Did you try to raise capital?

Based on a pitch deck, I raised a small round of money for the first startup I built. At the time of raising money, I didn't have a clearly defined customer or value proposition, didn't adequately evaluate demand, and didn't have a clearly defined business model. I eventually figured these things out but shuttered the business after two years.

Since then, my customers have become my investors, and I've relied upon non-dilutive grants for funding (from sources like MTI in Maine, where I live). I run a small incubator that helps founders go from idea to their first paying customers, and the vast majority of founders I work with take this route at first, as well.

Raising capital can be wildly impactful, but I don't think that it's ideal for every situation. Because most of the founders I'm working with are establishing who their customer is, what their value proposition is, and evaluating demand, it's highly likely that the path their businesses take will change significantly (and many founders will discover no customer demand at all).

I'm biased, of course, but I think that most founders should focus on evaluating and demonstrating demand before thinking about raising capital.

No, I wanna keep 100% of my freedom and company 😄