Fundraising can be a slow and demoralizing process, especially when trying to convince the first few investors to back your idea.

Fundraising can be one of the hardest parts of starting a company, and while it may seem like an open market, it's often not rational or fair.

Three major changes in startup financing over the years are the structure of fundraising documents, easier access to these documents online, and a greater focus on minimizing the time spent on fundraising.

Using standard paperwork and hiring a lawyer experienced in startups can help you avoid unfavorable terms during fundraising.

I had no choice but to bootstrap my company for the first year. I focused on optimizing for a fast and efficient fundraising process because I was warned that a long fundraising process could kill a company.

When startups raise funds, they often mistakenly assume they need to spend a set amount each month, which can lead to unnecessary expenses instead of focusing on lean operations.

Raising funds can take time, and it's essential to build relationships with potential investors rather than rushing the process.

Running an auction during fundraising allows founders to set their own terms, such as valuation and investment amounts, which is a rare opportunity for most early-stage founders who often find themselves begging for money.

In the early stages of fundraising, it's common for the entire team to focus on raising funds, which can slow down company operations, so it's important to balance fundraising with maintaining business growth.