30:13 Start-ups need a high-margin, rapidly-growing product with high traction, a great team, or a compelling story to attract funding from VC firms or angel investors, but bootstrapping and finding alternative sources of funding can be better for founders.
- Start-ups must have a high-margin, rapidly-growing product with high traction, be in an exciting market, have a great team, or a compelling story to attract funding from VC firms or angel investors.
- Getting funding from well-regarded teams or individuals can be enough to stay alive, but reaching profitability and generating leverage makes a company more attractive, and VC funding isn't the only way to build a business.
- Bootstrapping and finding alternative sources of funding can be better for founders than relying on venture capital, and it's important to consider the long-term implications of building a company before pursuing an idea.
- To balance giving great treatment to early customers and focusing on growth, one should either delight a small number of customers to become advocates or automate some of the six-star service.
- Don't be afraid to experiment and fail, as long as you don't do anything truly damaging, because your next 10,000 customers are the ones that matter.
- If you're building a product that could potentially harm someone, like a pacemaker, it's important to move slowly and ensure it works perfectly, but for a SAS product like a customer support tool, it's okay to be transparent about bugs and iterate.