894. How To Determine Which Fundraising Option Is Right For Your Business And The Importance Of Female-Founded Businesses With Fundraising Expert And Angel Investor Stef Caldwell

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When whoever is the person that's leading the dialogue is in it, they comprehend these things. They know terms that you don't yet know and because of that they're using.

Those terms not to belittle you, it's.

Just how this industry speaks and just having the confidence within yourself to say.

I'm sorry, I'm not following. Can you pause and explain that to.

Me is half the battle.

Hey everyone, welcome back to the show. This show you're not going to want to miss because it is going to share so many statistics and details about women in business, women raising money and venture capital. You guys, if you know nothing about that stuff, I promise you we're my guest is going to break it down in such an easy way that you're going to walk away being able to share all of this info with your friends or on your social I promise.

You we're going to make you the.

Hero in this podcast so you feel like you know exactly what you're talking about and not just that.

This is really going to open your.

Eyes as to why it's so important for us to not only get a seat at the table, but to build our own tables. So you guys know that information is power and this is such a powerful podcast. So my guest today is Steph Caldwell. She's a personal development author, VC backed startup operator and angel investor. She is also an investor in Light Pink, which is so exciting. She specializes in helping startups and high growth companies develop and generate revenue in new and existing sales channels. By day she's the head of Business Development and Partnerships at Circleup, a top fintech company using AI to make venture capital more equitable and scaling access to capital to epic entrepreneurs so that they can thrive. And by night, she is the host of PM School Podcast, which is an inspiring podcast.

It's pretty much how I'm building this.

Style and it's a podcast that inspires the next generation of women entrepreneurs by.

Bringing them behind the scenes with inspiring.

Founders to hear all of their incredible stories about how they scale their businesses. You guys, let's get into the show.

Steph, I'm so excited to have you on the podcast. Thank you so much for coming on.

Oh my God, I'm so honored to be here.

Thanks for having me.

So we've been talking about this forever and here we are, finally. Steph is one of our light pink investors. Huge female supporter. You are a podcast host and an author by night. You are a VP of sales for a fintech company by day. And you're an all around epic person 24 7. So we've got covered, We've got just. Can you put that on your resume?

I think that has to go on my resume.

Honestly, you can quote me saying, yeah.

I'm actually sound bite to my executive team and be like, so. By the way.

Okay, so you guys, today we're really excited to chat with you because Steph is like, I'm pretty sure you've said this so I can say it like a self proclaimed data nerd. And I love it. Like, you nerd out on all things female, business owned, raising money, everything data. Like, you definitely lose me in it. And I love it because I can't get enough of it. And it's not my zone of genius, but it's definitely your zone of genius. It was one of the reasons why I was so excited to have you as an investor was because you just bring so much value in that area of really bringing in the. We were just chatting like the state of the union for women in business and what the realities are because you're in it every day. So I think that'd be a great place to kick off. Steph, is to kind of tell me what your day to day looks like and why exactly it is that you are in these details of women in business.

Yeah, well, first and foremost, when you.

Say like zone of genius, for any listener that does like a lot of personal development work or like takes the personality test. There's a test that I took recently called the Colby. And it basically assesses like your natural inclination. So when you're a kid, right, you either write with your left hand or your right hand.

This is what the Colby assesses, but.

Across like different dimensions, one of which is fact finding.

This is no surprise to any listener once they hear us talk about what we're going to talk about today. But I'm extremely high fact finder, which is probably what led me into my career.

And my day to day working literally for a fintech company where we aggregate data and we leverage that data to systematically invest in private companies.

We specialize in companies like Light Pink, so other kind of consumer packaged goods companies. So I literally spend every single day of my life talking to some of.

The world's biggest investors in consumer goods.

Businesses about what they're trying to accomplish, how they want to use data to.

Validate investment decisions and ultimately make investments that are smart for their business and for the people that invest in them.

Oh my gosh, that is so interesting to me. Number one, that would be opposite of my skill set. Number two, this is so much of what I talk about is finding people who have the opposite skill set. Because it's very interesting to me and I want it, but it's absolutely like probably the last on the spectrum for how my brain actually works. And also how cool to have a position that suits you so well. And also that companies are using this and really looking at all of the data. Which then brings me stuff to this point because data feels amazing and it's grounding and it really helps in the biggest way, you know that it's literally what you do. I also think data tends to be a bit more of like a masculine energy, like a very factual masculine energy. So I'm curious for you, just kicking it right off the gate, like how much do you take into consideration the data but then how much do you also feel out in the world for companies? And decision making is also kind of gut and kind of looking at the future of what we think trends are and things like that.

Well, you're also talking to a Pisces. So I'm also very intuitive. Right. Go with the flow, like intuition, high empathy. I think at the end of the.

Day, people are irrational beings.

We make decisions on emotion and then.

We back them up with logic.

And the favorite, my favorite decisions are ones where I intuitively know this is an F. Yes. And then I go and find the.

Data that at a macro level and.

A micro level informs that decision. And so when you have kind of that trifecta of like this feels good at this level, this feels good at a much higher level and this feels good intuitively. It's like, like that's magic to me.

