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Female Founders Conference - Mountain View
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Female Founders Conference, Mountain View, CA
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Introducing Phaedra Ellis Lumpkins
Phaedra Ellis Lumpkins, founder and CEO of Promise, is introduced as the first speaker at the Female Founders Conference. She shares her background, including her experience with the musician Prince and her commitment to social change.
"right now that you all know each other I'd like to introduce our first speaker okay I would like to welcome our first speaker Phaedra Ellis Lumpkins who's the"
A Journey from Poverty to Purpose
Phaedra recounts her childhood growing up in poverty with her mother, a waitress. She reflects on the impact of financial struggles on her self-esteem and the transformative moment when her mother returned to school and improved their lives.
"speaker Phaedra Ellis Lumpkins who's the founder and CEO of promise now promise went through the winter 2018 batch of YC and is working on a solution to reduce the jail population prior to founding pr..."
The Importance of Dignity for All Kids
Phaedra emphasizes her desire for all children to feel equal and proud, regardless of their financial background. She shares her motivation to create opportunities for working families and eliminate the stigma associated with poverty.
"Phaedra worked with the musician Prince she's a labor and community organizer by trade who is committed to making measurable change in the world so welcome Phaedra hello can you hear me in the back ok..."
Lessons from the Labor Movement
Phaedra discusses her early career in the labor movement, advocating for janitors and teachers. She highlights the changing nature of work and the challenges faced by contracted workers, emphasizing the need for dignity in labor.
"in the back okay great first how exciting is it to be in a room full of phenomenal women who have started companies or are starting company I just feel like I want to walk around and just like rub eve..."
Meeting Diana Frappier
Phaedra shares her experience meeting Diana Frappier, her co-founder at Promise. She reflects on their contrasting backgrounds and how Diana's perspective as a criminal defense lawyer challenged Phaedra's views on crime and justice.
"and so there was a very kind of physical feeling like you know you're broke when you're a kid as you get older and I knew things like when I went shopping and my mom you food stamps people treated us ..."
Understanding the Human Behind the Crime
Phaedra discusses how her friendship with Diana reshaped her understanding of individuals involved in the criminal justice system. She realizes that many people share similar backgrounds but lack opportunities, leading to incarceration.
"thing that became very clear to me is that when you have a little bit more money as I think about I went from free lunch to reduce lunch at school which meant I was in a different line you just feel d..."
The Impact of Barack Obama's Campaign
Phaedra reflects on the influence of Barack Obama's presidential campaign on her career. She describes how it motivated her to seek opportunities for working people and led to her collaboration with Diana.
"Federation in Silicon Valley and all of a sudden the way that people went to work changed it used to be that people had one employer they stayed at a company for a long time but increasingly work bega..."
Working with Prince
Phaedra shares her unexpected journey working with the musician Prince. She recounts how she helped him regain control of his music rights and the lessons she learned about belief, commitment, and the power of collaboration.
"really think about how his economy grew had it working people actually get opportunity and while doing that I met Diana frapp Pierre so diana is my co-founder you might think because I've started a co..."
The Changing Landscape of Music and Technology
Phaedra discusses the challenges artists of color face in the music industry due to technological changes. She highlights the importance of ownership and fair compensation for artists in the evolving landscape.
"more hey and I oh who's that oh I murder conviction he thought I was like oh cool cool this is this is great uh we had lots of things we would see folks we once went somewhere and I saw some I was lik..."
Lessons from Honor
Phaedra reflects on her time at Honor, a company focused on in-home care for seniors. She shares insights about communication in the tech industry and the importance of connecting with a greater purpose.
"was pregnant and so I was like I'm on maternity leave and Van does like all good friends do and say I'm sure you have too much time on your hands while you're pregnant so come be Prince and I go to me..."
Building Confidence as a Woman of Color
Phaedra discusses her experiences as a woman of color in the tech industry, highlighting the challenges of feeling out of place and the importance of recognizing her own intelligence and capabilities.
"what we discovered is by stinks people questions we just stop we could said you just can't make money off of it you just like we're gonna stop it cuz he owns all of the publishing because he's written..."
The Shift After Prince's Passing
Phaedra shares the profound impact of Prince's death on her life and career. She reflects on her role as his power of attorney and the realization that she wanted to pursue meaningful work beyond just making money.
"called title and title was really about artists owning their own music but what I learned most importantly is technology wasn't working out great for the folks in the labor movement and for working pe..."
Creating a Sustainable Company
Phaedra discusses her vision for building a company that supports women and families. She emphasizes the importance of creating a workplace that values balance and sustainability rather than the traditional hustle culture.
"that's right Cal State Northridge probably they don't know so I went to work and honor and honor was a company funded by Marc Andreessen he put 15 of the 20 million in for seed funding I went in to ru..."
The Birth of Promise
Phaedra introduces Promise, the company she co-founded with Diana. She explains their mission to address issues in criminal justice reform and the importance of creating opportunities for those awaiting trial.
"was one of those experience where I was like I'm so smart in my regular life but I don't feel like I have the tools and resources even as a high-performing exec to communicate in a way that's consiste..."
The Reality of Incarceration
Phaedra shares shocking statistics about the jail population, emphasizing that many individuals are awaiting trial and have not been convicted. She highlights the financial burden on families and the need for reform.
"leave the job with benefits right like when I left my first job that was a union job my mom and my grandmother were like yeah I don't know what's gonna happen to you will they take you back do you lik..."
The Consequences of Incarceration
Phaedra discusses the broader implications of incarceration on families, particularly women. She highlights the cycle of job loss and instability that results from keeping individuals in jail for minor offenses.
