Admin Jun 4, 2019 3:00:09 PM 1 min read

Bootstrapping in Minnesota

Via Minne Inno

"Thompson Aderinkomi decided not to turn to venture capitalists when seeking funding for his new startup Nice Healthcare.

“We’ve considered venture capital, but for us, it’s a last resort,” Aderinkomi told Minne Inno. “Right now, we’re growing organically, and because of that we don’t need anyone’s permission to be alive.”

The decision to forgo traditional startup funding was a no-brainer for Aderinkomi after his last experience with VCs. He co-founded and led RetraceHealth as CEO for over three years. During that time, the company successfully raised two rounds of capital, totaling around $9 million. Then in late 2016, Aderinkomi was abruptly fired by investors, who said RetraceHealth required new leadership. The company shut down several months later."

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