It's a Win-Win
Whether you're having a capital crisis or need funds to support growth, your customers may be an unexpected financing source.
In 1994, one of Doug Brendle's customers, an R&D firm for the screen-printing industry, approached him about engineering new technology to streamline the screen-printing process. Brendle was the ideal candidate to get the job done: An engineer and physicist by trade, he had also worked as a consultant for the screen-printing and manufacturing industries. Though he had the necessary technical expertise, he didn't have the $300,000 needed to fund a project of that magnitude.
"Not only was it a funding issue, it was a time issue, too," recalls Brendle, founder and CEO of HardKore Inc. in Cheyenne, Wyoming. "It had to be done by a certain time, and it would have been impossible for a company of our size to acquire that kind of funding that fast, especially when we were already leveraged with other jobs."
4th of July Subscription Sale - Unlock this subscriber exclusive article and more for 20% off today.
Access all Entrepreneur content with no ads, unlock discounts, and get exclusive advice only available to our subscribers. Plus, our magazine delivered straight to your door.
Get 20% off an annual subscription today. Just use code SAVE20 at checkout.
Entrepreneur Editors' Picks
-
Formerly Enslaved Black Man Nearest Green Taught Jack Daniel Everything He Knew About Whiskey. Today, the Founder of Uncle Nearest Premium Whiskey Celebrates His Legacy.
-
Leadership Lessons From the Exclusive Creativity School That 'Packs 5 Years Learning Into 5 Days'
-
3 Expert-Backed Strategies for Staying Calm in Times of Confrontation
-
The CEO of Wayfair Has Helped Revolutionize Digital Shopping for 20 Years. Here's How He Handles Rocky Economic Conditions.
-
This Founder Went to Prison When He Was 15 Years Old. That's Where He Came Up With the Idea for a Company Now Backed By John Legend.
-
3 Signs You're Letting Pride Get in the Way of Being Successful
-
Chip and Joanna Gaines and Shonda Rhimes Found Incredible Success By Using This One Entrepreneurial Strategy. Here's How You Can Too.