Being bootstrapped is part of our identity, even as a more mature startup. Our Founder, President, and CEO Andy Alsop is back on the podcast to share his thoughts about remaining bootstrapped and capital efficient as a startup
Being Bootstrapped Isn’t the Only Way, but it’s Our Way
Andy wants to be clear: taking on investors and capital isn’t a bad thing. He’s done that with previous companies, and when he took over The Receptionist in 2015 (Almost six years to the day that we recorded this episode), he thought we’d likely take on investors at some point as well.
However, over the years, Andy has realized that by remaining bootstrapped, though we will grow slower, we maintain the flexibility to run the company the way we want. Additionally, by keeping the equity while growing the company, that can be shared with our employees, and taking care of our team is something we have always focused on.
The Importance of Being Capital Efficient
As a bootstrapped startup, you need to be sure to remain capital efficient, even as your bank account grows. As a more mature startup, we have grown a lot over the last six years, and we have the ability to make large investments in the company. However, it’s still critical at this point to remain capital efficient, for example, making sure that we take the time to hire the right people, examining everything closely before making big investments, and working with a fractional CFO to help ensure we’re being smart with the capital we do have.
Resources mentioned:
Andy talks about if we’re still a startup
Here’s how we hire the right people
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