Let's Start Up Issue 8 | What is your highest and best use? 🏔
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.
New things I've started and how I’m using my privilege
Bootstrapping tips
Founders building in public
Podcast episodes to help motivate you
What's On My Mind 💭
I’ve been thinking…
Earlier this year, I was in a Clubhouse room listening to a group of women talking about the challenges they face in the workplace. Taking notes along the way (like I always do), I wrote down something that has stuck with me and has shaped the way I think about how I can individually contribute to racial justice. This woman said: "What is your highest and best use and how will you use that to undo white supremacy in this country?"
And it hit me. I put that quote somewhere I would see it every day. I knew that my highest and best use would be to work with Black startup founders, give feedback to their pitches, open doors and make connections, but most importantly, FUND them because that's the part that has been missing. Black founders and founders of color are over-mentored and under-funded. This is when I knew I would make it my thesis to invest in Black, POC, and womxn entrepreneurs.
But I knew I couldn't stop there. With the privilege I have and the audience and network I've built, I decided personal growth for me meant to incorporate racial justice learning into a pillar of my NEW THINGS each month. Let's face it, this year has been challenging, and because of this, I’ve started something called NEW THINGS where I literally write new things I’m learning each month in a note to remind myself of the progress I’ve made and how far I’ve come even in this time of COVID stillness.
NEW THINGS is broken down into 3 pillars based on where I wanted to grow personally in 2020:
Personal Brand & Book
Angel Investing
Racial Justice
These three topics covered the personal growth I wanted to achieve this year. Each month, I wrote down bullets in each of those categories. If I notice a month is coming to an end and I didn't spend enough time on one category, I intentionally plan to focus more there the next month. This holds me accountable and helps me see my progress. Here's an example of what my NEW THINGS note looks like each month. If you're looking for a way to focus on personal growth in the coming year, I suggest a similar low-commitment approach.
What I’ve Been Working On 💁🏻♀️
Things I care about that I want to share
I'm a #WiseWoman for House of Wise
My powerhouse friend and single mother of three, Amanda Goetz, launched her startup House of Wise this week. I'm so proud of her because not only did she hit her week one goal in just one DAY, she also got 100+ strong businesswomen to join as affiliate partners and created a community in literally a day. These women now have a group of friends they didn't expect and an extra stream of income from selling the products through their link. House of Wise is not your mom's Tupperware party but the name itself did come from Brownie Wise, the woman who helped make Tupperware a household name by giving women the ability to earn their own money after WWII. It's an incredible story and one that I'm proud to be a part of. The products are CBD infused gummies and drops to help women take control of their sleep, sex, and stress. (disclosure: I'm an affiliate partner and make money when you buy from that link - woot!)
Build an App When You Don't Know How to Code
I was recently interviewed by Courier Magazine on how to launch a tech product as a non-technical entrepreneur. As many of you might already know, I'm a former paralegal turned tech entrepreneur. When I started NextChapter I had no coding experience but I knew the industry was in dire need of an online solution. I learned a lot along the way, and in this article, I outline how and what you need to create a tech app when you aren't technical.
As I was reading through the magazine I saw so many familiar faces like Helena Hambrecht, co-founder of Haus, Alisha Ramos, founder of Girls' Night In, Abadesi Osunsade, founder of Hustle Crew, Jaime Schmidt, founder of Schmidt's Naturals, plus so many more! If you're looking for a new motivating magazine or a stocking stuffer for your founder friends (or yourself) go get a copy!
I have thousands of notes in my phone about all kinds of topics. I jot down whatever comes to mind and eventually use them for my podcast, blog, and this newsletter! I posted this random note from my phone on Thursday and I immediately got a bunch of messages from people asking to see the rest. To try to hit my 1,000 subscriber goal by the end of the month, I said I’d post it in my newsletter so here ya go!
Recently Hit the Stands 📰
Things in the news I think you should check out
Project Diane's Report on The State of Black & Latinx Women Founders
Digitalundivided just released a study about womxn entrepreneurs who are Black and Latinx, and their businesses. With over 650 startups in their database, digitalundivided published data that gives us all insight into Black and Latinx womxn founders in the United States. The report includes total funds raised (3.1B), the percentage of Black womxn-led and Latinx womxn-led funded startups (57% and 69% respectively), and other key findings.
Black women don't get much startup funding. These founders are trying to change that.
Featuring over 80 Black women founders who have raised over $1M each recently, this article in CNN Business talks about the challenges Black women face while raising capital and also celebrates those who have paved the way like Dawn Dickson-Akpoghene and Naj Austin.
