Aaron Bai Startup Talk | Early Traction | Ep. 1
- Aaron Bai
- Feb 12, 2023
- 1 min read
Startup Talk Intro
I'm Aaron Bai and I got into Y Combinator at 17 years old. Now, I'm building a fintech startup called Affiniti. In the Startup Talk series, I will be sharing my stories and experience throughout my entrepreneurial journey.
Early Traction | Ep. 1 Transcript
Aaron Bai states, "How did you raise your first VC dollar? I think it's better to first explain how we got the traction to even start talking to VCs. To build a fintech, you need hundreds of thousands of dollars to pay for banks, partners, card networks, processors. And neither me nor my partners had any of that. But we figured that if we can build a proof of concept . . . something that doesn't scale . . . but still shows outsiders that this was going to work . . . let's get that done first. So we went around to professors, students, and so on and so forth. And explained to them the value proposition of our product. How they can save more money. How they can earn yields. How they don't even have to touch their money for us to manage it. And we said, 'If your'e so interested in this value proposition, why not give us the money first before waiting. Waiting for the app to come out?' And through that, we got $18,000 Venmo'd to us, Zelle'd to us, in cash . . . and that's how we got started."
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