We're starting a new feature on ReadWriteWeb, called 'Editor's Picks.' As founding editor of the site, every weekend I'll pick out 2-3 posts from the past week which I thought were particularly good and worth highlighting. We'll start with a post by Jolie O'Dell in our ReadWriteStart channel, which is a subsite devoted to early stage startups and geared towards entrepreneurs. Jolie wrote an inspirational post entitled Six Reasons to Stick with Your Startup: Survival Stories from the Trenches. You can click on the previous link to read the whole post, which I encourage you to do. I've also pasted a few highlights below...]]>
Jolie wrote:
Starting a new tech company is a labor of love. Particularly in the beginning, when funds are low, expectations are high, and the product is still a twinkle in the developer's eye, stressful situations under external pressures can lead to pull-the-plug moments.
When we interviewed Pandora founder Tim Westergren last week, he shared his personal brush with startup death: In 2007, it seemed that the music-streaming site would have to declare bankruptcy and close shop. Pandora's success is one reason to stick with your own startup. Here are six more.
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Thirty-Seven Cents and a Heart Full of Hope Adrenaline
Grocio founder Gerald Buckley went so far as to share the exact dollar amount of his worst fears realized:
"I was $0.37 away from closing it up. Literally, that was all I had left in the bank account. There wasn't enough to pay next month's legal bills."
However, a dramatic turn of events saved him and his startup at the last minute. "In mid-November, Grocio won top prize in a local business model competition sponsored by the City of Tulsa and a local bank. That put $30K in the bank (non-equity, non-debt). Then the state of Oklahoma awarded us $100K matching funds (again, non-equity, non-debt). Money became less an issue and allowed us to focus on execution."
Although the economy began changing the equation once again last fall, Buckley encourages other startups, "I'm going to have the startup bug all my life, I think. NEVER give up if you really believe!"
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