"right in the world again the second thing that happened which was incredibly empowering as people got mad at me like random people who didn't know me were like oh you got fired by print something must..."
Building an Adult Company
The speaker discusses the motivation behind creating their company, Promise, emphasizing the desire to build a business that reflects their adult experiences rather than the youthful culture often found in tech. They highlight the importance of creating a company that meets the founders where they are in life.
"losers what they have sustainable relationships Lou SURS losers you what they're not a hundred pounds overweight losers losers right we are like okay and and so part of what shifted is we said can we ..."
The Shocking Reality of Jail
The speaker reveals startling statistics about the criminal justice system, noting that 74% of people in jail are awaiting trial and have not been convicted. This segment emphasizes the systemic issues of incarceration, particularly for those who cannot afford bail, and sets the stage for the mission of Promise.
"try okay so this is our company it's called promise I'm proud to say we are YC graduates I just saw Gustav who's our partner in the back hey Gustav yay for Gustav so promise really was Dianna's turn a..."
The Consequences of Incarceration
This segment discusses the cascading effects of incarceration on individuals, particularly women. The speaker explains how being jailed can lead to job loss, housing instability, and family separation, highlighting the broader societal implications of keeping nonviolent offenders in jail.
"seventy-four percent of people in jail are awaiting trial that means most people in jail have not been convicted of a crime the crime that they were arrested for and to me this was shocking right beca..."
The Cost of Injustice
The speaker elaborates on the financial burden of bail and the injustice of incarcerating individuals for minor offenses. They emphasize that many people are jailed for not being able to pay bail amounts as low as $500, which is often for nonviolent crimes, underscoring the inequities in the justice system.
"fundamentally wrong what's unique too is that counties mostly pay for jails and so they see the consequences so if for example if you're a woman who has a kid first you lose your job three days is a t..."
A Unique Opportunity for Change
The speaker discusses the legislative changes in California that aim to eliminate bail, presenting a unique opportunity to address the issues within the criminal justice system. They express their motivation to start a company that can leverage this moment to create meaningful change.
"sit in jail it sucks and it sucks because you are most likely gonna lose many basic things that you hold true and and what we also learned is the longer you sit the more likely you are to take a stupi..."
The Journey to Y Combinator
The speaker shares their experience applying to Y Combinator, detailing their initial doubts about being accepted due to their lack of a technical co-founder and prototype. They recount the moment they received the acceptance call, emphasizing the importance of believing in their idea.
"to solve you have a lot of money being spent what do you do you start a company so we started a company and I just want to say to anyone that applies to I see we thought we would never get in I came i..."
Raising Capital and Building Confidence
In this segment, the speaker discusses their fundraising journey, highlighting the importance of confidence and the realization that investors need founders just as much as founders need investors. They reflect on the lessons learned about valuing their worth in the startup ecosystem.
"the way YC works is you're supposed to get a call if you get in but we got no call so then Diana died together I'm like I told you so embarrassing and then like I email in the morning and I'm like so ..."
The Importance of Values in Investment
The speaker emphasizes the significance of aligning with investors who share similar values. They recount their experiences with various investors and the importance of choosing partners who understand and support their mission.
"a lot of money and this is a seed round and the part that was so exciting is we raised it before even demo day Oh we were like we raised it and and I will say few things that I wish I would have known..."
Data-Driven Decision Making
The speaker discusses the goal of their company to bring evidence-based decision-making to the criminal justice system. They highlight the need for data analytics to address biases and improve equity within the system.
"directions hold I'm gonna speak like that my hand oh hello does that help it doesn't help but at least I got feedback that's always good is appreciate that okay I'm gonna keep going cuz I don't take u..."
Empowering Women in Business
The speaker shares their vision for building a company that empowers women and creates generational wealth. They reflect on their journey from humble beginnings to running a successful business, emphasizing the importance of believing in oneself.
"do and that also that data analytics can actually focus on equity because right now you don't correct for equity so you do things like how many police interactions have you had well I can tell you whe..."
Facing Challenges in Growth
In this segment, the speaker addresses the challenges of growing and scaling their company, including self-doubt and the pressure to succeed. They discuss the importance of perseverance and the belief that their product has value.
"who don't normally have it thank you [Applause] and we're gonna take some questions for Phaedra to raise your hand if you have a question please hi yes biggest challenge growing and scaling um yes yes..."
Navigating the Startup Landscape
The speaker shares insights on the challenges of selling to government entities as a startup. They emphasize the importance of relationship-based sales and learning from successful companies to navigate the complexities of government contracts.
"things then we just were like let's just get a Google spreadsheet let's just add it all up it's gonna be a cash flow analysis with how much we need to make and that worked but I would say really it wa..."
Leveraging Differences for Funding
The speaker discusses how their identity as a woman of color has influenced their funding journey. They share strategies for securing investment and the importance of confidence and relationship-building in the fundraising process.
"and then by the time we'd been through it I was like we raised all this money why are my now gonna add a co-founder when we raised the money we had the idea and we now have clients so everyone told us..."
Identifying Market Needs
Christina shares her journey with Vanta, a company that automates security compliance for internet businesses. She discusses how they validated their idea by conducting security audits for friends' companies, leading to unexpected demand from others who heard about their services. This segment highlights the importance of understanding customer needs and the validation process in entrepreneurship.
"there's probably signs around everywhere about this which is make something people want so start with Christina maybe you can tell us a little bit about your company and how did you know or why did yo..."
