Experience and Make Your Startup Decision
This article is written by Clinton James, a Contributor Author at Startup Istanbul.
Justin Cannon is an entrepreneur and web developer based in San Francisco. After graduating from MIT with a degree in Computer Science, he founded Lingt and sold the company in 2011. He is the founder of EveryArt. He has spoken in numerous forums about his experiences as an entrepreneur. He was present at Startup Istanbul 2015 and shared some insight on Startup fundraising.
With a background of MIT for computer science, Justin Cannon had two close school dropout friends who together started a company that worked with this very interesting consulting firm in Silicon Valley, with clients like Dictionary.com. And again he founded a new company solo and worked in arts. Having seen through the art company, they never used service fees mostly because all money felt like unreasonable amount. At this point, they realize that only if you have a small business that makes little money, does not mean that it will turn out to be a big business that makes a lot of money. He studied scale problems at hardcore schools, and unfortunately, feeling that he was born into this first job for two years, he felt that he was thinking of establishing another business.
He worked on a computer in Istanbul for three years which after learning the rules of the world, he was finally able to move into business, he knew he would build something immense. When he built a collection of every Turkish grammar for about two weeks, he wrote about 200 Turkish lessons, and met a master student, which they began to do together. They started charging people $ 10, and today, is the biggest Turkish site in the world. What if a carefully thought investment predominance plan doesn't work, you can still be a successful entrepreneur with a very good business that doesn't make less than $ 500 million a year later.
With a new built startup business, he spoke with several investors who participated in the Startup Istanbul meeting that was held, and actually raised money. He also succeeded in increasing the seed round from the same convention organized by Burak.
However, there are many reasons, both in Silicon Valley and in Istanbul, to raise money for single success in line with entrepreneurship, which helps them to rent offices, hire and feel like the big leagues. He saw this as a big bad perception that was considered a blessing or a curse that money won't save you if you don't know what to do with it.
The reason entrepreneurs don’t look for funds is because angel investors are initially interested in having 90 to 100% of your business which you shouldn't take lightly because it's like being unfair to give away something that you have worked-on so hard just that you can rent an office and have a logo at the door to enjoy. In this case, think of a bank that helps maintain 4 to 6 months and increases encouragement.
Entrepreneurs can still raise money through capitalists you convince them that you know how to succeed. Consider if you find a channel where you can bet $ 3, and you can get $ 10, get money, and put it all, it’s like finding a money printing machine. Hence, make use of mentorship and advice given to grow yourself and your company through giving a portion of the equity.