Want To Raise A Million Bucks? Here’s What You’ll Need
techcrunch.com
techcrunch.com
There's one more thing that obviates the need for traction:
social proof. If Marc Andreessen is investing in your
round, the round will get done, it doesn't matter what your
product, traction, team or technology look like.
To raise money, you really only need to be exceptional in
one of these categories (product, team, traction, social
proof).
Since everyone thinks they're exceptional, here is some
calibration by way of analogy: it is the equivalent of
getting into Harvard or getting 1600 on your SATs. That's
the bar to get funded. The bar for success is 1000x higher.
One of the comments buried in the comments section from Nivi(cofounder of AngelList) is actually pretty good.A good growth rate during YC is 5-7% a week. If you can hit 10% a week you're doing exceptionally well.
[http://www.paulgraham.com/growth.html]
If you haven't read this article already, go read it now!
That being said, we closed $750K in my last startup after crossing 125K users, so perhaps traction is good enough at least for the first round.
On one hand 100K signups/download seems to be easier to achieve than $50K rev/mon but on the other hand if my e-comm product sells for $5000 each that seems easier too.
Nevertheless interesting metrics!