The Power of Prototypes
Tiffani recounts the inception of Remix, a company that helps cities plan their transportation futures. She describes how a grassroots project to suggest better transit routes gained traction after being shared on social media, resulting in numerous inquiries from urban planners worldwide. This segment emphasizes the significance of prototypes and social media in validating business ideas.
"alphabet soup of stuff you may have heard about a few er can be to be sorry and also yes so that's what Banta does and it's about the company is about a year and a half old and my co-founder and I rea..."
Evolving Through Feedback
Ashley Wong, CEO of Gem Note, discusses the evolution of her company from a handwritten card service to a gift-giving platform. She explains how customer feedback led them to pivot their focus towards gift-giving, addressing the needs of HR and sales managers. This segment illustrates the importance of listening to customer feedback in shaping a business's direction.
"we're like hey can we security audit you and make you a compliance roadmap and they were like yes like I know I need one of those and I don't know what you know that is and like just come in and so we..."
The Crazy Startup Journey
The founders share their experiences of the chaotic early days of their startups. They discuss the challenges and unexpected moments that shaped their journeys, emphasizing resilience and adaptability. This segment captures the essence of startup life and the unpredictable nature of entrepreneurship.
"so that was our moment Tiffani okay so I run a company called remix so we work with about 300 cities around the world to help them plan out their transportation future from public transit to Street de..."
Building a Product That Scales
The conversation shifts to the importance of creating a product that can scale. The founders reflect on their early struggles with manual processes and the transition to automation. They share insights on how they built their initial products and the lessons learned along the way. This segment highlights the challenges of scaling a startup and the need for efficient processes.
"transportation plan in like this random city we had never heard of in Europe and that was just kind of the beginning when we realized we had hit upon something we actually did not even know exactly wh..."
Finding Your Customer Base
The panel discusses strategies for identifying and nurturing a loyal customer base. They emphasize the value of deep customer relationships and understanding user needs. This segment provides actionable insights for founders looking to build a strong community around their products.
"you to me and they said look we like the handwriting service but what we really need help with is this gift-giving thing we are HR managers we're sales managers this is not part of our job description..."
The Importance of Customer Feedback
The founders share their experiences with customer feedback and how it shaped their products. They discuss the metrics they used to gauge customer satisfaction and the importance of maintaining open communication. This segment underscores the role of customer feedback in driving product development.
"credentials so you know they authenticate with a service we have a token we can go pull information and so we built that piece and so we were pulling kind of raw JSON so just like raw data from G swee..."
Navigating Early Challenges
The discussion turns to the early challenges faced by startups, including dealing with demanding customers and managing expectations. The founders share personal anecdotes about navigating these hurdles and the lessons learned. This segment highlights the resilience required to overcome early-stage challenges in entrepreneurship.
"level we're still doing it for 10% of the product you know a year later but you know the first version there's like pretty much everything we've built have been annual and now we're upfront with custo..."
The Trade Show Experience
One founder recounts her experience at a trade show, emphasizing the importance of face-to-face interactions in building business relationships. She shares the challenges of setting up a booth and the unexpected outcomes of attending the event. This segment illustrates the value of networking and presence in the industry.
"should go personally and the first one that we decided to go to we had decided two days before to go to somewhere in Texas I had never been to and realized unbeknownst to me that when you're a company..."
Overcoming Initial Orders
Ashley shares a pivotal moment when her company received a large order from Airbnb, highlighting the pressure and excitement of fulfilling it. She discusses the support she received from her team and the resilience required to meet customer expectations. This segment emphasizes the challenges of scaling operations in response to demand.
"into less or you can cram less people into the they say you have so it looks like your booth is more crowded so we just looked like it was super crowded because everyone wanted to talk to us but in re..."
Measuring Customer Love
The founders discuss how they measure customer satisfaction and loyalty. They share various metrics and feedback mechanisms used to gauge how much customers love their products. This segment provides insights into the importance of understanding customer sentiment in driving business success.
"have to exercise that muscle in your brain where it's like willpower and I can get through anything and so that's sort of a story that I learned and I kind of bring to the team and just my life and ma..."
Firing Customers: A Tough Decision
The panel addresses the difficult topic of firing customers. They discuss the reasons behind this decision and how to approach it professionally. This segment offers valuable insights for founders on managing customer relationships and prioritizing business health.
"think we both knew people loved us was they put up with a website that was like half functional like basically unusable like totally deep like basically plain HTML one of our early customers called us..."
Navigating Early Partnerships
The founders reflect on their early partnerships and collaborations, sharing stories of both successes and challenges. They discuss the importance of aligning with the right partners and the impact of these relationships on their growth. This segment highlights the significance of strategic partnerships in the startup ecosystem.
"other stuff Tiffany so I think this concept of a metric to measure how much your users love you was something that we just had countless conversations at remix about especially because there were so m..."
Creating a Cult Following
Ashley discusses how Gem Note has developed a loyal customer base and the strategies used to foster this community. She emphasizes the importance of quality products and customer satisfaction in building a brand that people love. This segment showcases the power of creating a cult following in business.
"these people are getting gifts from their companies they're not having to pay for it right so they want nice things then we specialize in premium products rather than cheap tchotchkes like stress ball..."
The Balance of Customer Relationships
The founders conclude by discussing the balance between nurturing customer relationships and maintaining business viability. They share insights on how to prioritize customer needs while ensuring the sustainability of their companies. This segment wraps up the conversation with key takeaways for aspiring entrepreneurs.
"love you maybe on the kind of on the other side is customers that might be kind of killing your business and so sometimes though advice is you just got a fire a customer so yes I'm interested and have..."
