I was thinking the other day as there was this event where a few people won over five figures of investment funds to help kick-start a project. They could spend it in whatever they wanted of course. Usually the main complaint in starting something like this is the inability to find people to work with you and to get the proper equipment sue to funds. So this money should in a sense solve that hurdle.
How these people deciding to spend this chunk of money was really interesting in the sense that it’s probably pretty common with anyone that just gets a huge load of money. They basically decided to spend the majority of funds in buying equipment. Not just any equipment too as because they had the funds they decided to buy the latest on greatest of everything. As a result they ate up their investment money pretty quickly. Then when trying to look for help they had to look for people to volunteer.
For what they were doing too I have seen a lot of people get started with virtually no funds at all where all it took was some very basic equipment and more importantly the will and hustle to succeed. In many ways that’s usually a reason why I try and find ways to do things with as less money as possible regardless if I have an excess amount of funds for a project of sorts. The type of resourcefulness you can learn by doing this is just such a transferable skill and trait in virtually everything else to the point where you will naturally save time and money many times in various aspects of life.
Very generally speaking I feel it’s usually better to view funds that are given to you in these cases as a way to help speed things up as opposed to a necessity. Example, using it to hire expert talent where it’s more efficient to invest in that than trying to do learn and do everything yourself. Or at the same time buying equipment and resources that will help you to create things faster and better as opposed to it being like a requirement.
Otherwise in many ways it feels like those people who pitch ideas on those venture capitalist shows where people say they have a great idea but need a ton of money to get started. I would think it would be better to already have the idea up and running with results where being given money will help you make it better.