That is such a killer combo.

I'm a nerd.

I'm a self proclaimed nerd. Pisces.

So I guess that's my way. And I think a lot of people.

Probably resonate with that too.

Okay, so we are talking about all things women in Business. So, you guys, for anyone, it doesn't matter if you have started a business, if you're thinking about starting a business, if you want to raise money but know nothing about it. If you just want to know, like, the state of the union of what is actually going on out in the world, we have Stephan here to talk all things statistics and data. So you're going to be. Just wait for it. Because you're going to be the smartest friend in your friend group about women in business after this. So just listen to everything Steph says, write down, like, three points you can put on a napkin and be the most interesting person at the table. Okay, Steph, we're ready. We're ready.

Either they're gonna be the smartest or the most annoying. Because I'm constantly the friend at dinner that's like, I've got a stat for that. I've got a stat for that.

Really?

Shut up with your stats. Let's just eat scallops, okay?

Oh, my God. No. I would love it. I'd be like, tell me a stat. How many women like scallops, like, in the world who own a business?

I'm gonna have to look one up afterwards.

Okay, so let's chat about it. What is happening? Tell me the state of the union for women in business. Starting a business. All the things.

Yeah.

State of the union, I would say, is this.

Let's start here.

57% of women say that they want.

To start a business.

And the majority of them say the reason why is they want more flexibility.

They want to be their own boss, and they want to show other women.

That this is a possible path for them, which I think is beautiful.

Yeah.

That was such a huge reason for why I wanted to do this was that was a major driver, maybe over some other things. Do you think we should tell them that it gives you less freedom?

It's basically like you think that you're going to have so much, and then.

You realize, no, this is my entire.

Life and there's no boundaries because I've committed to this path. But you're happier.

But you truly. I think most people, once we kind of figure that out, I had to figure out the boundaries and all of that stuff. But you do get to decide what you are working on. So.

Yes.

Okay, so that was 57% of women want to start a business.

Yes. If you're sitting at a table with three girlfriends, two of them want to.

Start a business is like the stat on that.

Wow. What have you found just in your conversations with entrepreneurs I know you have your side hustle as well. What do you think are some of the reasons when you really get into the nitty gritty, that women don't start businesses?

I think it's fear of failure. I think it's feeling like they don't know how. And I also think this is like the dirty word, but it's money, right? Like, we are naturally risk adverse as a gender. I think I fundamentally do believe that that is true. Like, we have so much more to think about in starting a business and.

The impact that that will have on, like, our livelihood and the livelihood of those that we care for.

That money really is, I think, one.

Of the biggest barriers to deciding whether or not we could go on our.

Own and, you know, create value for.

Others, but also create income for ourselves.

Oh, I think that's so true. I've been spending a lot of time just thinking and writing around the idea of how we expand our risk tolerance because I really think that that is our Achilles heel, because we do think of so many different things. So that's kind of what we're going to chat about today is also funding. So. All right, I'm going to let you roll with it. So you also talked about women are starting 40% of business, but I'm going to let you roll with some of your stats so you go to town.

Yeah. Well, thank you for just like giving.

Me this soapbox to stand on and.

Share the juice with the ladies.

Here's the deal, ladies.

I think that this is really cool. Women owned businesses in America generate more.

Than $2 trillion in revenue.

And $2 trillion, like, that's a world economy.

Right? Like, there is countries that generate less GDP than 2 trillion.

That's pretty insane to think about.

Right?

Like, if we formed our own little, like, country.

That's a thing.

However, 2 trillion is only impressive when.

You don't have anything to Compare it.

Against.2 trillion in American revenues is less.

Than 4.5% of total revenues generated in this country.

And that's pretty much nothing.

Wow. Okay, so say that whole stat again. So it's women own 40% of businesses.

Women are starting 40% of businesses, generating.

2 trillion in American revenue. But that's less than 4.5% of total revenues.

Okay, and that's per year?

Yeah, according to the source that I.

Pulled this one from.

All right, so tell me why this matters to you.

Why this matters to me is like, so when I wake up every day and I think about what I want.

To do, this is going to sound kind of crazy.

But I think about how we close.

The gender wealth gap in half the time.

So if you. The stat out there on this is.

That it'll take 208 years for women and men to have the same amount of wealth.

So to 208 years, I'm like, okay.

Who do I know that's 208 years old?

And then I realized it's not my generation, right? It's multiple generations away from having that.

Level of equality between our genders.

And I'm like, What? Like, it's 2022. Like, this is absolutely absurd to me. And so when I think about, like, what is the best vehicles that we.

Have to close the gender wealth gap in less than half the time, right?

So that my daughter could be at.

The level of her male peers. And I don't.

I'm not pregnant. I don't have a daughter.

I don't even have a son.

But, like, these are the things that I think about. I'm like, what would it take? And when you think about, like, the.

Vehicles that we have for wealth accumulation in this country, we can invest our.

Time and we can invest our money. And in the future, I think we'll.

Be able to invest our data.

So let's put data aside for now. Well, let's say that we've got our.

Time and our money.

Well, we make less money than men in corporate America. So even if we're investing at the.