Lessons from Early Customer Experiences
The speaker recounts a challenging experience with an early customer, the Vancouver transit agency. They highlight the importance of understanding customer needs and the pitfalls of onboarding clients without fully grasping their requirements, particularly regarding data compatibility and system differences.
"on until it's more of a like it's kind of like winnowing into sales right now for us so as I've kind of learned with those folks to just be like look like we would love to do that but our roadmap look..."
The Impact of Customer Feedback
This segment emphasizes the significance of customer feedback in product development. The speaker reflects on how initial missteps with a major client led to valuable lessons about the importance of aligning product features with customer expectations and the necessity of open communication.
"agency up in Vancouver and we were so excited to bring them onboard because a they were really cool and Vancouver's awesome and they have awesome bike lanes and they're just doing the trendiest stuff ..."
Balancing Customer Satisfaction and Profitability
The speaker discusses the challenge of being a people pleaser in business and the need to balance customer satisfaction with profitability. They outline a framework for evaluating potential customers based on economic viability, champion potential, repeat business likelihood, and willingness to provide feedback.
"Vancouver our first year but I guess what we're gonna say they're so interesting because you think conversion is such a simple thing but it actually has massive impact yeah just like metric system but..."
Iterating Fast in Product Development
In this segment, the speaker shares strategies for rapid product development in the early stages of a startup. They discuss the importance of maintaining regular communication with customers to gather feedback and iterate on product features, emphasizing the need for flexibility and responsiveness.
"because how do you say no to a paying customer like how do you say no to money right and I think I'm the type of person who in terms of customers I'm definitely a people pleaser and I think good leade..."
Effective User Research Techniques
The speaker provides insights into conducting effective user research, stressing the importance of asking the right questions to elicit honest feedback. They share techniques for creating a comfortable environment for users to express their thoughts on product features.
"early days yes we were fortunate enough to have quite a few customers sign throughout the course of YC which helped us raise around fairly easily but I think what came down to was that the feedback wa..."
Managing Time and Priorities as a Founder
This segment covers the challenges of time management for founders in the early stages of a startup. The speaker discusses strategies for balancing engineering tasks with sales and support responsibilities, highlighting the importance of prioritizing tasks effectively.
"Christina so during YC I think I was my co-founder was building things and I was partially building things and partially sales support kind of mostly and actually the best advice I got for that period..."
Building a Unique Value Proposition
The speaker reflects on their journey to define a unique value proposition for their startup. They discuss the importance of understanding market needs and the iterative process of refining their product based on extensive customer interviews and feedback.
"around the weekends and it's like I kind of still something I I do today so that helped yeah I think in the early days your MVP should be flexible enough where you're talking to users and then plannin..."
Overcoming Challenges as a Solo Founder
In this segment, the speaker shares their experience as a solo female founder in a tech startup. They discuss the challenges faced and the strategies employed to secure early customers and build credibility, emphasizing the importance of hard work and determination.
"you think why she accepted you so really ask adora but so I think it helped that my co-founder and I come from technology like technology companies and both are engineers so we're kind of following th..."
The Journey from Idea to Product
The speaker discusses the often lengthy and challenging journey from having a startup idea to developing a viable product. They emphasize the importance of continuous learning, customer engagement, and the iterative nature of product development, sharing personal anecdotes and insights.
"focused more towards the early stages so you know everything starts with a thought of maybe having a new product or a new service or something that's focused towards resolving a problem or anything th..."
Introduction to Alexandra's Journey
Carolyn Levy introduces Alexandra, co-founder and CMO of Eight, a sleep technology company. Alexandra shares her background and the company's mission to tackle sleep deprivation through innovative products. This segment sets the stage for Alexandra's personal story and the evolution of Eight, highlighting her journey from being an audience member at the Female Founders Conference to taking the stage as a speaker.
"like encoding in sumption x' about about different parts of what you're building and implicitly and explicitly it gets much harder to change those later and when pervasive when you're in spreadsheet l..."
The Evolution of Eight
Alexandra discusses the inception of Eight, focusing on the personal story behind the company's founding. She shares how her co-founder struggled with sleep issues and the realization that technology could improve sleep quality. This segment illustrates the motivation behind creating a product that addresses a critical health issue, setting the foundation for the company's mission.
"hello i'm carolyn levy I'm one of the partners at Y Combinator and I'm here to introduce our next speaker Alexandra's a terrain Alexander is co-founder and chief marketing officer of eight a company f..."
From Prototype to Company
In this segment, Alexandra recounts the transition from a prototype developed in a garage to the formation of a company. She shares her initial hesitations about joining the team and the excitement of launching a product that could change lives. This narrative emphasizes the entrepreneurial spirit and the challenges faced during the early stages of building a startup.
"officer at eight ABC sleep technology company so we use technology to tackle the problem of sleep deprivation and in the process we're bringing about the biggest evolution that sleep has seen in the l..."
The Romance of Startup Life
Alexandra uses the metaphor of romance to describe the early days of building Eight. She reflects on the excitement and optimism that comes with starting a new venture, while acknowledging that this phase is often temporary. This segment captures the emotional highs of entrepreneurship and sets the stage for the challenges that lie ahead.
"a Mexican woman and we walked into Sand Hill Road and so you would wonder well how did I end up being on this stage so I've broken down the story of a through the lens of love because I've come to fig..."
The Crowdfunding Journey
Alexandra shares the journey of launching Eight through crowdfunding, detailing the challenges and pressures of meeting ambitious deadlines. She discusses the importance of customer discovery and the need to validate their product concept before launch. This segment highlights the significance of preparation and market research in the success of a crowdfunding campaign.
