The article provides insights from Procreate CEO Jeremy Pearce on how app founders can navigate the challenging landscape of dwindling venture capital (VC) funding in 2024. Pearce emphasizes the importance of focusing on profitability and sustainable growth rather than relying solely on external funding. He advises founders to prioritize building a strong user base, generating revenue, and achieving product-market fit before seeking VC investment. Pearce also suggests exploring alternative funding sources, such as bootstrapping, crowdfunding, or seeking angel investors. Additionally, he recommends founders be prepared to make difficult decisions, such as reducing costs or pivoting their business model, to ensure long-term viability. The article serves as a cautionary tale for app founders, highlighting the need for resilience and adaptability in an ever-changing funding landscape.
Source: https://www.businessinsider.com/procreate-ceo-advice-app-founders-vc-funding-dried-up-2024-11