At the beginning of 2015, me and my co-founder decided to rent a couple of desks at TechHub Bucharest. It was our first time trying out a co-working space and I was skeptical I could make the switch after working from a private office for so long.
Frankly, I wasn’t in the mood to get out of the house.
After securing a seed investment at the beginning of 2014, we had failed to generate enough revenue or raise a follow-on investment. As a consequence, we had to fire the development team in September. Out of a team of 10 people, we were down to two founders. Needless to say, it was one of the most difficult things we’ve ever had to do.
However, like many turning points in our lives, it’s easier to connect the dots looking back.
Knowing what I know now, I can see that moving to TechHub Bucharest was one of the best decisions we ever made. It was one of those moments that started as a snowball and, in time, turned into a small avalanche.
Going through the dip
2015 was about rebuilding.
After hitting rock bottom at the end of 2014, me and my co-founder were in a depressing state.
But the lack of resources isn’t all bad. At that stage, it sparked creativity for us, which kept our startup alive. By autumn, we had identified some opportunities to keep our startup alive: we applied to different programs for female entrepreneurs that allowed us to pitch remotely.
We got accepted into an accelerator in the US and turned it down because it wasn’t a good fit. One of their requirements was to incorporate a new company in the US, and given our shareholders’ structure, approx.. half of the funds provided by the program would have gone to legal taxes and attorneys. In addition, their management team was not willing to negotiate the term sheet.
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