"the night so he wanted to figure out why some nights were worse than others and in that process he tried a few different products to track his sleep and none of them were really working for him primar..."
Celebrating Milestones
In this segment, Alexandra recounts the excitement of reaching their crowdfunding goal and the personal milestone of her wedding. She reflects on the dual significance of these events and how they intertwined, showcasing the emotional journey of balancing personal and professional achievements in the startup world.
"San Francisco to join the rest of the team and once we were all on board we decided that we were going to launch within a month and we were going to use crowdfunding to launch our product because it w..."
Facing Reality: Manufacturing Challenges
After the successful crowdfunding campaign, Alexandra discusses the harsh realities of manufacturing their product. She shares the struggles of scaling production and the challenges faced as a hardware startup. This segment emphasizes the complexities of transitioning from concept to reality in the startup ecosystem.
"but as you're building your product you want to understand what people really want and in our case we had an idea of what the technology could be so we spoke to over a hundred people many of them are ..."
Navigating Disillusionment
Alexandra describes the disillusionment phase of startup life, where initial excitement gives way to challenges and setbacks. She shares the difficulties in attracting investment and the emotional toll of entrepreneurship. This segment captures the vulnerability and resilience required to navigate the ups and downs of building a company.
"break into Silicon Valley you see even though we were based in San Francisco we didn't feel like we belong like we really felt like Outsiders and that's why I provided the context of where we're from ..."
The Turning Point with Y Combinator
In this segment, Alexandra recounts the pivotal moment when Eight was accepted into Y Combinator. She discusses the validation this brought to their efforts and the support they received from the accelerator. This turning point marked a significant shift in their journey, providing new opportunities for growth and development.
"so that was very very excited we celebrated went out for dinner and two weeks later my toe and I got married so [Applause] so that is the four co-founders of the wedding so through this whole time I p..."
Lessons from Y Combinator
Alexandra shares the lessons learned during their time at Y Combinator, including the importance of customer feedback and iterative growth. She discusses how they adapted their approach to product development and marketing based on insights gained from their user base. This segment highlights the value of mentorship and community in the startup journey.
"because you feel like everything is going wrong and that happens not just in this chapter I go say it continues to happen all around but during this time is that first time when you feel like it's the..."
Preparing for Demo Day
As Demo Day approaches, Alexandra describes the preparations and the pressure to showcase their progress. She reflects on the challenges of pitching to investors and the importance of finding the right fit. This segment captures the anticipation and anxiety that comes with presenting a startup to potential investors.
"everything was going wrong and we saw a first ray of light when YC reached out so back in 2015 YC was doing an actual effort to try to bring onboard more hardware companies because they had been known..."
Measuring Growth and Customer Insights
In this segment, the speaker discusses the importance of measuring growth weekly and the insights gained from customer surveys. They emphasize the need to understand customer motivations for purchasing the product, which helped tailor marketing messages effectively.
"had the spike in pre-orders and then everything started dying and so they really invited us to think about it is what progress can you do week over week right and just kind of take it slow breathe and..."
Demo Day Preparation and Investor Meetings
The speaker shares their experience preparing for Demo Day at Y Combinator, including the challenges of pitching to investors. They recount both successful and unsuccessful meetings, highlighting the importance of finding investors who align with their vision and expertise.
"helpful so during YC you have you know demo day towards the end so we replaced the countdown that we had initially that would count down to our launch for the countdown to demo day we had like a huge ..."
The Excitement of Demo Day
This segment captures the excitement of Demo Day, where the team showcased their product in a creative setup. The speaker describes the preparation involved, including rehearsing pitches and the camaraderie among batch mates, which contributed to a memorable experience.
"changed everything for us right instead of trying to get the money from anyone we went for the people that we knew would be easier to convince and also our people that still support us to date like re..."
Shipping the First Units
The speaker reflects on the journey of shipping their first product units after raising funds. They discuss the logistical challenges faced, including moving operations to China and the pride in their team's achievements during this critical phase.
"had no idea what we were doing and what happened then is that most of the team moved to China and I moved the office from San Francisco to New York and while they were in China they figure it out they..."
Building a Lasting Company
In this segment, the speaker discusses the evolution of their company after initial success. They emphasize the importance of focusing on sustainable growth and the lessons learned from early challenges, including the need for a strong team and a clear vision.
"in China during those months so with delays and all like most hardware companies we managed to ship 8,000 Smart Covers to more than 67 countries and during that time we dealt with higher costs that we..."
Key Lessons for Founders
The speaker shares crucial lessons learned throughout their entrepreneurial journey, including the importance of customer discovery, hiring the right people, focusing on meaningful metrics, and building a supportive network of peers and mentors.
"comes after dissolution it means that it's free of problems we faced more problems in the last two years than we did in the first two but I think we've become better at dealing with them so now our fo..."
Finding Your Tribe
This segment emphasizes the significance of surrounding oneself with a supportive community. The speaker encourages founders to seek out mentors and peers who can provide guidance and support during challenging times in their entrepreneurial journey.
"something people want for us during the four and so years of eight customer discovering customer research has been very very crucial I personally still to date conduct an average of 15 customer calls ..."
Using Love to Change the World
The speaker concludes with a vision of using their company's technology to improve sleep and overall well-being. They highlight the impact of their product on thousands of users and their ambition to become a leader in sleep data collection and solutions.
"to understand what's it like what are you expecting of your team members that are just far beyond just contributing with a certain skill the third learning is focus on what matters most we learned thi..."
