Some startups are so lucky they immediately latch onto revenue. They never need to raise capital. I don't know why I can't be lucky enough to stumble upon one of these, but I have colleagues who have. I know of two: one in NY, where my colleague works night and day to stabilize their technology needs. And another one here locally where I considered taking a perm position as CTO or VP of Development.
And another Stealth startup I know of, I believe, could attain this, if only they could get another 20-30K of Angel investment. They just need a little more code in place and they could start to get the revenue rolling in. They wouldn't be profitable immediately, but they would be well into revenue without serious investment capital.
The Stealth Startup, BTW, is a thing of the past. But I've blogged about that already.
I'm installing ruby in preparation for tonight's cucumber discussion at the GeekBookClub. Details will follow tomorrow.