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Danae Ringelmann at Startup School SV 2014
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Danae Ringelmann at Startup School Silicon Valley 2014 View the annotated transcript, and add annotations of your own, on Genius: http://tech.genius.com/Danae-ringelmann-danae-ringelmann-at-startup-school-sv-2014-annotated
Segments Timeline
Embracing Your Journey
Danae Ringelmann opens her talk by encouraging attendees to reflect on their personal journeys leading to this moment. She emphasizes that their stories have already begun and that there is a greater mission behind their desire to learn about entrepreneurship. This segment sets the stage for her own story and the importance of recognizing one's purpose in the entrepreneurial journey.
"first of all this is totally awesome um I want everybody to actually take a minute a moment of silence and appreciate the fact that you're here um and appreciate the fact that your whole life has been..."
The Birth of Indiegogo
Danae shares the inception of Indiegogo, launched in January 2008, and its evolution into the largest global online funding platform. She highlights the platform's role in empowering entrepreneurs, artists, and activists across various industries and countries, illustrating the impact of crowdfunding on diverse dreams and projects.
"building what matters um I'm one of the founders of Indiegogo my journey started pretty much when I was a kid and I'll talk about that in a second um but we launched Indiegogo back in January of 2008 ..."
Lessons from My Parents
Danae reflects on her upbringing as the daughter of small business owners in San Francisco. She recounts their struggles with access to capital and the challenges they faced in bootstrapping their business for 30 years. This personal narrative underscores the importance of understanding the barriers that many entrepreneurs encounter.
"which is why I want you guys all to reflect on your own stories and where you've come from and why you're sitting here today um I was the a daughter of two small business owners in San Francisco uh th..."
Awareness of Capital Access Issues
Danae discusses how witnessing her parents' struggles led her to recognize the broader issue of access to capital for small business owners. This awareness motivated her to pursue a career in finance, aiming to understand the financial landscape and the challenges faced by entrepreneurs seeking funding.
"they did and they their story is like every other small business owner out there trying to make it happen every day but in watching them persevere and figure it out and you know cut their salaries whe..."
A Turning Point at Wall Street
Danae shares her experience working in corporate finance on Wall Street, where she attended an event that unexpectedly shifted her perspective. Instead of networking with industry professionals, she found herself surrounded by aspiring artists seeking funding, highlighting the disconnect between talent and access to financial resources.
"that actually LED that awareness led me to Wall Street I got my first job in New York City super excited um in corporate finance Investment Banking how many people have done that life yeah raise your ..."
The Reality of Funding Challenges
Danae recounts a pivotal moment when a filmmaker reached out to her for funding, revealing the stark reality of her position as a novice analyst without decision-making power. This experience shattered her idealism about finance and highlighted the systemic issues in funding access for creative projects.
"of the office um and at this event where Hollywood meet meets Wall Street was happening I was what I was expecting to happen was meeting a sea of you know Hollywood producers talking to these Wall Str..."
A Call to Action from Mom
After feeling disillusioned by the funding landscape, Danae called her mother to express her frustrations. Her mother's advice to take action inspired Danae to start working with filmmakers to help them raise money, marking the beginning of her journey towards democratizing access to capital.
"Down in that moment and I did what any young girl does when you're really pissed off and distraught about something you call your mom and I did and for the next 30 minutes I cried on the phone and tal..."
Facing Failure in Fundraising
Danae shares a significant failure while trying to raise funds for a play about racial profiling. Despite a successful event, investors ultimately declined to invest, reinforcing her realization of the barriers faced by those without established credibility in the industry. This moment solidified her understanding of the broken finance system.
"and she hung up on me um and so I did I started working with some of those filmmakers and theater producers on the side trying to help them raise money and then I started to fail and fail miserably an..."
The Need for Change in Finance
Reflecting on her experiences, Danae identifies the need for a new approach to finance that empowers creators and audiences. She emphasizes the importance of removing gatekeepers and enabling those passionate about projects to have the power to bring them to life, which ultimately led her to pursue a solution.
"the reason they didn't want to take a risk on me is I was a nobody I didn't have a track record on Broadway um and it was in that moment though that I realized that the if my parents and this elderly ..."
Finding My Why
Danae discusses the significance of understanding one's 'why' in entrepreneurship. She shares her motivation to democratize access to capital, rooted in her personal experiences and the challenges faced by her parents. This clarity of purpose became a driving force in her journey and helped her connect with like-minded co-founders.
"school I quit Finance came up with an idea on how to democratize access to Capital and I went back to Berkeley to start this business um and it's there um that I met my co-founders and we launched it ..."
The Evolution of Indiegogo
Danae reflects on the evolution of Indiegogo from its initial concept to its current form. She emphasizes the importance of adaptability and how her original idea transformed through collaboration with her co-founders, ultimately leading to the successful crowdfunding platform that exists today.
"you starting this company what problem are you trying to solve and why do you care so much if it's not if your reason for being is not authentic to your core chances of you were of you failing will ac..."
Overcoming Challenges with Purpose
Danae reflects on the challenges faced during the early years of Indiegogo, including delays in raising capital. She emphasizes that a strong 'why' is crucial for enduring tough times in entrepreneurship, as it provides the motivation to persist despite setbacks.
"Indiegogo is today and when I met my co-founders and they were asking me um you know what my real goals are here and that was to democratize access to Capital Slava my co-founders turned to me he said..."
