Thursday
NewsRon Conway Thinks You Should Keep Your Day Job
Image by jdlasica via Flickr
For those that don’t know, Ron Conway is arguably the most famous Angel Investor in Silicon Valley. His record is impressive. He was an early stage investor in Google, Ask Jeeves, and PayPal (can you say: visionary?).
With a track record so great, it’s interesting to see what he thinks about the current crisis and how it could affect newer startups. He sat down with the folks from AlleyInsider.com, and they asked him for advice for anyone thinking of starting a new internet company:
I would tell (entrepreneurs) to keep their day job until they got one year of funding, and if they couldn’t get that, then they’re not meant to start that company right now…. My advice to (start ups that don’t have a year’s worth of money in the bank) would be to raise money by reducing your own spending. If you can’t raise more money, you have to cut costs. And that’s what I’m harping on to my companies.
While what he’s saying might sound negative, it’s not farfetched. Companies that already have a track record shouldn’t have trouble getting funding (albeit, it might be harder to come by), but with a situation as unstable as today’s, people will hesitate before investing in something that hasn’t crystallized yet.
What do you think about this? Should we take Mr. Conway’s advice? Will the economy affect smaller startups?
Loading ...Related articles by Zemanta
Post Tags: Angel investor, Ron Conway, venture capital
Add New Comment
Viewing 1 Comment
Thanks. Your comment is awaiting approval by a moderator.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Add New Comment