Perhaps GoPro didn’t grow as fast as it could have with outside funding, but Woodman insists that’s a good thing. He says it forced GoPro to take it slow and really get to know their market inside and out, instead of rushing into launching a product prematurely in order to appease anxious investors. That intimate knowledge of their audience has certainly paid off — GoPro's passionate customers are true brand advocates, generating pulse-pounding extreme sports videos that often turn into priceless viral marketing campaigns.
Woodman claims one of the biggest benefits of bootstrapping is the financial freedom to choose your business partners carefully. Since you're generating profits, you can afford to create partnerships with people whose connections and experience will help with business strategy — people who share your vision — instead of being forced to partner with whoever is cutting you the biggest check. After all, money can always run out, but good partnerships and business strategy are the key to sustainable growth.