The most expensive capital a founder will ever raise is the first round of equity. An early equity round can be a harsh reality check for a founder considering whether to bootstrap or face dilution. The good news is there are other options to consider. In fact, there are ways for early stage startups to obtain funding without having to sacrafice equity. One approach is called Revenue Based Financing (RBF), and happens to be the  specialty of my guest, Chris Russell.  Chris has extensive experience as both an operator and investor; having been involved with dozens of startups. Chris founded GSD Capital in 2010 to invest in early-stage Mountain West startups. He was also the founder of WestHost where he grew the company to 80,000 clients in over 130 countries by the time it was sold to the UK2Group in 2008.  On this episode we explore the concept Revenue Based Financing. How does it work? Who is it for? And why is it such an appealing alternative to early-stage debt financing or venture capital? We also explore the dynamics of the best founding teams, the metrics investors look for in a winning startup, and the surprisingly truth about what matters most when pitching to an VC.