How startup funding works, and why we decided to bootstrap

published3 months ago
1 min read

Hey there,

Tyler from Less Annoying Business here. Here's what I've been up to:

New content

How startup funding works, and why we decided to bootstrap [Blog post]
This is an update to a post I wrote years ago on the Less Annoying CRM blog. In it, I break down how venture capital works and why we didn't think it was a good fit for us when starting LACRM. Warning: It's a long one.

How the internet works - Cookies [Video]
This is part of an ongoing series I'm doing to explain important tech concepts in ways that low-tech people can understand. This video explains browser cookies. What are they, why are they necessary for the internet to work, and why do you vaguely think they're bad even if you don't know what they are?

Deep dive into an execution retreat [Podcast]
Rick, my podcast co-host is out on parental leave right now, so this is an episode we recorded a few weeks ago. We dive into how Rick can spend a week focused on building and marketing a new product.

What I've been working on

I mentioned last week that I had a "partner meeting" on Monday. In case you're interested, here's what that is: Since Less Annoying CRM is bootstrapped, we don't have a traditional board of directors. Instead, there are four people (including me) who we call "partners". These were the first four employees, and since we couldn't afford to pay real salaries back then, the partners are paid via a profit share instead of traditional salary. This makes the group sort of like shareholders.

The partners meet 2-4 times per year to talk about whatever big topics are on my mind. We had one of those meetings Monday. It was 4.5 hours which is a bit of a slog, but we made a lot of progress.

Every six months, after the partner meeting, I prepare a presentation for the whole company to recap the last six months, set goals for the next six, and announce any new decisions that were made in the partner meeting. I'll be preparing that presentation over the next few weeks (a lot of the decisions we made need a bit of follow-up before they can be announced).


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