Let's Start Up Issue 7 | Open to see what's inside 📦✨
POV: You're a founder building a startup
Hi there 👋 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. Let’s Start Up, is a community of its own with an emphasis on the overlooked and underrepresented.
What's In This Issue 🗞
A brief look into what you'll be reading about.
A vulnerable story about moving on from your past
The Ultimate Founder’s Gift Guide
Two Black womxn entrepreneurs making the lives of musicians and consumers easier
A fun and flirty holiday read
What's On My Mind 💭
I’ve been thinking…
Being an underestimated founder is not just about your gender or race, it's also about education, background, wealth, and connections. Most Venture Capitalists have a bias toward underestimated founders because they don't seem like the sure bet if they haven't gone to an ivy league school or don't have a background from a FAANG company (Facebook, Amazon, Apple, Netflix, Google). Raising capital for your startup is already hard enough but not having the "right" background can make it near impossible and it can come out and bite you when you're pitching if you don't have the power to accept your background, consent to your own history, and use it to tell your story. Let me explain. I saw this story this week about a woman who was pitching a well-known fund and when asked about her idea outcome said answered half-joking, "to pay off my student loans" She said the shame sat with her for weeks because she felt she lifted the veil on the fact that she grew up poor. This is a story so many founders can relate to. I know I can.
When I was going through the sale of my company I started working with a leadership coach to identify challenges I was having with my role as an employee from always being a founder and the balance of my newfound freedom while also fitting into the hierarchy in a new company. It was enlightening to hear the answers coming out of my mouth when he asked questions that I had never considered. We started with surface-level discussions about hitting targets and quickly escalated into deep conversations about my growing up. I didn't know how it all fits together but as we uncovered more about my adolescence, he explained to me that you have to be willing to consent to your past before you can move forward.
We all have something in our past that either holds us back or makes us feel ashamed. It's something that we all have to deal with but usually don't talk about, just like dental issues. No matter who we are, we have cavities and crowns and veneers or had to get braces or wear a retainer and if you didn't have money for dental care, those stories are even harder.
Look, I didn't go to a university or 4-year-college at all. My worst years were 18-20 when everyone else was sitting in their dorm room with their besties, studying econ, and eating pizza. It was supposed to be the time of my life and I was in an abusive relationship and lost about my future. I tried to push it away and hide from it, blocking everyone and everything that could ever remind me of that terrible time when I didn't not only know myself but I hated myself. Now, 15 years later, any time I bring this up I roll my eyes and my therapist says "Show that young girl some compassion. She has no idea what she's doing and she needs you to not be ashamed of her. But instead, give her grace and smile at her for trying to figure it out and eventually growing out it."
If you feel held back from your past, ashamed of anything you used to be, I want you to know that it's normal, and you should give that young person compassion. You are where you are today because of the challenges and struggles you had before. The best thing you can do is consent to that past so you can move forward stronger.
And if you're an investor, you should be betting on the hungry founders with something to prove.
What I’ve Been Working On 💁🏻♀️
Things I care about that I want to share
I crowdsourced ideas from startup friends and founders to create the Ultimate Founder's Gift Guide! Since the holidays are almost here (and it's Black Friday!), now is the time to check items off your holiday shopping list. Celebrate the important people in your life with a thoughtful and practical present. Whether you're shopping for friends, a family member, your co-founder, team members, or even yourself, use this list to find the perfect gift that will brighten spirits. Many of the items are created or sold by overlooked founders! The Ultimate Founder's Gift Guide is five lists in one.
To help my team feel more connected during the holidays, we started taking trips around the world. Yes, you read that right. We're traveling to different countries to learn about culture, dance, art, and more from the comfort of our own homes using Airbnb experiences. Our most recent trip was to Venice, Italy with a born-Venetian named Luca. He took us down the streets of Venice and told "secret" stories of the city.
Recently Hit the Stands 📰
Things in the news I think you should check out
Young Gen-Z VCs Are Gathering by the Hundreds In a Slack Channel That's Gone Viral
This September, Meagan Loyst, an analyst at early-stage firm Lerer Hippeau, started a Slack channel to connect with other GenZ VCs. She had a hard time finding other VCs her age that she could confide in, so she turned to the internet. After creating an article and gaining a huge following, Meagan started a Slack channel to connect even more with fellow young VCs and build friendships and genuine relationships.
Bitch Media is recognizing 50 of the most influential creators, artists, and activists who are pushing for more representation for marginal groups in pop culture. These womxn have all leveraged their power to create a more inclusive mainstream and make progress for the LGBTQ+ and other minority groups. Each of these influencers takes risks and go beyond our current realities to create a path for others to free themselves.
Less than 3 percent of professionals in venture capital are Black or Latinx. And this lack of diversity also trickles down to startups who get funded, since people tend to invest in people who look like them, says Sarah Kunst. That's why Sarah Kunst, Mercedes Bent, Sydney Sykes, and Sydney Thomas came together to make a positive change from the inside of venture capital firms.
