Bootstrapped, Not Broken

September 16, 2025

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Here’s what I’m thinking about…

Bootstrapped, Not Broken

Somewhere along the way, we started treating bootstrapped founders like second-class citizens.
Like if you didn’t raise venture capital, you weren’t a “real” startup.
Like you were trying, but hadn’t been “chosen.”

I used to believe that, too.

Until we built Tiny; zero outside capital and it quietly became a $300M+ revenue empire.

No unicorn chase.
No pitch decks.
No cap tables that look like spreadsheets from hell.

Just profitable, simple, useful businesses.

The Only Difference Is Tolerance for Burning Money

Let me get this out of the way:

I’m not anti–venture capital.

VC works beautifully; for a very specific kind of company:

  • winner-takes-all market
  • explosive growth
  • massive TAM
  • capital as a weapon

But most startups don’t need that.
They don’t have a capital constraint. They have a discipline constraint.

Bootstrappers operate differently because they have to.
Every dollar must stretch.
Every hire must count.
You don’t have a bridge round; you have a brick wall.

VC teaches you to burn.
Bootstrapping teaches you to build.

We Built Tiny on Cash, Not Capital

People think Tiny started with some big grand plan.
It didn’t.

I was running MetaLab; a design agency we started from our apartment in Victoria.
No investors. No seed round.
Just two guys and some PSD files.

We bootstrapped MetaLab to millions in revenue.
Then we used the profits to build or buy other companies.
That’s it.
No magic.

Over the years, we rolled that cash into:

  • Dribbble — acquired when it was just a community. Grew it profitably. Never raised a dime.
  • AeroPress — iconic product, cult brand. 40 years in business. No funding. Still growing.
  • Pixel Union — started in a dorm room. Shopify themes. Bootstrapped the whole way.
  • We Work Remotely — profitable day one. Still printing cash.
  • Castro — beautiful podcast app we acquired, turned around, and sold. Again, no outside money.
  • Letterboxd — beloved by film nerds, and now 20M+ users. Bought with cash. No VC logos in sight.

That’s the dirty secret:
You can build great companies without great funding.

Control Is the Real Upside

When you raise venture capital, you’re renting a boss.

The moment that wire hits your account, you’re not building a company anymore—you’re managing expectations.

I’ve seen it firsthand:

  • Startups with $30M in ARR that still feel poor because they’re unprofitable
  • Founders locked out of their own boardrooms
  • Brilliant products that died because the CAC didn’t support a Series B

Meanwhile, our companies:

  • Choose their own pace
  • Hire slowly
  • Launch weird ideas
  • Don’t report to anyone but their customers

That’s what bootstrapping buys you: freedom.

The VC Playbook Is Addictive (And It Works… Until It Doesn’t)

Here’s the typical venture arc:

  1. Raise money
  2. Burn to grow
  3. Show traction
  4. Raise more
  5. Hope someone bigger buys you or the public markets forget you’re bleeding

Sometimes it works.
But more often than not, it’s a treadmill powered by hope and spreadsheets.

I’ve seen founders raise $5M, then $20M, then $50M; only to sell for $10M and walk away with nothing.

Raising capital makes you feel smart.
Bootstrapping makes you actually smart.

Scarcity = Innovation

When you bootstrap, you’re forced to:

  • Build pricing into the product
  • Get paid before you scale
  • Say no to bad customers
  • Ship fast
  • Learn cash flow the hard way

We didn’t raise money for Dribbble.
So we turned it into a real business.
We built Pro accounts, added hiring tools, launched job boards.
Result: 8-figure revenue. Profitable. Independent.

No runway. No 18-month lifelines.
Just a machine that prints cash and gets better every year.

"But You Can't Build Big Without VC"

Wrong.

You just build differently.

You don’t need to be in every market.
You don’t need 10x growth.
You need:

  • Margin
  • Retention
  • A clear customer
  • And a product that solves a real problem

Take AeroPress.
It’s not a rocket ship.
It’s a niche product that became a global obsession; slowly.

No ads. No viral loops.
Just a great product, a cult following, and cash in the bank.

Bootstrapped Doesn’t Mean Boring

Some of the weirdest, most creative companies I’ve ever seen were bootstrapped.

Why?
Because when you don’t have to pitch investors, you can build for fun.
For weirdos. For niches. For quality.

VCs want “mass adoption.”
Bootstrappers want product-market delight.

Our best products came from someone on the team saying:

“I wish something like this existed.”

That’s the spark.
Then you build it.
Then you charge money.
Then you’re free.

Other Updates

We’re still buying profitable companies with no plans to raise.
If you know a founder doing $1M–$20M/year who wants to sell without selling their soul, send them to us.

Still building AI tools internally, not because it’s trendy; but because bootstrapped founders don’t have assistants.

If you’re bootstrapping something weird, cool, or cashflowy, reply.
I want to hear about it.

FAQs

1. Do you hate VCs?
Nope. I just think most companies don’t need them.

2. What’s the main upside of bootstrapping?
Control. Optionality. Sanity.

3. Isn’t it slower?
Yes. But slower = sustainable.

4. Did you ever almost raise money?
Yes. Then I realized I didn’t want a boss again.

5. Isn’t bootstrapping risky?
Only if you don’t build something people want to pay for.

6. What if I need to raise?
Fine. But be honest—do you need it, or just want it?

7. Do you ever feel like you “missed out”?
No. I sleep great.

8. Can you get rich bootstrapping?
Yes. But not overnight. You build a machine, not a unicorn.

9. What’s the best bootstrap advice you ever got?
Charge more. Ship faster. Say no more often.

10. Would you do it the same way again?
A hundred times, yes.

That’s all for now…
Bootstrap like nobody’s watching.
Or funding.

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