Bootstrapping in 2024: Key Takeaways From Our Discussion

Bootstrapping in 2024

In this candid roundtable discussion, Adam, Cole (founder at Formspree), and Tongbo (founder at Sidr Tax) dove into the realities of building and bootstrapping companies in 2024. They shared insights on transitioning from venture-backed paths to bootstrapping, the importance of building sustainable businesses, and how to make tough decisions about funding versus going it alone. The conversation also touched on the personal journeys that led each founder to opt for bootstrapping and the trade-offs between scaling quickly with VC money versus growing more deliberately.

3 Key Takeaways from Adam

You Control Your Destiny

Adam brought up a point that a lot of founders might relate to: the feeling of control. He talked about how bootstrapping offers the freedom to make decisions without constantly needing to get buy-in from investors. It’s like getting out of the rat race of chasing the next round of funding and instead just focusing on building a business that works. Sure, it might not scale as fast, but it’s yours—completely.

Sometimes Its Better to Go Niche

Adam’s all about flipping the narrative. In the startup world, there’s this pressure to always be the next big thing, to always expand. But here, he remindd us that it’s totally fine—actually, smart—to focus on a smaller niche if it solves a real problem and brings in value. Bigger isn’t always better. Sometimes, honing in on a specific need and nailing it is the way to go.

Speed and Responsiveness are Key

Adam feel strongly on this one: bootstrapping is no one’s plan B. It’s not about failing to raise venture money; it’s about actively choosing a different approach. The beauty of it is that you get to control your company’s future without external pressure to grow at all costs. And honestly, sometimes that steady, intentional growth feels a lot more satisfying than a rollercoaster ride to who-knows-where.

3 Key Takeaways from Cole

Unintentional Growth

Cole’s journey into bootstrapping is one a lot of founders might connect with. He didn’t set out to create a huge business; he started with a simple open-source project and watched it grow naturally. There’s something refreshing about letting a product evolve based on real demand instead of forcing growth because of investor pressure. It’s a reminder that not all success stories start with an ambitious roadmap—some just evolve over time.

Working at Your Own Speed

For Cole, burnout from the venture world played a huge role in his decision to go the bootstrapping route. After years of dealing with the pressures of raising money and constantly growing fast, the freedom to slow down and work on something meaningful was exactly what he needed. Bootstrapping gave him the space to focus on building something he cared about, at a pace that worked for him.

Where is the Validation?

Cole touched on a real truth here—bootstrapping can feel lonely sometimes. Unlike VC-backed startups that get tons of attention for funding rounds, bootstrappers often fly under the radar. But that’s fine because the real validation comes from users who love the product. Sure, there’s no TechCrunch article celebrating every milestone, but the satisfaction of building something valuable speaks louder than any headline.

3 Key Takeaways from Tongbo

Less Pressure

Tongbo reflected on his shift from the venture-backed space to bootstrapping. He talked about how exhausting the sales cycles in VC-backed companies were—long, drawn-out processes that took a toll on his energy. Moving to a bootstrap model gave him the chance to build something without that pressure, allowing him to stay focused on his product and customers without constantly worrying about investor demands.

Staying Focused

There’s something refreshing about this next point. While venture-backed companies often push founders to expand into new areas to chase growth, bootstrapping lets you zero in on one problem and really nail it. For Tongbo, that problem was sales tax automation for Shopify merchants, and sticking to that narrow focus has allowed him to build something successful without getting distracted by the “what’s next” syndrome.

Power of Big Ecosystems

This is a great example of how bootstrapping today can be easier than it used to be. For Tongbo, Shopify’s ecosystem opened up an immediate customer base without the need for long sales cycles. He didn’t have to chase every individual client; the marketplace brought customers to him. It’s a reminder that big ecosystems like Shopify can make bootstrapping more viable and help founders get their products in front of the right people quickly.

Larger Takeaway

The biggest takeaway from this discussion? Bootstrapping isn’t just a viable alternative to venture capital—it’s a rewarding one. It gives founders the freedom to focus on building something valuable and sustainable without the constant pressure to scale at breakneck speed. For Adam, Cole, and Tongbo, bootstrapping means owning their businesses in a way that aligns with their goals and values. It might not come with the headlines or the glamour, but it comes with control, flexibility, and the satisfaction of building something on their own terms. And at the end of the day, that’s what it’s really all about…

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