When we think of tech startups, images of investor-filled offices, multimillion-dollar funding rounds, and massive marketing campaigns often come to mind. In reality, however, some highly successful companies started with no outside capital, in the most modest conditions. This approach is known as bootstrapping.
A bootstrapped startup is one launched without external investors or venture capital, relying instead on the founders’ own resources—time, energy, and savings. These founders grow their businesses step by step, focusing on solving real problems, acquiring customers, and maximizing impact with minimal expenses.
Today, billion-dollar companies like GitHub, Shutterstock, and Canva are perfect examples of businesses that began this way.
GitHub (an online platform for developers to write, store, and collaborate on code)
In 2008, a group of developers—Tom Preston-Werner, Chris Wanstrath, and PJ Hyett—launched GitHub to solve a challenge they themselves had experienced. At the outset, they operated without a single dollar of outside investment, funding the project entirely from their own pockets.
GitHub quickly made waves in collaborative development and version control. Within a short time, it began earning revenue directly from its user base. While its free tier attracted millions, the paid version provided a stable stream of income.
In 2018, GitHub was acquired by Microsoft for $7.5 billion. By 2023, its annual revenue had surpassed $1 billion, and by 2024, that number grew to $2 billion. AI-powered tools like GitHub Copilot played a pivotal role in this growth. To date, GitHub has supported over 100 million developers, and 90 of the Fortune 100 companies rely on its services.
GitHub’s revenue model centers on paid subscriptions, especially private repositories and enterprise-level features.
Shutterstock (a global online marketplace for buying and selling photos, videos, and graphics)
Shutterstock was founded in 2003 by Jon Oringer, who initially shot and uploaded around 30,000 photos himself. He single-handedly developed the website and introduced it to users via a subscription model.
The company followed a pure bootstrap model—no external capital, just steady growth fueled by customer revenue. Shutterstock disrupted the market with its microstock model, and soon attracted thousands of contributing photographers.
In 2012, Shutterstock went public, raising $76.5 million through an IPO. By 2023, its annual revenue reached $874.6 million, increasing to $935 million in 2024, and further to $963 million by early 2025.
Canva (a platform for creating social media graphics, presentations, and other visual materials)
Canva was launched in 2013 by Melanie Perkins, Cliff Obrecht, and Cameron Adams. Initially unable to secure funding, they built a minimum viable product (MVP) using their own limited resources. With a bootstrap mindset, they gradually expanded the platform using early user revenue.
Today, Canva operates in more than 190 countries and serves millions of users. Its 2024 revenue reached $2.7 billion, and by 2025, it was approaching $3 billion.
Canva’s core revenue comes from Pro and Business subscriptions, design tools, and premium services.
Not all startups begin with huge amounts of capital. GitHub, Shutterstock, and Canva are clear examples of how resourcefulness, patience, and innovation can lead to major success.
The bootstrap strategy gave these companies the flexibility to adapt to market demands, keep costs low, and grow on their own terms. Far from being a setback, the lack of investment pushed them to find creative solutions, manage resources wisely, and scale sustainably.
Prepared by: Mahliyo Hamid
