Very interesting ... I am going thru this exactly. We had a couple vc's that are in due diligence, but in this economy, I don't think it's best for us to take the money. Our overhead (as you mention in your article) is essentially just the founder's living expenses which we have been able to cover for nearly 4 years now.
My choice is either raise vc, or sell something. Selling something is non-dilutive. VC's need to get a clue. If I take $1 or $5M, I'm going to give away 1/2 the company, so might as well as for $5M. But what the hell do I need that much money for!
My choice is either raise vc, or sell something. Selling something is non-dilutive. VC's need to get a clue. If I take $1 or $5M, I'm going to give away 1/2 the company, so might as well as for $5M. But what the hell do I need that much money for!
Bootstrapping's back in style.