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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. Nerd curious abt psychology  🧠‏ @ClayNichols 30 Oct 2018
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      Replying to @patio11

      How about @robwalling s new virtual incubator for funding?

      1 reply 0 retweets 0 likes
    6. Patrick McKenzie‏ @patio11 30 Oct 2018
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      Replying to @ClayNichols @robwalling

      Yep, that's another announced one I'm aware of, but the general point is "There's literally billions of dollars trying to get into the next Google but rounds-to-zero dollars attempting to get into the next [name any company at MicroConf]."

      1 reply 0 retweets 2 likes
    7. Nerd curious abt psychology  🧠‏ @ClayNichols 31 Oct 2018
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      Replying to @patio11 @robwalling

      I'd love to invest in tiny companies. Any suggestions of other ways to do it? Are there any micro VC's out there? So where I'd partner with 3 or 4 folks to invest in tiny companies to spread the risk. (I guess that's @ycombinator , right?)

      1 reply 0 retweets 0 likes
    8. Alan Glennon‏ @glennon 31 Oct 2018
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      Replying to @ClayNichols @patio11 and

      If you reduce the potential upside, then companies will need to demonstrate minimal risk to make the economics work for the investor. Such companies already can get funding from traditional small business loans.

      1 reply 0 retweets 0 likes
    9. Rob Walling‏ @robwalling 31 Oct 2018
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      Replying to @glennon @ClayNichols and

      Have you ever tried to start a SaaS company with a small business loan? No chance. There’s a huge gap between SBA and the kinds of companies we’re talking about here. Even if you could get a loan, it’s a loan...have fun paying that off for the next 20 years if you fail.

      1 reply 0 retweets 2 likes
    10. Patrick McKenzie‏ @patio11 31 Oct 2018
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      Replying to @robwalling @glennon and

      I understand the reasoning for it but I was underprepared for the difficulty of getting loans even after my companies were established and making what many would consider healthy amounts of revenue. Like, all but laughed out of room for a $30k credit line when I had $X00k rev.

      1 reply 0 retweets 3 likes
      Patrick McKenzie‏ @patio11 31 Oct 2018
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      Replying to @patio11 @robwalling and

      Thought process at bank: “Look we’re going to actually need to send your books to an underwriter; that action costs us $2k or so; that swamps our predicted margin on this. Here, have another credit card instead.”

      9:55 PM - 31 Oct 2018
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      • Jason Bailey Justin Womersley Jim Gray
      1 reply 0 retweets 3 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 31 Oct 2018
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          Replying to @grayj_ @robwalling and

          That wouldn’t be approved because they don’t model a business with $X00k of topline as being able to service a $X00k loan.

          0 replies 0 retweets 1 like
        3. End of conversation
        1. New conversation
        2. Nerd curious abt psychology  🧠‏ @ClayNichols 1 Nov 2018
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          Replying to @patio11 @robwalling and

          Im not quite a Qualified Investor. There may b many like me. What is a good mechanism for me to invest in (or loan) startups money and get: * simple legal protection (if they have the $ but reneg, i dont want to have to sue) * low trandaction overhead * diversification

          1 reply 0 retweets 0 likes
        3. Nerd curious abt psychology  🧠‏ @ClayNichols 1 Nov 2018
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          Replying to @ClayNichols @patio11 and

          I am comfortable doing the Due Diligence myself.

          2 replies 0 retweets 0 likes
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