Balancing Work and Life
In response to a question, the speaker discusses the challenges of balancing work and personal life, especially when working with a spouse. They share strategies for maintaining health and well-being while managing the demands of entrepreneurship.
"if you are as excited as I am about the vision at ade but for your own company I would say that you just need to do it thank you we're gonna do two questions hi thank you so much and I have a question..."
Navigating Co-Founder Relationships
The speaker addresses the complexities of co-founder relationships, likening them to marriages. They discuss the importance of shared vision and mutual respect in overcoming challenges and maintaining a strong partnership among founders.
"you so much and I have a question about how do you manage or balance close relationship between work and life so this is something that for me is very connected to the fact that I work with my husband..."
Taking the Leap: From Google to Polyvore
The speaker reflects on their decision to leave Google for a startup they loved, Polyvore. They discuss the encouragement from a VP at Google and how this leap turned out to be one of the best career decisions they ever made. The segment highlights the importance of seizing unique opportunities and the journey of becoming a co-founder.
"floor of this brand new startup that happens to be a product that I love I'll probably learn a lot and it feels like a once-in-a-lifetime opportunity so I should probably go for it and then as I was l..."
The Unexpected Path to CEO
In this segment, the speaker shares their unexpected journey to becoming the CEO of Polyvore. They describe how they took on various roles, from product management to ad sales, and how their proactive approach led to them being recognized as a co-founder. This narrative emphasizes adaptability and the organic growth of leadership within a startup.
"I'd established all the functions the new functions and after a while the founders actually came to me and they said hey we've always thought of you as a founder you've always acted like one so we're ..."
The Challenges of First-Time Leadership
The speaker discusses the challenges faced as a first-time CEO, including the constant need to adapt as the company grows. They reflect on the emotional burden of leadership and the importance of connecting with other founders to share experiences. This segment underscores the common struggles of leadership in a startup environment.
"great job ever and in hindsight you know I think I wasn't a bad CEO but I did I definitely did not feel that way and so I just I think it's really important to have events like this and to connect wit..."
Pride in User Impact and Company Culture
Reflecting on their time at Polyvore, the speaker shares moments of pride, including user love letters that highlighted the impact of Polyvore on young women. They also discuss the recognition Polyvore received as a great place to work, emphasizing the importance of building a positive company culture.
"leaving and what are you most proud of if you can if you have to choose one thing about your time at Polyvore so some of the user love letters that we got back we had a girl who wrote in and said she ..."
The Rollercoaster of Acquisition
The speaker recounts the emotional journey of selling Polyvore and the challenges of maintaining transparency with their team during the acquisition process. They describe the mixed feelings of joy and stress during the announcement and the subsequent integration into Yahoo, highlighting the complexities of M&A.
"that's why the things that most what did it feel like to move on once you'd been acquired oh okay so I think the thing they don't tell you about M&A is like you might read the stories and TechCrunch a..."
Finding Support as a CEO
In this segment, the speaker emphasizes the importance of having a support network as a CEO. They share their experiences connecting with other founders, particularly female founders, and the value of honest conversations about the challenges of running a company. This highlights the need for community in the entrepreneurial journey.
"roller coaster of mush during when you had these very stressful times a CEO who did you talk to who were you able to turn to for advice or even just to commiserate yeah definitely other founders I was..."
Transitioning to Venture Capital
The speaker discusses their unexpected transition into venture capital after their experience at Polyvore. They reflect on the desire to help the next generation of founders and the importance of addressing the funding gap for women-led businesses. This segment highlights the motivations behind moving to the VC side.
"the help that you need and so what made you decide to go into VC yeah so I never imagined that I would be a VC on the other side on the dark side to bring the light so what after Polyvore and as I was..."
Lessons Learned from Fundraising
Reflecting on their fundraising experiences, the speaker shares insights on the importance of pitching the big dream to investors. They discuss the differences in how women and men approach fundraising and the need for authenticity in pitches. This segment provides valuable lessons for aspiring founders.
"so what what do you wish you'd known as a founder now that you're sort of on this side you're hearing a lot of pitches from founders like what do you wish you'd known if you if you had to do it again ..."
The Importance of Grit in Founders
The speaker emphasizes the significance of grit and tenacity in successful founders. They share their belief that enduring through challenges is crucial for startup success and discuss how they assess these qualities in potential founders. This segment highlights the resilience needed in the entrepreneurial landscape.
"for a poly Polyvore not for every round but yes I did it many times you look back and think oh man I wish I'd done it this the big dream yeah I don't think that we sold enough of the big dream I was v..."
Building Community Among Women in VC
In this segment, the speaker reflects on the recent changes in the venture capital landscape, particularly among women. They discuss the formation of supportive networks and initiatives aimed at empowering female founders and VCs. This highlights the growing sense of community and collaboration in the industry.
"gets tough how do you interview for that or how do you how do you filter for it yeah so I noticed that many VC's jump straight to like what's the market what's the product I'm I usually just asked for..."
The Shift from Fear to Greed in Investment
This segment discusses the cultural shift in venture capital post-Me Too, where the focus is moving from fear of repercussions to recognizing the financial benefits of investing in women. The speaker argues that female founders are capable of building successful companies and that female VCs can drive significant returns, highlighting the need for more iconic women in tech.
"how quickly that changed and so can you tell us a little bit more about that particular look what does always look like moving forward as you know as you said it's been a year since me too and all the..."
Advice for Female Founders
In response to a question about the challenges faced by female founders, the speaker shares insights on pitching to male VCs. Emphasizing the importance of quantifying market potential rather than relying on empathy, the segment provides practical advice for women navigating the venture capital landscape and highlights the need for effective communication of business ideas.
