Suplos values the fact that these companies are considered bootstrapped and do not require external rounds of capital, in the recognition of the 30 business promises for Forbes' 2023 edition.
It is likely that, given the current VC - Venture Capital crisis, companies like Suplos (a SaaS+ company) will now have more interest.
Lessons learned
We would like to share 7 learnings from this self-sustaining adventure so far. The journey has been one of ups and downs, but in these 7 years we have consolidated a company with a average annual growth rate of 108% (we are doubling every year), with profitability and more than 150 employees in Latin America. The VC path is one option for accelerated growth, but it is not the only one.
1- It is difficult to attract talent at the beginning
In early stages, talent acquisition becomes scarce and difficult due to capital constraints, but for us, it has always been a priority to invest in attracting and retaining the best talent whenever we could. Today we have a very strong team with extraordinary talent.
2- Much more time is needed
Without going too far, we are probably the oldest company on the Forbes list. Patience and perseverance must be lifestyles. When building a company brick by brick, it is unlikely that a single event will forever change the company.
3- Tailoring of products to specific customers
We typically leverage new products and lines of business with customers who are willing to pay. So we we are launching our customized product first for a customer, which we hope to turn into a market product that we can scale. It doesn't always happen.
4- There is fear of seeing the wave pass without us in it.
For many years, it was difficult to look around and see how similar companies raised large amounts of money. It was not a conscious decision, but looking back, doing nothing about it was the best we could do.
5- Capital efficiency
There is no correlation between more capital raised and better results. Having capital constraints means less waste, and we diligently monitor every expenditure. Significant early-stage collections are highly wasteful given that the best way to obtain growth and market share is still being explored, in addition to the capital dilutions that this entails.
6- Optionality
It is better to raise money when you have a solid position with a healthy company, which means much less dilution. A self-sustaining company can continue to do so, expecting dividendsor at some point start another option such as the VC path.
7- Good luck
We have been lucky to find talented people along the way, lucky to have demanding clients to be focused on the operation, which have not allowed us to devote efforts to raising capital, and lucky to find people with a common purpose.
