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Derek Drama
2
Lawyer with an APP idea !
· Morristown, NJ, United States
QUESTION

Not Fucking Up My Fundraising Goals

What should I be aiming for in my MVP in terms of goals? Or micro goals to even think about having the capacity to raise money? I don’t want to fuck up: spending all of my personal funds and going bankrupt

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Rick Ruby
2
Community Helper, Finance Guy, Ex-Lawyer
· New York, NY, United States

Derek, great question. I think a lot of entrepreneurs make this mistake, yet just about none of them get the correct guidance as to how to handle this situation. I feel it’s ok to spend amount of capital on your prototype IF you’ve done the market research.

However, you need to impose a very strict budget in the beginning. That’s why it’s critical to set MINIMUM VIABLE GOALS not vague interpretations of what success is.

In your example – what seems to be a social product – and the collaboration/reading of other users contributions to your project – its a blend of micro goals around USERSHIP + MONETIZATION.

YOU NEED TO MONETIZE. YOU NEED USERS OUT OF THE GATES. What metric would show you that value? Paying users per 1000 sign ups?

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Derek Drama
2
Lawyer with an APP idea !
· Morristown, NJ, United States

I like that idea, paying users to have their friends sign up as referrals.

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