"we we we started as a group of about thirty female VCS but that's expanding to include founders so we have a lot of founders who are coming on board to help because the to actual measurable goals that..."
Testing Ideas Quickly as a Non-Technical Founder
The speaker offers practical advice for non-technical founders with multiple ideas, advocating for rapid testing of concepts through methods like 'fake door testing.' This approach allows founders to gauge interest and validate ideas before fully committing resources, emphasizing the importance of market feedback in the entrepreneurial process.
"I realized when I started to pitch that I used to try to rely on empathy like here's the problem you know that moment when you open your closet and there's nothing to wear and I realized that the Mel ..."
Building an Inclusive Company Culture
This segment focuses on the importance of creating an inclusive company culture that supports women in tech. The speaker discusses strategies for fostering a welcoming environment, including accountability measures and ensuring social events do not exclude women. The emphasis is on creating a workplace where women feel valued and empowered to contribute.
"first thing to do is determine which of the ideas has the most legs and the one that your most excited about I have the question question over there thanks cat hi my name is Aaron I work in the augmen..."
Authenticity in Leadership
The speaker shares personal experiences about the challenges of being a female leader in a male-dominated industry. Emphasizing the importance of authenticity, the segment discusses how embracing one's unique leadership style can inspire future generations of women leaders. The speaker encourages women to be true to themselves and to create a legacy of representation in leadership roles.
"a few things that just some some tips I think it's very common for at work - for social circles to form right and for activities like maybe you go out and some people go and have movie night or maybe ..."
Introduction to Holly Liu
The segment introduces Holly Liu, a prominent figure in the tech industry and co-founder of Kabam. The speaker highlights Liu's journey from corporate social networking to mobile gaming, setting the stage for her insights on entrepreneurship and the challenges faced by female founders in the tech space.
"you so much [Applause] so I am up here to introduce you all to halle-loo who is a part-time visiting partner here at Y Combinator and she was the founder co-founder of Kabam Kabam started as a corpora..."
The Naivety of Starting Up
The speaker reflects on the early days of their startup journey, highlighting the naivety of quitting stable jobs in Silicon Valley to pursue entrepreneurship. They recount the challenges of raising seed money, the struggle to find product-market fit, and the realization that they had ignored the fundamental rule of creating something people want. This segment emphasizes the importance of understanding user needs in the startup process.
"naive we were so these are my co-founders we decided to quit our Silicon Valley jobs and decide to start a company we had no idea what we were doing as I mentioned YC wasn't really on the west coast a..."
Learning from Failure
After several months of effort with minimal user engagement, the founders consider returning their investment and seeking traditional jobs. They discuss the pivotal moment when they decided to pivot their strategy after realizing that their initial product did not resonate with users. This segment underscores the necessity of adaptability and learning from early failures in the entrepreneurial journey.
"for seven months for seven months after three product iterations and a ton of spamming as well as cold calling and begging our friends and family to use our product only about 1,400 users had just sig..."
Going Where the Users Are
The founders discover the importance of meeting users where they are, inspired by Facebook's new developer platform. They pivot their focus to building fan communities around popular TV shows and sports teams, leading to significant user growth. This segment highlights the value of market-driven strategies and the need to adapt to user behavior in the tech landscape.
"users are for us this was incredibly important as Kabam because this became almost very ingrained into the very foundation of how we think about even games that we release any other future company tha..."
Navigating the 2008 Crisis
As the financial crisis of 2008 unfolds, the founders face severe challenges with dwindling ad revenues and a loss of contracts. They discuss the urgency of becoming cash flow positive and the strategic shifts required to survive during this tumultuous period. This segment illustrates the resilience needed in entrepreneurship during economic downturns.
"when ABC wanted to distribute their video on Facebook they didn't call up Facebook they called us up so we were distributing episodes of like Grey's Anatomy through Facebook we're the only place that ..."
The Shift to Gaming
In response to the crisis, the founders pivot to the gaming industry, leveraging their experience and passion for games. They discuss the development of 'Kingdoms of Camelot' and the importance of user feedback in refining their product. This segment emphasizes the significance of innovation and responsiveness to market trends in achieving success.
"stuck of what should we do so we got into a room and we started talking about these three things the first was kind of well we know if we continue to persist the way that we're going to we're going we..."
The Importance of Launching Early
The founders reflect on the lessons learned from user testing and the decision to launch their game despite imperfections. They stress the importance of not waiting for perfection and the value of real user engagement. This segment advocates for the mindset of launching quickly to gather feedback and iterate on products.
"decided to ask our friends and family so usually you're a little careful when you ask your friends and family because you're like maybe they're just gonna be too nice and they're not gonna really tell..."
Facing Challenges with Facebook
As their game gains traction, the founders encounter challenges with Facebook's new revenue policies. They discuss the need to diversify their revenue streams and the strategic decisions made to expand beyond Facebook. This segment highlights the importance of adaptability in business strategy amidst changing platform dynamics.
"boring there was nothing to do maybe you shouldn't even have that but what was amazing is when they started when when the game was launched people were chatting and what we realized is all the current..."
Empowerment Through Adversity
The speaker shares personal reflections on overcoming self-doubt and the journey from startup struggles to a billion-dollar exit. They emphasize the importance of believing in oneself as a founder and the inevitability of failure on the path to success. This segment serves as an inspirational message for aspiring entrepreneurs about resilience and self-empowerment.
