I can imagine building an MVP may cost more based on what domain your product is in.

Tony Vinayak Director of Solutions at Scalable Systems

November 23rd, 2016

Hello Maja,

Since you are embarking upon the MVP route, it involves engaging with potential customers who would be willing to provide you input and feedback along the way so that you know for sure that you are building something for which there is a market. Are you are able to find an interested customer who is also willing to fund at least some of the development effort?

Christopher Rogers

November 22nd, 2016

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