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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 30 Oct 2018
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      Excited to see so much innovation in the bootstrapping community about funding things. One of N teams I'm aware of working on this just announced:https://earnestcapital.co/funding-for-bootstrappers/ …

      1 reply 18 retweets 59 likes
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    2. Patrick McKenzie‏ @patio11 30 Oct 2018
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      If "funding for bootstrappers" sounds a little like a contradiction in terms, the reason for it is that the community of small software businesses hasn't *really* settled on a word that we love to describe ourselves in the way that the VC-funded trajectory uses "startup."

      1 reply 1 retweet 13 likes
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    3. Patrick McKenzie‏ @patio11 30 Oct 2018
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      Mostly bootstrappers are defined in opposition to funded startups not because they have a super moral commitment to particular sources of funding but because they happen to have growth ambitions / market sizes / etc which do not suggest viable chances of raising VC money.

      2 replies 2 retweets 14 likes
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    4. Patrick McKenzie‏ @patio11 30 Oct 2018
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      And aside from my beloved investors at the venerable firms of Visa and Mastercard ("We take 2 and 20... percent APRs!") there are very, very few funding sources in the US which are viable for firms with less than about a million dollars in revenue.

      2 replies 2 retweets 14 likes
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    5. Patrick McKenzie‏ @patio11 30 Oct 2018
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      Software businesses are particularly "weird" by the standards of traditional finance because they're insufficiently professionalized to be modeled like a doctor's office and they typically are extraordinarily asset light and inventory-nonexistent, which complicates underwriting.

      2 replies 2 retweets 16 likes
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    6. Patrick McKenzie‏ @patio11 30 Oct 2018
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      I think this is also a reflection of the same underlying dynamic which drove the profusion of angel investing in the SFBA: exits create ecosystems. Specifically, the market for smallish software businesses has become quite liquid in the last few years.

      2 replies 0 retweets 8 likes
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      Patrick McKenzie‏ @patio11 30 Oct 2018
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      That both creates opportunities for owners to eventually turn ownership into money *and* has some very savvy, very bored ex-operators sitting around with money in their pockets and deep, deep understanding of what a business with 2.3% churn and $450 monthly ARPU is worth.

      9:53 AM - 30 Oct 2018
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      • Chris Patton Alok Dadhekar Viktoria Karathanasi Jon Colverson Jordan Gal Klynton Jessup Ced Nick Campbell Luke Gibson
      0 replies 0 retweets 28 likes

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