Course 1 of 3 · Raise
Raise, bootstrap, or wait. Price the decision first.
The Price of Money is a free tool, a free live lesson, and a cohort course for founders deciding whether and when to raise capital.
The when and why of raising capital
Most fundraising instruction covers the what and the how: the deck, the process, the term sheet. It rarely asks whether raising is the right move, or whether now is the right time.
The Price of Money asks both. It puts dilution, founder time, and delay in one currency, so a funding decision can be argued with numbers instead of instinct. Then it makes room for what numbers cannot capture: control, signal, and the freedom to choose later.
Who it is for
- Pre-seed foundersDeciding whether, when, and how much to raise.
- Founders with another way to fund itWho could reach the next stage on revenue, consulting, or savings instead.
- Teams that advise foundersAccelerators, programs, and mentors who coach this decision.
The Capital Ledger
Set your numbers. The Ledger prices outside capital and bootstrapping in the same currency, then asks what the math cannot.
Outside capital
$0.00
of exit value, time, and delay for every $1 you raise
Bootstrap
$0.00
of your time and delay for every $1 you generate
| Cost | Outside capital | Bootstrap |
|---|---|---|
| DilutionEquity given up times estimated exit value. | $0 | $0 |
| Founder timeMonths times hours times your hourly rate. | $0 | $0 |
| DelayExtra months on the slower path times the monthly cost. | $0 | $0 |
| Total | $0 | $0 |
The reading
Want a second opinion on what the math cannot price?
The Capital Ledger is an educational illustration, not investment, legal, or tax advice. It runs in your browser: nothing you enter is sent anywhere unless you choose to email it.
How it works
Start with the free tool. Go as deep as the decision deserves.
-
Run the Capital Ledger
Free, any time
Enter your own numbers and see the price of each path in one column. There is nothing to sign up for.
Go to the Ledger -
Join the Lightning Lesson
Free, live
A short live session where we work through the framework together and run real numbers. Dates are posted on Maven.
Reserve a seat -
Join the cohort
Paid, live
The full framework over several live sessions, with your own funding decision as the project. Dates and pricing go to the waitlist first.
Join the waitlist
Questions
Is the Capital Ledger financial advice?
No. It is an educational tool that shows how the costs of a funding decision add up under the assumptions you enter. For advice on your specific situation, talk to a qualified lawyer, accountant, or financial professional.
What happens to the numbers I enter?
They stay in your browser. Nothing is sent or saved unless you choose to email or copy them yourself.
Why does the Ledger count my time?
Because a raise is not free even when the money is. Months of founder hours go into it. The Ledger gives those hours the same price as your best alternative use of them, so both paths are measured the same way.
Who teaches it?
Brian Bartles, Professor of Venture Finance and Entrepreneurship at SMU's Cox School of Business. More about Brian.
When does the cohort start, and what does it cost?
Neither has been announced yet. People on the list hear first.
Is this part of a series?
Yes. It is the first of three courses on raising, building, and selling a company. See all three.
Be first to know when the Lightning Lesson and cohort open
Occasional notes on the when and why of raising capital. No spam, and you can leave any time.