Bootstrapping: A Path to Success for Startups by Co-Founder Jeremy Tan
This founder bootstrapped his company to a $110M acquisition in 5 years. (But, I’d bet you’ve never heard of them before)
That company is 'Stamped'. Not familiar? I’m not surprised.
You’ll have little trouble finding plenty of news on:
➡️ Startups raising millions in funding
➡️ Major layoffs or controversy
But stories of sustainable, bootstrapped companies? Very few. A quick Google search only brings up a couple of search results on the story. Tommy Ong is a serial entrepreneur with two exits under his belt.
He saw a new opportunity - Online merchants struggling with consumer trust:
↳ Built his V1 of Stamped in two days to simplify customer review collection
↳ Surpassed $700K in revenue in the first year
↳ 3 years later - the business was 10x the size
In 2021 they were acquired by WeCommerce - a Canadian company.
It’s really impressive.
↳ Tommy saw a gap that few noticed.
↳ Acted on it and built an MVP to capture part of a major growing market at the time.
↳ Created true value and sticky revenue that roped them a nice exit.
This is the story we should be telling to founders. It’s these under-the-radar companies like these that more founders need to hear about and learn from. Not glorified ‘growth-at-all-costs’ furnaces. There are many roads to success. 🛣️ The ‘unicorn’ path is one of them, Tommy showed us there is another way too.
P.S. [I don’t know Tommy personally. He’s not one of our portfolio companies - just a story I thought was worth sharing]