Tomasz Stanczak Explains Why He Avoided Self-Funding Early On

• Tomasz Stanczak said early Ethereum client work lacked a fundable narrative, making venture capital unrealistic at the time.

• He said limited credentials and investor skepticism pushed him to focus on building software instead of pitching ideas.

• Bootstrapping reduced pressure and risk, allowing progress to validate a long-term vision now seen in institutional Ethereum use.

Pressure, doubt, and limited access to capital shaped Tomasz Stanczak’s early Ethereum journey. On Dec. 29, 2025, Stanczak explained in an ETHPanda interview why he avoided early venture funding. The Ethereum Foundation co-executive said immature infrastructure, weak fundraising narratives, and limited credentials made bootstrapping the only workable path.

Early Development Lacked a Fundable Narrative

According to Stanczak, early Ethereum client development lacked a clear business model. At the time, he focused on building core client infrastructure. However, investors questioned monetization and long-term viability. Notably, he said many dismissed client development as non-commercial work.

He also described a long-term vision centered on institutional use. Stanczak said he believed hedge funds would eventually run Ethereum clients on-premise. However, few investors shared that view in 2017. As a result, conversations often ended with doubts about scale and execution.

Credentials and Experience Shaped the Decision

Stanczak said his background limited fundraising options. He lacked credentials from a top university. Additionally, he had little experience pitching to investors. Because of this, he struggled to convince others of his ideas’ value. However, he chose to focus on building instead of explaining.

He said he wanted progress to speak for itself. According to Stanczak, proving ideas through working software felt more effective than repeated investor meetings. However, he acknowledged the path brought sustained pressure and isolation. He added that many early builders face similar struggles.

Accountability Focused on the Work Itself

Stanczak said bootstrapping reduced external pressure. Without investors, he answered only to the work. Notably, he said this made daily challenges more manageable. He explained that technical setbacks felt less painful without capital expectations.

He also said early funding could have increased risk. According to Stanczak, misallocated capital might have worsened failure outcomes. Instead, he relied on personal resources to sustain development. Over time, he said the original vision aligned closely with current institutional Ethereum usage.