Avencia CEO Robert Cheetham may be among few who shatter the early-on business model stereotype. Ask Cheetham if a healthy dose of venture capital is needed for your start-up, and he will say no.

Avencia, founded in 2000, is a software development firm that specializes in web-based geographic analysis, visualization and modeling applications. Its areas of expertise include cultural resources, land conservation, economic development, real estate, political analysis, law enforcement and government, among others.

“We grew from working out of my apartment to about 25 people today,” said Cheetham. “Not only have we grown, but we’re making it through a tough economy.”

“We were bootstrap. We didn’t have any venture capital. We grew based on revenue and cash flow.”

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