@dotun.o’s latest podcast was with the CEO of VoguePay. The conversation was interesting for one reason: VoguePay has NEVER raised external funding but it is already a successful million dollar company.
While this is not the norm or approach most people might consider, I think there is a lot of wisdom from seeing things from another perspective.
.
What are your thoughts on NOT raising money ?
P.S: I still work for VoguePay 
Not raising Money is the best for any business,it is also known as bootstrapping.
if you want to have total control of your business,less pressure from investors and be customer focus not raising money is the best.
The reality is Money given to startups is never enough no matter the amount also raising funds is a long and emotionally taxing process for most startups.funny enough, If all you’re doing is gambling on an idea with other people’s money you don’t really need to learn how to build a company.
Seriously speaking Entrepreneurship(building a company) doesn’t require any money. It’s an approach in which you figure out how to turn something into something more valuable. if you rely on gambling with other people’s money you’ll always work for them
so it is better to bootstrap because you keep more control over your company’s pace,you can pick your corporate structure,yoou focus on making money, not on what to do with the money you have.
@MikeOck thread has 3 components to it: Funding + exiting + recruiting.
Funny fact is that it aligns with VoguePay’s playbook since 2012 
@spokentwice his method is not the norm… if you read TechCrunch and all these other tech blogs. If you get out and ask most big African entrepreneurs how they did it, their story will be similar to VoguePay. Our market simply does not support the Silicon Valley way and it is unfortunate that our young entrepreneurs are being misled into that path.
Founders that go through route of bootstrapping are not usually popular with press 
One of the side perks that comes with raising money is that the press is friendlier and the VC have networks to share the story. For example, every YC-funded startup gets a story on Techcrunch (something that could cost as high as $1.5k, out of pocket). Other blogs simply "copy and paste from there and it becomes easier for such founder to get invitations for media interviews, press mentions etc). The honest truth is that while there is a place for media, they often don’t deliver the customers.
I salute entreprenuers that have the “courage” to bootstrap their way to success.
Kudos.
@nchineme you inspire me too.
BS Alert! Nothing cost $15k for articles on TC
What are you talking about? how else to raise money? All of you 5 both raised the money individually to push the company. If you are able to raise the needed fund in house does that mean you never get funded? The fact is you never needed Millions before kick starting such a business… You never needed to stock your inventory or acquire any machine to push your voque pay idea. Any successful idea or business requires funding to push forward no matter how little and thats what you 5 team did to get on…( collective contribution) What happens if you weren’t able to find such a group collection?
You raise funding within and that was enough.
So its wrong to say “built a company without raising fund” where else would you have raise it from when you can raise it from 5 people already? oh from VC? Raising it internally or externally, you raised fund to get on board…case closed
@jamesbond while i agree with you that its better to bootstrap, do not forget you also need money to bootstrap… Voquepay did not bootstrapp either, 5 of the team raised the money. Mr Leke the programmer did the coding, CEO, simeon was not suffering, His pocket was deep enough as well (real estate guy) unlike typical struggling start-up founders like you and me. If 5 people are able to pull resources together on what they believe on, why raising money externally? and you went on to say “if you want to have total control of your business,less pressure from investors and be customer focus not raising money is the best” Who is actually taking control amongst the 5? You sounded as if Simeon did it all alone without external funding… The title of this post is misleading… If Simeon was alone, then this post wil make sense to me. As long as it was a pull of both financial and technical resources… am sorry it does not fall well…They have the fund needed for their growth and so needless looking into other peoples pocket… Dont thread that part all-alone, else you stumble…
it seems you misunderstand the concept of bootstrapping,bootstrapping generally doesnt means lack of cash.
it entiles building a company from personal finances/savings or from the operating revenues of a company.
to boostrap you need personal finance to survive or a group of friends willing to donate to you,when boostrapping,you can use personal savings,credit cards,loan from family and friends,sweat equity.
the concept does not allow VC investment.
They got enough to get going and no need of even external funding… that is the point and should not be something to be praised or imitated…
While this discussion goes on, it is important to state that bootstrapping ( running your business with ANY other source other than investors’ money) is a STRATEGY It does not mean that you do not need VC money, rather, you chose to source the money through other means.
It can be argued that VoguePay founders are “rich” from their previous investments, but the network that have built also predisposes them to investors who could have been invited to join in the risk of launching the payment solution…but they decided NOT to raise through them.
Not raising through VC influenced their strategy play. For example, opting for an office in the suburb of Lagos in the first 3 years of operations and maintaining lean operational strategy.
If there was any real gain to bootstrapping, it is that it MAKES YOU TO CHASE REVENUE with more hunger.
Literally. 
Conclusively, its wrong to say “built a company without raising funding” It would have been "They built a multi million dollar company, with self raised funding!..period…
I hate when unnecessary media hype mislead people