We are currently 3 guys who are working on a tech startup collecting data. We’ve bootstrapped for 2 years now – got monthly revenue of 20k. (growing with factor of 2x per year – just in our small country)
We could serve many more customers if we got more development power to build a platform for our customers – so our bottleneck is, that we can not deliver anymore without a long wait.
We got a lot of support for strategy, sales,… everybody tells us that the poc is successful and we finally have to to finish a product to scale and grow faster – otherwise someone else will do it.
Here is my point:
– Finding a vc will cost me time, so I won’t be working on the business for some time – (I’m thinking about 3 months – and that’s a lot – I need to travel).
– In our country, I will not find a vc who will do a capital for 2M+ and we think that vc’s are not interested in our country, because it’s too small. (We know our competitors and we also know our usp to them – they are all located in US or Israel – but what we need for succeeding there – is the platform).
– Bank won’t give me 2M so I need to do in small steps, but small steps take time.
So the thing is, hiring 2 more employees and growing like usual … or getting a vc, having more power?
If a vc is joining, does it mean we have to do business in their country?
Have you ever a similar situation, what is your experience?