Joys of Compounding
Oliver Thomas - Bootstrapped European Software Investing - [Art of Investing, EP.12]
Feb 5, 2024
Oliver Thomas, founder of Expedition Growth Capital, discusses the history and elements of successful bootstrap software companies. He highlights the importance of disciplined founders and the differentiation between bootstrapped and VC-backed companies. The podcast also explores the dynamics between investors and founder partnerships, the growth of the European software ecosystem, and the significance of discipline in investing.
01:18:09
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Quick takeaways
- Bootstrap investing prioritizes disciplined business building and customer-centricity, offering liquidity and cap table alignment.
- Bootstrap investing originated in the early 1980s, focusing on valuable self-financed software companies and has continued to grow through proactive and aligned investing.
Deep dives
Bootstrap Investing: A Unique Approach to Funding Ambitious Founders
Bootstrap investing focuses on ambitious founders who choose not to raise capital and instead build valuable self-financed businesses. These founders are disciplined business builders who prioritize equity value per share and focus on customer-centric approaches. Bootstrap investing differentiates itself by providing founder and shareholder liquidity, aligning cap tables, and capitalizing on the company's growth potential. The goal is to partner with founders who have a use, but not a need for capital, and offer more than just equity. The investor's role is to align with the founder's vision, add value, and earn their trust through respect, preparation, and authentic conversations.
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