Fund-raising for your start-up is a complete and utter bitch.
It consumes an enormous amount of your time (time you are not spending on your product, the quality of which determines your abilty to raise money); it is extremely stressful (the most stressful experience I ever had, other than being stranded in Mexico, hanging to a cliff a thousand feet above the riverbed with a dislocated shoulder); and failure is never an option and always a highly likely possibility.
Not surprisingly, the process of fund-raising exacts costs that are numerous and painful:
- Existential: I bear a good deal of responsibility for bringing Myne into the world. If I fail to raise money, Myne fails. If Myne fails, I fail. If I fail, I am a failure.
- Psychological: The definition of a 24/7 mind f#!k: My ability to rent next month depends on my ability this month to convince someone I don't know that my idea is so enticing to users and busineses that they, the potential investor, should grab their check book to pay my salary so I can execute it. I feel like a door-to-door saleman, except I am selling myself.
- Physical: I used to exercise daily. Now, the exercise I get is pacing around the room during phone calls with investors. I lost 10 pounds in 12 months and no longer care at all about my appearance. I walked my girlfriend to the subway yesterday, and as she faced me to say 'goodbye'---and observed that I was wearing a peanut-butter-stained t-shirt and used tuxedo pants with medical scrubs hanging out the bottom---she said, "You scare me." I was hoping for "I love you."
- Financial: I could be earning $160,000/year as a lawyer. Instead, after I pay off law school loans, rent and bills each month, I am left with $100. I can't afford a birthday present for my girlfriend. I have no health insurance. I fry potatoes, onions and cold cuts for lunch and dinner every day:
- Interpersonal: Fund-raising for Myne has taken a huge toll on my most important relationships. It is a miracle that my girlfriend has not ended our relationship. I just about ruined my family vacation last week because I did nothing but attend meetings with VC's. My older brother accused me of removing "vacation" from "vacation."
Last but not least, there is always someone there to remind you that your sacrifices are statistically likely to have been made in vain. Only yesterday, one of our investors emailed me a link to the following article. It's called, "Why Startups Fail":
http://www.buzzfeed.com/visual.ly/why-startups-fail-infographic-3uer
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How have I coped with the misery of fund-raising? By finding encouragement wherever I can:
Why have I coped with the misery of fund-raising? Because if your idea is good enough, and your mind is sound enough, faint lights at the end of the tunnel begin to materialize.
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Jeremy
P.S. While I use the word "I" in this blog, the misery I have experienced has afflicted other members of our team, too, particularly Mark, who singlehandedly raised our first found and without whom there would be no Myne.
