Hi there š Welcome to the Let's Start Up newsletter, curated by me, Janine Sickmeyer, a tech founder turned angel investor. Follow me as I share startup tips, industry news, founders you should know, and investors putting their money where their mouth is. Letās Start Up, is a community of its own with an emphasis on the overlooked and underrepresented.
What's In This Issue š
A brief look into what you'll be reading about.
A discussion on building in public vs stealth building
Why staying transparent and open in everything you do can actually help
Founders changing the way we work and live
What's On My Mind š
Iāve been thinkingā¦
A hot topic in startups right now is building in public versus stealth. Some founders are taking to social media to bring others into their space and talk openly about the process of fundraising, finding product-market-fit, and making their first dollar. While others are still building in stealth, waiting for the perfect time to set their pre-launch strategy free. My friend Amanda Goetz posed this question on Twitter just this week and reading through the replies were interesting to me. āI donāt know of a single masterpiece that was painted in front of an audience.ā one person replied. Another āWhen you launch in stealth and plan a public launch you are expected to have a big launch. Things donāt always go to plan.ā
It got me thinking that I never even considered stealth as an option for who I am and what I was building. I have always been a transparent founder and CEO and when I look back at my tweets during those early days, I brought everyone along for the ride. I announced every milestone and even my feelings during the process. I realized that I was doing this all along but I didnāt call it ābuilding in publicā, I called it ābootstrapping and looking for other builders like me.ā
The thing about building in stealth is that if you are already a solo founder, an overlooked founder, or bootstrapping (or all three if youāre lucky) then itās lonely and probably not worth all of the darkness in the end. Building in public, on the other hand, might give you community and brightness when you need it most. And who knows, YOU could be the lighthouse that other founders are seeking.
What Iāve Been Working On šš»āāļø
Things I care about that I want to share
Building in Public as a Non-Technical Founder
Building in public is a hot topic in the startup world right now. Many entrepreneurs and brands are going with a more transparent approach as opposed to the stealth route. So what exactly is building in public? Well, it's sharing information about your company that others might keep private, like employee salaries, a product roadmap, etc. Learn how running an "open startup" can benefit your business and even make things easier if you're a non-technical founder.
If you follow me on Twitter, you might have heard that I'm writing a book all about my experience as a first-time woman founder. It has been a big dream of mine to write a book, and it's starting to get real. I've been working with Danielle Anderson, a book coach, to keep me on track and help me turn my notes and journal entries into a memoir. If youāre interested in the experience, she has been helping me along with a structured approach to identify my why, my audience, and get my book proposal complete. You work with a health coach, business coach, life coach, why not a book coach?
This past summer, I started offering mentorship calls through Superpeer in efforts to provide support for founders. So far, it's been an incredible experience and I've been connected with amazing founders across all industries. Let's chat about business strategy, founder communities, startup marketing, and anything else. I'm all ears!
Why Therapy Was Just What I Needed
Since Iām being so transparent in this issue, I wanted to talk about my journey with therapy. I started therapy 2 years ago and I wish I would have done it sooner. I always thought I wasnāt worthy of therapy because I didnāt have a big moment to discuss. My first session started and I looked at my therapist and said āI feel bad being here because of my privilegeā. What I didnāt know at the time was that therapy isnāt just for fixing a problem, therapy is about improving the quality of your life. If you have questions about my journey, please ask. Iām happy to share. I even brought my therapist on my podcast at the beginning of COVID to talk about how people are handling this experience. Listen here.
Recently Hit the Stands š°
Things in the news I think you should check out
People who are up to big things are bound to make a mistake or two. And you know what? Stuff happens and that's okay. Mistakes are basically a right of passage for startup founders and leaders. Kat Cole, COO and President of Focus Brands (owner of food-service brands like Auntie Anne's and Cinnabon) shares how she got her "Masters in Mistakes," and how any leader can move through a big mistake with grace.
31 Black Founders Raised Venture Capital In Q3 2020
As a result of the Black Lives Matters movement and nationwide protests, the lack of diversity in funding Black entrepreneurs was brought to light. Venture capital firms made promises and initiatives to make a change. The company Hallo did research on Q3 investments and found that out of 1383 startups who raised funding, 31 of those had a Black founder. While these numbers are slightly up from previous quarters, we can all agree that this isn't good enough. Hallo will be continuing to release the numbers so venture capitalists can be held accountable.
