YC
Know Why You're Starting a Company - Danae Ringelmann of Indiegogo
@ Y Combinator
05/06/17
Takeaways
DR
Danae Ringelmann
05/06/17
@ Y Combinator
Know why you're starting a company and what problem you're trying to solve; if your reason isn't authentic, your chances of failure increase significantly.
DR
Danae Ringelmann
05/06/17
@ Y Combinator
My reason for starting Indiegogo was to democratize access to capital, a problem that affected my family and me personally.
DR
Danae Ringelmann
05/06/17
@ Y Combinator
Being clear about your 'why' helps you find the right co-founders who share your vision and passion.
DR
Danae Ringelmann
05/06/17
@ Y Combinator
Focusing on your 'why' allows you to pivot and innovate, as it keeps you open to better solutions rather than being stuck on your original idea.
DR
Danae Ringelmann
05/06/17
@ Y Combinator
Your 'why' will help you endure the tough times in entrepreneurship; without a powerful reason, you may not stick it out.
DR
Danae Ringelmann
05/06/17
@ Y Combinator
Passion for what you're doing is essential, even in the face of challenges; it drives you to persist despite difficulties.
DR
Danae Ringelmann
05/06/17
@ Y Combinator
Your 'why' informs your entire strategy and execution, providing clear guidelines for how to operate your business.
DR
Danae Ringelmann
05/06/17
@ Y Combinator
Being an open platform is crucial for empowering the world; we can't be gatekeepers and must allow everyone to find what matters to them.
DR
Danae Ringelmann
05/06/17
@ Y Combinator
To truly empower the world, we need to be global and create the necessary infrastructure to serve customers everywhere. Reinventing the funding industry allows us to focus on customer happiness as a key driver of our business.
DR
Danae Ringelmann
05/06/17
@ Y Combinator
The 'democratization of capital' means empowering everyone to fund what matters to them and raise money in various ways.
DR
Danae Ringelmann
05/06/17
@ Y Combinator
Offering multiple funding options helps people maximize their experience and meet their specific needs.
DR
Danae Ringelmann
05/06/17
@ Y Combinator
Having a strong 'why' attracts top talent who are motivated by a mission that aligns with their values.
DR
Danae Ringelmann
05/06/17
@ Y Combinator
Your 'why' also attracts customers who are passionate about making a difference, like those creating solar-powered infrastructure.
DR
Danae Ringelmann
05/06/17
@ Y Combinator
To gain clarity on your 'why', use the '5 Whys' exercise: keep asking 'why' until you reach a core belief that drives your mission.
DR
Danae Ringelmann
05/06/17
@ Y Combinator
My 'why' is to democratize funding because the current financial system is broken and relies on gatekeepers, limiting equal opportunity.