Continue self-funding or get outside investment?
I`m looking for some opinions about what I should do with a web startup that I just launched. Over the last 10 months, I`ve developed a web-based platform that lets you upload photos and text and create a personalized children`s book, which can be shared online and/or ordered as a hardcover or softcover physical book. You can see the website (just launched last week) here: www.mypicturebook.comQuestion: Should I continue to self-fund this business? Or should I polish up my business plan and look for outside investment?My main source of income is through my UI design consulting business, which is really booming now. The problem, which is not a bad problem to have, is that the consulting business takes a lot of time and effort. After 50hrs/week of consulting, there`s hardly any energy left for My Picturebook. However, the consulting business throws enough cashflow to do both, albeit slowly (in terms of My Picturebook development).I`m considering putting my consulting business on hold and securing some angel and/or institutional investment (such as Charles River). This will allow me to focus on My Picturebook for a while and take the idea to the next level.So, what do you guys and gals think? Should I go the slow route and continue the part-time effort - OR - should I take the plunge and get outside investment (hire a couple people, initiate lift-off, etc.)?
Sign In or Register to comment.