FT Start-Up Stories Series 3: Mixcloud and the art of bootstrapping 9/10
Nov 28, 2016
Nikhil Shah, co-founder of Mixcloud, shares the journey of building a profitable music streaming platform without external funding. He discusses how he pivoted from grand ideas to tackle real problems, living lean, and leveraging sweat equity to assemble a team. Daniel Eisenberg, an entrepreneurship educator, contrasts bootstrapping with VC funding, emphasizing the importance of profitability over rapid growth. Together, they explore strategies for surviving in the competitive music industry while staying independent.
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From Club Nights To A Music Platform
- Nikhil Shah and co-founder Nico quit steady jobs to pursue music-tech after realizing their passion and domain knowledge.
- They pivoted from a grand Popido idea to a focused Mixcloud product they instinctively understood and could build.
YC Trip Fueled Resolve
- They applied to Y Combinator, flew to San Francisco, and left inspired despite not getting funding.
- Nikhil quit his job before the trip and returned with renewed energy to build Mixcloud.
Warehouse Life & Hustle
- The founders lived and worked cheaply in a large warehouse as 'guardians', reducing cash needs while building Mixcloud.
- They juggled consulting, DJing and club nights to pay bills and used 3G dongles to get online for development.