How Venture Capitalists Are Deforming Capitalism
Are VC's like fairy godmothers? Jeremy Neuner, founder of NextSpace, a co-working office space company, was forced to close his business after the intense competition with WeWork. NextSpace was unable to compete with WeWork's low pricing and couldn't match Adam Neumann's (founder of WeWork) promise to venture capitalists. This is just one example of how many VCs are chasing the herd and allocating funds to the wrong place in hopes of optimizing their profits.
A Little Birdie Told Me 🐦
Tweet of the week. (click to watch, it’s so wholesome!)
Walk the Walk 💰
Investors putting their money where their mouth is.
Sahil Lavingia Ships New Application Process
Sahil Lavingia, founder of Gumroad and Angel Investor in companies like Haus, Figma, and Clubhouse, just released a fund application on his website. Now, startup founders can apply directly on his website and see the status of their application. Sahil invests $9 million per year into startups typically with check sizes $100k-$250k.
Day One Ventures Raises New $52.3M fund
Masha Drokova, the founder of Day One Ventures, just filed with the SEC for its next fund. The firm, started by a Russian immigrant, acts as an investor and marketer to the companies in its portfolio. So far, >30% of capital is invested in POC founders and is made up of 25 womxn founders. The companies Day One backs are typically "customer-obsessed" and pre-seed to seed.
Founders You Should Follow 👀
Meet these founders who are making moves.
Meklit Gebre, By MeKlit
As a Creative Director and Founder, Meklit Gebre is passionate about the intersection of tech and art. Meklit "builds brands with personality" and takes on many tasks and roles such as photography, sales copy, illustrations, and more! She is currently crowdsourcing all of her startup decisions, from logos to the product itself, on the DTC adventure. Sign up to vote, help build Meklit's business alongside her, and be a part of something great. I personally love following Meklit for her eye for design and photography.
Marie Farmer, Mini Mealtimes
Marie Farmer created an app that helps parents track nutritional info of the food their children are eating. Mini Mealtimes is free and offers advice and guidance to families on nutrition and health. This app is a must for parents - informative and practical. Parents can also consult with a dietitian and get recipe ideas with Mini Mealtimes, available on iOS and Android. Marie is based in London and is currently fundraising for Mini Mealtimes. Get in touch with her to find out more.
What Founders Need to Know 🤔
It's easy to fall into the trap of groupthinking. We tend to surround ourselves with people who have the same opinions as us so naturally, groupthink just happens. But there are strategies to avoid it. Jeff Morris, investor and founder of Chapter One, outlined 10 ways, including following people from different industries, making new friends, and changing up your routine.
What To Do If You’re a Startup CEO & You Don’t Know How To Sell
When you're the CEO of a startup, you're also the main salesperson, and not just in the traditional way. You have to sell the company to potential employees, investors, reporters, and customers. Hunter Walk shares four strategies for improving your sales skills.
TikTok Tips for Startups & Small Businesses
Your business can go viral on TikTok, if you have the right strategy. In this Twitter thread, I list out tons of tips for startups and small businesses who want to succeed on TikTok. It starts by doing your research, staying up to date on the trends, and oversharing. Read the thread for more.
Startup Bookshelf 📚
What our community is reading this week.
Let My People Go Surfing: The Education of a Reluctant Businessman by Yvon Chouinard
Founder of Patagonia, Yvon Chouinard is a businessman and environmentalist who persisted to start a well-respected and environmentally conscious company. He was inspired to design sport equipment and launch Patagonia from his own climbing adventures. This book is a must-read for all founders, and shares Yvon Chouinard's mission to change the culture of consumption.
Goodbye Burnout 🎧
Podcast episodes to clear your mind or get you moving.
How To Build Businesses with Integrity with Alexis Ohanian | All Hands with Katelin Holloway
Katelin Holloway, Founding Partner at Seven Seven Six, Investor, and People & Culture Executive sits down with her boss, Alexis Ohanian, Founder of Seven Seven Six, Co-Founder of Reddit & Initialized Capital, to talk about launching a new business in the middle of a global pandemic, how to lead your team with integrity, and how caregiving plays an important role in business. This short 32min episode packs a big punch.
Dax Shepard on the Craft of Podcasting, Favorite Books, and Dancing with Your Demons | The Tim Ferris Show
Dax Shepard, actor, writer, and director, guest starts on the Tim Ferris Show and opens up to listeners. Dax started his podcast Armchair Expert in part to talk about coping with addiction, something he has personally struggled with. The two share how to start a successful podcast, turning a vulnerability into a superpower, and more.
Before you go 🚪
Check out what you might have missed
Who knew so many movies had art references?
Slack was acquired by Salesforce for $27.7 Billion
On Wednesday I celebrated dad founders on Twitter
Spotify just pushed Wrapped 2020. What were your top songs for the year?
Thanks for reading! I’ll catch you next time. And don’t forget to share Let’s Start Up with your community!