Software Misadventures Growing and selling an indie business | Michael Lynch (TinyPilot)
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Jul 9, 2024 Michael Lynch, founder of TinyPilot and a former Google employee, shares his candid journey of bootstrapping an indie hardware business. He discusses the complexities of selling TinyPilot for $600K and the toughest challenges faced during the process. Humorously citing his shift away from hardware, Michael explains the inherent risks and operational hurdles of running a hardware business. He emphasizes the importance of outsourcing, proper delegation, and the emotional journey of finding personal identity post-sale.
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Avoid Hardware for Bootstrapped Businesses
- Consider software or SaaS for your next venture.
- Hardware businesses present unique challenges, especially for bootstrapped companies.
Value Capture in Indie Businesses
- Indie businesses offer greater value capture than large corporations.
- Earning $200,000 with full value capture is more satisfying than $400,000 with partial capture.
Risks of Hardware Businesses
- Recognize the existential risks involved in a hardware business.
- Consider the investment requirements and potential for large losses.