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Phil Gainley from FounderSpeak has put together a detailed, in-depth report regarding bootstrapped startups. As an aside, I hope one day we can get to industry accepted definitions for “bootstrapped” and “startup”. Two years ago I provided my definitions for both terms and many CN readers provided their own definitions. For example, can a company started in 2005 really still be considered a startup?
Phil’s analysis provides a lot of data points around bootstrapped startups and is well worth a read. Phil interviewed 107 startups to gather the data for the report. Phil notes, “included is a breakdown of trends in the tech space, what the lifetime and demographics of a startup looks like and where they fail and what their biggest problems are. Also it has my latest research around the tech startup space all put into a process that other tech startups can use that is around 10 pages long. This research will be part of my Aston Business School MBA.”
The survey provides data and charts on the following areas:
- Number of founders
- How do you provide monetary support for your startup
- Monthly hardware costs
- Misc. spending costs per month – marketing, networking, travel, etc.
- What phase is your startup currently in
- How long have you been working on your startup
- When do you expect to reach breakeven
- Why haven’t you reached breakeven yet
- Type of product/service
I think it would be great to be able to refine the data – for example, breakeven data for startups with 2 founders that are in business more than 18 months, etc. I believe most of the startup data in the report comes from startups based in London/UK and note that the monetary figures are in pounds not dollars.