There’s lots to read for new entrepreneurs about raising money vs. bootstrapping. We’re fans of both approaches, but there are times when one approach will always give you better results than the other. Our company – Nudgespot recently got funded after being bootstrapped for nearly a year, and I want to share our reasons for why we did it in case some of you are standing at the same crossroads that we were.
We started Nudgespot exactly a year ago with a single aim of simplifying how businesses interact with their consumers. After a full year in operation and more than 50 businesses worldwide actively using Nudgespot, we are convinced that this is a problem worth solving.
So, back to the question of why we raised money. We did it to:
Accelerate Product Development:
Early on, our clients gave us considerable feedback on the pain points they were facing, such as not having easy access to customer data, and not being able to communicate one on one with their customers in a scalable way. These challenges excite us, and the right resources can help us solve these problems very soon. That means hiring more engineers and UX experts to build & design the best platform possible to enable our clients to talk to their end customers as easily as Google enables search.
Provide Support for In-App Communication:
We want Nudgespot to enable clients to reach their users no matter where they are. The addition of more channels (and hence being channel agnostic) is critical to accomplish this. After making good progress with email, SMS & push notifications, we want to add communicating in-app, as the next channel to support.
Integrations (#PlayNice program):
We started the #PlayNice program because a lot of customers asked us to hook into complementary products that they were already using, including analytics apps, feedback apps, support apps, and so on. Going forward, #PlayNice will contain the ability to integrate with many of these apps to push data into and from Nudgespot.
Spreading the Message:
We had a minimum viable product (MVP) with great customers of all sizes who supported us and continue to do so. Our product is getting better & better each day and it’s time to tell the world about it; we’ve decide to invest in marketing, sales, and team expansions to different geos, starting with North America.
Even though I’ve seen the internet space grow for more than a decade (with both my previous ventures), raising money is one of the hardest decisions I face each time as an entrepreneur. This time, the decision made perfect sense to us, and we’re strapped in for the ride ahead. Here’s hoping we fly far!
Nudgespot helps businesses interact with their customers via emails, SMS and push notifications. Think of Nudgespot as a hot-line between your business and your customers
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