I have bootstrapped a SaaS business that’s now at 15k MRR and growing around 10% every month. I run the whole operation myself, with the help of a part-time customer service contractor. Currently, my intention is to keep growing organically and build a nice lifestyle business while I raise my kids.
Lately, I’ve been approached by some VCs at least once a month. I’ve talked to the first couple, but now I’m mostly ignoring them. Let me explain why:
Suppose I have a SaaS for lawyers (it’s not). My SaaS helps them with a small part of their workflow, but it does it in a way that none of the big players do (or do well). It’s something they have overlooked and I took the opportunity to make it better.
The last VC that contacted me is in the board of one of the bigger players in this space. This makes me nervous, because it wouldn’t be too hard for them to just copy everything I did and include it in their product.
I don’t know what to do in this situation because I don’t want to sell or take any funding for now, but I don’t want to close the doors. I also think they’ll be asking all these questions about my business that I don’t want to answer, given the conflict of interests.
How would you deal with this?