Not Everyone Can Ask Family for Money
Black founders are being "locked out" from opportunities such as mentorship programs, investments, and support networks. Many Black entrepreneurs don't have a circle of friends and family with money to spare, which leads them to self-fund and endure the startup costs alone. As mentioned in the article above, Black founders are also being denied investment from angels and groups at a much higher rate than their white counterparts. Andy Davis is working to bridge this economic gap with the Black Founders Report, which shares qualitative findings on Black entrepreneurs in the UK.
A Little Birdie Told Me š¦
Tweet of the week.
Hot Take of the Week š„
Somebody had to say it.
Walk the Walk š°
Investors putting their money where their mouth is.
February 16-25, Apple is holding its inaugural Entrepreneur Camp for Black founders online. This program includes one-on-one code support, membership to the Apple Developer program, and more! Applications are now open, make sure to apply by November 20th.
The Search for the Rare Breed Entrepreneur
McKeever Conwell and Calvin Young had the idea to create a pre-seed fund that would invest in Black-led startups in Maryland. McKeever kept hearing that Black-led startups often fail to get friends and family capital. RareBreed ventures was born to act like that "friends and family" round. Learn more about how investing in these entrepreneurs changed the lives of RareBreed founders.
Alpaca GC's $2.5 Diversity Commitment
In July, Alpaca VC pledged $2.5 million to Black and Latinx investing partners, which included writing three to five checks. They announced this week that six checks were written because of how impressed the firm was. Read about the bright stars they selected in their Medium post and sign up for their VC panel on November 19th.
Founders You Should Follow š
Meet these founders who are making moves.
Naj Austin, Ethel's Club and Somewhere Good
Naj Austin is a builder of thoughtful brands. She created Ethel's Club, a social and wellness platform designed to celebrate people of color. The club is truly a healing space for marginalized groups to have great conversations and get creative. Classes, 1:1s with fellow members, and a sense of community are just a few of the things Ethel's Club offers its members. Naj is also the founder of Somewhere Good, a social platform exclusively for people of color.
Anastasia Tarpeh-Ellis, Bosa
Co-founder of the wellness and productivity app Bosa, Anastasia Tarpeh-Ellis is passionate about empowering others and is an angel investor. Bosa is unlike any productivity app of it's kind. It's a Chrome extension that scans your Google Docs for tasks, and helps you actually complete those tasks with ease. It even schedules calendar events and drafts emails for you. Who doesn't want to get all the items checked off their to-do list faster? Sign us up!
What Founders Need to Know š¤
Advice and resources you didn't know you needed.
Startup Decks is a website that offers a pitch deck design service and a directory of pitch decks to help get your startup funded. Their directory is especially helpful for entrepreneurs looking for pitch deck examples.
Sometimes you just need some help getting started. Base templates offers a Figma pitch deck template that will impress investors. The template was created based on Base templates' analysis of nearly 100 startup pitch decks and even includes example content.
Julie Chen, an investor at Contrary, published her presentation on University-VC (VC firms that invest specifically in university-founded startups) and how college students can break into the industry with internships or after graduation.
Startup Bookshelf š
What our community is reading this week.
The Memo by Minda Harts
What Women of Color Need to Know to Secure a Seat at the Table
Women of color face unique challenges and barriers in their careers. Minda Harts writes about her experience in The Memo, often referred to as the Lean In for women of color. She gets into the details of what it's like to be a minority in the business world, which includes things like micro-aggressions and the wage gap. The Memo ends the "one-size-fits-all" approach to career advice with actionable tips and takeaways specifically for minority women.
Before you go šŖ
Check out what you might have missed
Your to-do list is not representative of your self worth
Trever Noah explains the Nigerian protests to End SARS on The Daily Social Distancing Show
Disposable cameras are back, in the form of an iPhone app.
Quibi is already dead. That was quick.
Thanks for reading! Iāll catch you next time. And donāt forget to share Letās Start Up with your community!