"you're having an arbitrage opportunity you still have to build a really really great product but because we knew because we knew all these numbers and every dollar that we spent we knew the ROI we kne..."
Cultural Ambassadors in Global Expansion
The importance of sending early employees or cultural ambassadors when building overseas offices is discussed. The speaker emphasizes that aligning cultural values is crucial for success in international markets, particularly in the context of companies like Facebook, which face unique challenges in regions like China.
"the funny thing is a Facebook is that you can't get access to Facebook in China so all these Chinese employees didn't know what to do but sending sending a founder over there is is really important if..."
Breaking Stereotypes in Gaming
The speaker shares her experiences as a woman in the gaming industry, addressing the misconception that gaming is not a female-oriented space. She discusses the need for diversity in game development and how the term 'gamer' can be exclusionary, advocating for games that appeal to a broader audience.
"yeah so the question was people don't normally think about gaming as a female female oriented space so how did I get being a woman in in the gaming world so I have a lot of thoughts on this so the typ..."
Navigating the Gaming Industry
The speaker reflects on her strategic decisions in the gaming industry, particularly in creating viral games. She highlights the challenges of achieving gender parity in gaming audiences and the importance of making games that resonate with women, sharing insights from her experience with titles like 'Dragons of Atlantis.'
"navigating the space it was very much some of the things were very strategic on the ways we wanted to go and it just happened that mid-quarter hardcore was going to work much better online in the gami..."
Lessons Learned After Selling a Company
After selling her company, the speaker reflects on missed opportunities and the realization of self-doubt that held her back. She discusses the importance of self-awareness and the ongoing journey of personal development, emphasizing the need to overcome internal barriers in professional growth.
"way too late hahahahahaha way too late when I realized I probably after I sold the company and said oh my gosh this whole time I've been wasting my time there were so many things that I could have pus..."
Introducing Pad Piper: A Housing Solution for Interns
The speaker introduces Pad Piper, an online marketplace designed to help interns find affordable housing. She explains how the platform connects students with furnished rentals, addressing the unique challenges interns face in securing housing during their internships.
"all right so we are going to do on stage office hours yes so this is something we do at YC we meet with startups and we go talk about the problems and try to help them out and usually each sessions ar..."
Understanding the Intern Housing Market
The speaker discusses the market dynamics for intern housing, highlighting the demand in the Bay Area and the challenges of matching interns with suitable accommodations. She explains the differences between corporate housing and Pad Piper's offerings, emphasizing the need for tailored solutions for interns.
"b2b program actually called Pat Piper for employers and this directly integrates with our marketplace to allow premium services through the marketplace and this includes things like taking companies i..."
Challenges in Securing Landlord Partnerships
The speaker addresses the difficulties of onboarding landlords to Pad Piper's platform. She discusses the need for trust and the initial resistance landlords may have to new services, while also highlighting the benefits of working with interns and the potential for guaranteed rent.
"this in particular like what is theirs one of the things the purpose of internship program is for recruiting I'm assuming so yeah but they don't spend as much time or money on interns obviously I just..."
Market Potential for Intern Housing
The speaker outlines the significant market potential for intern housing, citing statistics on the number of interns in the U.S. and worldwide. She discusses Pad Piper's pricing model and the opportunity to expand beyond the Bay Area, emphasizing the growing need for efficient housing solutions.
"apartments that are Airbnb already are they what's the quality level like so they're pad Piper's specific so they're owned by singular landlords versus property management so it's not like something l..."
Leveraging Local Networks for Growth
The speaker shares insights on how Pad Piper can benefit from local networks and referrals to attract landlords. She discusses the unique rental landscape in San Francisco and the potential for landlords to overcome restrictions by partnering with Pad Piper.
"all landlords have a very set process of doing things especially landlords that own you know 1 to 15 properties who are the ones we're targeting and so they're kind of unwilling to try new things but ..."
Nifty: Streamlining Engineering Workflows
The speaker introduces Nifty, a Chrome extension designed to enhance productivity for software engineers. She explains how the tool organizes data across various applications, addressing common inefficiencies in engineering workflows and improving collaboration among team members.
"minutes ooh it sounds like you have a supply-side problem there's options it does sound like yous need to talk to more people because once they is like I can get a face like someone highly filtered to..."
Introducing the Chrome Extension
The speaker introduces a new Chrome extension designed to enhance productivity for engineers by surfacing relevant data and relationships in real-time. This tool aims to reduce the time wasted on navigating between tabs and checking updates, potentially saving engineers 15-20% of their time. The focus is on creating a more efficient workflow that allows engineers to concentrate on coding.
"launched Kirk Burton that's right so we're launching within two weeks on the 25th over pre-launch right now okay why haven't you launched sooner so we start we were actually in startup school which ha..."
Feedback and Launch Strategy
In this segment, the founders discuss the feedback received during their startup journey and the importance of narrowing their focus for a successful launch. They reflect on the challenges of messaging their product clearly and the need to communicate its value effectively to potential users. The conversation highlights the significance of understanding user needs and refining the product accordingly.
"the tool right I mean it's kind of like saying one out of five engineers is doing nothing right right alright and then trying to create a sales pitch here yeah so I think that's what we want to do is ..."
Closing Remarks and Community Engagement
The event concludes with gratitude towards the attendees and a call to join the online community 'Leap' for women in tech. The speaker encourages networking and further engagement with the founders and other participants. They also provide logistical information about the reception and express appreciation for the support received from various teams involved in organizing the conference.
"but this is helpful so like we've heating it over and over again and getting feedback and also the blank stares and people are like I didn't understand what you're saying cool yeah it's I mean what in..."