LPA Terms for Emerging Fund Managers
You could compare raising a new venture capital fund to running for political office. It's seriously hard work, and even with a lot of dedication, you aren't guaranteed success. If you're an emerging fund manager, (defined as VCs with funds (i) under $100M, and (ii) either in Fund I, Fund II, or Fund III by Chris Harvey), read this article to learn the 5 reasons raising a fund is so difficult, market terms, and access an LPA term sheet template.
A Little Birdie Told Me 🐦
Tweet of the week
Walk the Walk 💰
Investors putting their money where their mouth is.
A call for VC funds to share their cash-on-cash returns
VC's are open about their new funds, but why not their cash-on-cash returns? Startup founder and investor Allison Barr Allen urged VCs to speak openly on these stats, and it's sparking conversation. A few investors responded to the Tweet with the information or a commitment to share it in the future.
Video mentoring platform Superpeer raises $8M and launches paid channels
Superpeer started as a site for 1:1 mentoring, and with this new round of funding, they're moving into paid channels so that mentors can offer larger group sessions with video and chat at a lower fee. Now, mentors will be more accessible to founders since the new sessions cost less money.
Former Sequoia partner Amy Sun has already raised millions for her stealthy startup
Amy Sun left Sequoia Capital to build her startup Daylight Labs, which helps gig economy workers make more money. The startup has already raised $3.8 million and more details are coming soon. Starting a company was Amy's dream from the beginning of her career and using her combined experience at Uber, Microsoft, Facebook, and Sequoia, she's doing just that.
Founders You Should Follow 👀
Meet these founders who are making moves.
Felisha Booker
Felisha Booker is a musician advocate and founder of a new startup that helps creators get their music heard by the perfect listeners. She knew she wanted to solve REAL problems for musicians, so she dove right in and got to work. After some challenges, she successfully secured funding in an official pre-seed round. Soon she'll be sharing more about her evolving product and business. We can't wait to learn more about what Felisha's building!
Tracey Milligan, Term Payments
Founder of Term Payments, Tracey Milligan started a company that brings layaway and the ability to pay for online purchases with cash. The site includes an online marketplace of hundreds of items that you can browse and purchase with a payment plan or upfront payment. Once the item is paid for, Term Payments will ship it to them, which helps customers shop on their own terms. Make sure you take a look at the site to see all of the great options Term Payments has to offer.
What Founders Need to Know 🤔
copy.ai: Yes, there's a way to automate copy creation. Copy.ai helps you make high-quality, audience-based copy. Write Google Ads, Product Descriptions, and even use the tool for startup ideas, customer pain points, growth ideas, and name generation.
Cap Table Simulator: See how funding rounds will change founder ownership in this simulator from 645 ventures. Use for informational purposes and to get a better idea of how different funding occurrences will affect your business.
The Guild Library: An entire library of resources and advice for entrepreneurs. The Guild Library contains 492 pieces of curated content on everything from SaaS product pricing to online lead generation and more.
Startup Bookshelf 📚
What our community is reading this week.
Royal Holiday by Jasmine Guillory
Not every book you read as a startup founder has to be a business book. This long weekend is a great one to start a fun and flirty holiday read. The Royal Holiday by Jasmine Guillory is the fourth book in the Wedding Date series. Vivian Forest and her daughter Maggie travel to England to style a royal family member and Vivian falls for a certain private secretary.
Goodbye Burnout 👋
Podcast episodes to clear your mind or get you moving.
Naval Ravikant on Happiness, Reducing Anxiety, Crypto Stablecoins, and Crypto Strategy | The Tim Ferris Show
Naval Ravikant, a co-founder of Angel List, joins the Tim Ferris Show and opens up about how he copes with anxiety and meditation. In this episode, he also discusses cryptocurrency and how a beginner can enter the market. Tune into this episode for an eventful episode where the two talk about a wide variety of topics.
Brené with Emily and Amelia Nagoskion Burnout and How to Complete the Stress Cycle | Unlocking Us
Emily and Amelia Nagoski, authors of Burnout: The Secret to Unlocking the Stress Cycle, come on Brené Brown's podcast to talk all things burnout. The two are identical twins who explain the obstacles and pressures women face and how we can fight back. Listen for a discussion on what causes burnout, how it can affect your physical health, and how to overcome it.
Giving SZN 🎁
Support those who need it most
The Human Utility believes that water is a human right. The organization has a mission to preserve increase water affordability with crowdfunding, community-building, and policy action. Learn why their cause is so important, and how you can help a family pay their water bill with your donation.
Before you go 🚪
Check out what you might have missed
We could honestly live inside the GNI holiday gift guide.
Shop and support Backstage Capital's portfolio companies.
The ultimate WFH guide to inspire your shopping
If you've ever wondered why it's called Black Friday, Karmen breaks it down here.
Looking for more marketing tips? Check out this great list of email newsletters
Santa is immune to COVID, but to keep things safe, you may want to schedule a live chat with him this year.
Thanks for reading! I’ll catch you next time. And don’t forget to share Let’s Start Up with your community!
I really appreciate the story U shared at the beginning of the newsletter. Ur absolutely right about how we r hard on ourselves and love ur therapist’s response. Thank you.