YC
Danae Ringelmann at Startup School SV 2014
@ Y Combinator
10/15/14
Takeaways
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Take a moment to appreciate that your whole life has led you to this point, and recognize that your story has already begun.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
I launched Indiegogo in January 2008 with my two co-founders, and today we are the largest global online funding platform, helping people from every industry raise money for their dreams.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
My journey started as a child of two small business owners who struggled for 30 years without access to capital, which made me aware of the significant problem of access to funding.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Working in corporate finance made me realize how broken the finance system is, especially when I encountered filmmakers seeking funding but lacking the means to secure it.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
After a disappointing experience trying to help a theater producer raise money, I understood that the people who wanted to bring projects to life often lacked the power to do so, relying instead on gatekeepers and investors.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
My frustration with the lack of access to capital led me to business school, where I aimed to democratize funding and eventually co-founded Indiegogo.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Knowing your 'why' is crucial; it defines the problem you're solving and keeps you authentic, which is essential for success.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
When you clearly communicate your 'why', you attract like-minded partners who share your vision, which is how I found my co-founders.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Your 'why' can guide you through challenges and help pivot your ideas; for instance, my original offline funding concept evolved into an online platform thanks to my co-founders' insights. Focusing on your 'why' helps you navigate through tough times in entrepreneurship, as it keeps you motivated to solve problems regardless of the challenges.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
If your 'why' isn't powerful and meaningful to you, you won't endure the hardships of entrepreneurship, which can be incredibly difficult.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Our first employee recognized that we persevered through tough times because we were passionate about our mission, which is essential for success.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Your 'why' informs your entire strategy and execution, providing clear direction for your business.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
To truly empower the world, we must be an open platform that allows everyone to find what matters to them, avoiding gatekeeping.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Being global from the start was crucial for us to serve customers everywhere, which required significant backend infrastructure development.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Understanding that we were reinventing the funding industry allowed us to prioritize customer happiness as a key driver of our business.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Your 'why' also attracts amazing talent; people are drawn to companies that align with their values and beliefs.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
We've had success attracting talented individuals who are motivated by our mission to democratize access to capital, which drives innovation.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Your 'why' can also attract customers who resonate with your mission, leading to unexpected opportunities for ideas that might otherwise be overlooked.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
To clarify your 'why', use the '5 Whys' exercise: keep asking 'why' until you reach a fundamental belief that drives your mission.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Culture is about who you are and how you behave; it's essential to be intentional about the culture you create within your team.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Diversity in your team is crucial for innovation and success; it brings in varied perspectives that help avoid groupthink.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
If you're a small team, now is the perfect time to seek out diverse partners and team members to set yourself up for success.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Strong cultures align the values and behaviors of the team with what the company needs to succeed; it's about intentionality in building that culture.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Identifying the values and behaviors necessary for success starts with self-reflection among the founders, leading to a clear company culture. I love coming to work at Indiegogo because we wanted to change an industry that had never been changed, which motivated us and fueled our fearlessness.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
We wanted to bring our whole selves to work, without having to put on a metaphorical uniform, which is where our authenticity comes from.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Collaboration became our third value because we all wanted to work with people we liked and build something together, as we were all team sport people in high school and college.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
We wanted to spend our waking lives helping people who wanted to be helped, which is where our empowerment comes from.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
In the early days, fearlessness meant being super opportunistic and finding our way, especially since the idea of crowdfunding didn't exist at that time.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
As we grew, we realized that different people had different definitions of fearlessness, so we defined the behaviors that embody it.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Today, fearlessness means ruthlessly prioritizing and saying no to the least important things to maintain our focus on democratizing access to capital.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Authenticity now means being respectful of different points of view, especially since we have a diverse team and our customers come from all over the world.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
While diversity of people and backgrounds is important, you don't want a diversity of values and behaviors, as that's the glue that keeps everyone together.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
You need to operationalize and reinforce your values and behaviors by screening for them in your hiring process to ensure alignment with your mission.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
A strong culture is one where people's values and behaviors align with what the company needs to win, leading to higher productivity and happiness.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Technology is not the end; it is simply a means to an end. Focus on your 'why' and the problems you want to solve, rather than just how to grow quickly.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Building something meaningful and important will naturally lead to growth and success, rather than just chasing quick wins.
DR
Danae Ringelmann
10/15/14
@ Y Combinator
Think about how technology is just your tool for making change; it's not the end goal in itself.