It’s not always so bad to lack funds in the early days of starting a business. That’s the belief of Richard Caballero, founder and CEO of ComLinked Corp. (the name stands for “companies linked”), an online marketplace in which businesses can connect with one another and develop better sales channels.
Caballero, a 25-year veteran of the tech industry, mulled over a few different funding options when plotting the launch of ComLinked. “We considered crowdfunding,” he says in this week’s BusinessCast podcast. “But we really wanted to launch it first, because it was very difficult for people to grasp the concept before there was a viable example live and functioning.”
While Caballero hasn’t ruled out crowdfunding entirely—especially now that ComLinked is up and running—he opted instead for a DIY approach to financing his new venture. And that has yielded some surprising benefits.
“I bootstrapped it and paid for it out of pocket, with some help from family members. Due to limited funds initially, the platform took longer to develop than originally planned,” says Caballero. “But at the same time it enabled us to really, thoroughly test the platform with beta users. Not only in Canada, but across companies in Europe, the Middle East and Asia-Pacific.”
Caballero feels that early feedback has been essential in allowing his company to develop a platform good enough to take to market.
For more of Caballero’s thoughts, check out this week’s BusinessCast, which you can listen to by clicking the button above or download by clicking on the iTunes logo below:
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