Passion Over Reason
Danae shares a pivotal moment when her co-founder questioned her original offline funding idea, prompting her to pivot towards an online model. She highlights how focusing on her 'why' allowed her to adapt and innovate, ultimately leading to the success of Indiegogo.
"did not go according to plan fast forward three and a half years we finally raised that first round of capital so that was three years longer than we actually anticipated I had planned to not take a s..."
Empowering Through Strategy
In this segment, Danae explains how a clear 'why' informs business strategy and decision-making. She discusses Indiegogo's commitment to being an open platform that empowers users globally, emphasizing the importance of customer happiness and adaptability in a new industry.
"sums it up you have to be passionate about what you're doing despite reason um your why also informs your whole strategy so it's actually a very practical thing and it gives you bumper lanes for how y..."
Attracting Talent and Customers
Danae discusses how a compelling 'why' attracts top talent and customers to Indiegogo. She shares examples of innovative projects funded through the platform, illustrating how the mission of democratizing access to capital resonates with both employees and users.
"differentiator people use this every day because we help you the most because oftentimes when people raise money this way it's the first time they've ever done it um and the the why also continues to ..."
The 5 Whys Exercise
Danae introduces the '5 Whys' exercise as a method for entrepreneurs to clarify their motivations. She demonstrates how digging deeper into the reasons behind their business goals can lead to a more profound understanding of their mission and drive.
"why though is it attracts amazing people the best talent out there can go anywhere they're not looking for jobs they're happy where they are but what will make them change their situation is if there'..."
Finding Your 'Why' with the 5 Whys
In this segment, Danae introduces the '5 Whys' exercise, a method for entrepreneurs to dig deep into their motivations for starting a company. By repeatedly asking 'why,' founders can uncover their core beliefs and ensure their ventures are rooted in genuine purpose, which is crucial for long-term success.
"Thrive so the question is how do you guys get clarity on your why well not to be meta here but there's a very simple exercise I learned in business school which is the 5y exercise which is start with ..."
The Importance of Intentional Culture
Danae discusses the significance of cultivating a strong company culture, arguing that it should be a top priority for entrepreneurs. She warns against neglecting culture and explains how intentionality in building a diverse and inclusive team can drive innovation and success in startups.
"second lesson we learned is be intent with your culture um so culture is is it's this big amorphous word that people like to throw around all it is is who is who you are and how and how you are um it'..."
Defining Core Values Through Collaboration
In this segment, Danae shares how she and her co-founders defined their company's core values through a creative exercise. By illustrating their motivations for working at Indiegogo, they identified key values such as fearlessness, authenticity, collaboration, and empowerment, which guide their daily operations and decision-making.
"you're a oneperson team right now or a two-person team this is the perfect time to be thinking about this and going out and finding partners and team members who are nothing like you who think differe..."
Operationalizing Values for Success
Danae emphasizes the need to operationalize company values by integrating them into hiring processes and daily practices. She explains how reinforcing these values helps attract talent aligned with the company's mission, ultimately fostering a strong and cohesive team that can effectively pursue their goals.
"for the same four reasons um and for us which your reasons might be different but for us the reasons we came to work every day is first was we wanted to change an industry and in changing an industry ..."
Operationalizing Company Values
In this segment, Danae explains how to operationalize company values and behaviors through hiring practices and recognition systems. She shares the significance of awards like 'Iggies' and 'Wiggies' that celebrate employees who embody the company's values, reinforcing a culture that is participatory rather than top-down. This approach fosters a strong, cohesive team aligned with the company's mission.
"and then what you do with this is when you've clarified your values and your behaviors you actually operationalize it and you reinforce it so you screen everybody in your hiring process for it um I pr..."
Measuring Cultural Engagement
Danae highlights the importance of measuring cultural engagement and employee satisfaction through tools like employee NPS surveys and OKRs. She argues that a strong culture is reflected in how well employees embody the company's values, leading to increased productivity and happiness. This segment emphasizes the need for intentionality in cultivating a positive workplace culture.
"then you can measure it nothing would be good you're not a good uh Silicon Valley Tech startup if you're not measuring yourself and so we do actually we measure ourselves and how uh intentional we are..."
Technology as a Means to an End
Danae shares her perspective on technology, asserting that it is merely a tool to achieve meaningful goals rather than an end in itself. She reflects on her journey as an entrepreneur, driven by a desire to solve significant problems. This segment encourages aspiring entrepreneurs to focus on building impactful solutions rather than merely seeking rapid growth.
"should actually show that all right lesson number three and I have two more minutes um we're all here in the valley we're all probably interested in technology we're here interested in entrepreneurshi..."
Building Something Meaningful
In this segment, Danae recounts a pivotal moment when she received recognition for building an important company. She advises entrepreneurs to prioritize creating meaningful solutions that address real-world problems, rather than chasing quick success. This insight serves as a motivational call to action for those looking to make a difference through their ventures.
"literally and changing the the course of the future for all of finance and people across the world and someone noticed that if you could play the video the private sector is stepping up as well uh fro..."
Empowering Change Through Technology
Danae discusses a campaign aimed at bringing coding education to millions, highlighting the collaborative efforts of major companies to foster innovation. She encourages the audience to reflect on their motivations and the diverse perspectives they can incorporate into their work. This segment reinforces the idea that technology should be leveraged as a means to drive positive change in society.
"talking about at that scale um and actually one of the things that we'll always I'll always remember um is when we just raised a $40 million round of capital a few months ago almost a year ago I guess..."