Same rate as our male counterparts, we would still end up with less at the end of the tunnel, right? So then there's. Where do we invest our time? Well, we can invest our time in other people's vehicles that are only going to pay us so much and allow us to invest so much. Or we can invest our time into things that we create, and we create things that have exponential value and therefore.

Kind of allow us the capital means.

That it takes to invest that money to realize kind of the gains that our male counterparts would gain.

And to me, that is like the.

Most beautiful thing about entrepreneurship, the most.

Beautiful thing about being a woman, and looking at that as a means for.

Spending your time in life.

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Okay, so you said, you know, thinking of your future daughters if you decide to have them, thinking of our future females in the world, you said, what are the best vehicles? So right now, if you were teaching them exactly what to do, what examples would you use and what would you tell them to do with their money?

First and foremost, I would say for every dollar that you earn.

Look at ways that you can put that dollar to work for yourself and.

Put that dollar to work in so many different ways.

Like, it's actually pretty incredible.

We live, you know, I think the.

Majority of your listeners live in America. Right.

You can put it in the public markets, right?

So invest in companies like sweetgreen.

Like, I love sweetgreen.

They get all of my money. Why would I not?

Same.

Oh, my God. Yes.

So you can invest in individual companies, you can invest in portfolios of companies. You can invest in indexes that track kind of how companies overall within our economy are moving. Talk to a wealth manager, wealth advisor on that. Second thing you can do is you.

Can start your own company. What you'd have to believe is that dollars invested in your own company are going to give you a greater return than those same dollars invested in the public markets.

You could believe that.

You don't have to.

Real estate, another incredible investment. And I'm personally going to plug crypto NFTs because I think that it's just innovations, like what we're seeing in the decentralization of currency is like, they happen once in a generation.

And I think we should all be awake and aware of that.

I agree. Definitely. At least getting educated around it. And it's funny, I just did a podcast yesterday on NFTs, just talking about being aware and potentially just playing really, even dabbling, just playing small to understand it just a little bit. Just put your toe in. I love that. Okay, so more statistics. I know that you came on here with just a page of things that we were like, how do we get all of this info into some beautiful bite size information to really have women understand what's going on and why we need to invest, why we need to start businesses, and why we need to make more money than what we actually think right now is possible for ourselves.

Yeah.

So I guess maybe, I think it's really interesting right now that I don't.

Know what Instagram universe everybody listening to the show lives in, but the one.

That I live in is very predominantly like personal development, mindset money, mindset venture capital.

Right.

Like, there's a lot of. I kind of feel like it's like.

VC porn going around.

Right. Like, everybody knows the stat than, like.

Less than 2.5% of all venture dollars went to.

Not everybody knows us, you know, went.

To women in the year 2020.

That feels like this huge issue to us.

Right?

We're like, how is that possible? That like 98% went to the other gender? And it's really easy to be up.

In arms about that number.

And then you look at the fact.

That less than 25% of women founders actually go and seek out venture capital.

And it's like, okay, think about the funnel, right? 25% go and seek it. 2.5% get it. It's like not that wild, right?

The conversion percentage through the venture capital funnel to me.

So there's that. The other side of the equation. This is like a really positive side of the equation. In 2020, one more female founded unicorns.

Were minted than ever before and it was quadruple that of the prior year.

Meaning women owned businesses with valuations at.

Over $1 billion were quadruple what they had been in a prior period. That's a really exciting stat to me. So anyway, not a lot of women seek venture capital, Not a lot of venture capital goes to women.

And yet when women are receiving these.

Types of investment in their businesses, they do actually outperform those businesses that do not have at least one female founder on board.

Okay, let's talk about this because I think that maybe some people who aren't in this jargon yet maybe have even gotten a little bit lost. So let's just rewind. Okay, so you have an idea for a business, but the business potentially that you're thinking of requires a lot. Or let's just not even a lot at first, right? If you want to scale, then we can talk about the steps of like here's where you might want a VC to come in. But if you have this idea for business, here's how you can get money. Maybe let's back up and start there. And before you even go with that, I just want to say I think that women, and this is not. I think you just literally gave us stats around this. We're not even allowing our brains to think of some of these bigger opportunities or dreams because we haven't seen or it hasn't played out for us or we don't have someone in our lives or role models around us. We don't see how women are getting this money. We don't know the conversation. It all seems very hush hush. It seems behind closed doors, it seems like that's for the smart girls. It seems like that's for the girls who have that network, but it's not for us. This is not a normal conversation that's in my friend groups. This is not a normal conversation that was ever in my family. This is actually like feels so far outside of what's possible for me that it Scares me. So let's start, like, normalizing that conversation, because you're in it every day. Like, literally, if I asked you questions, things that don't feel possible for others feel very possible for you because you are in the conversation daily. So let's start bringing that conversation around. What does this look like for a woman who's like, oh, I have an idea. Maybe a beauty product. Maybe it's jewelry, maybe it's tech. Maybe it's something that, you know, could change the world, but just feels so far out of your reach right now. What are your first steps on that?

Yeah, well, let me point this out, because I want the listener to hear this. I think the first step is stop the conversation the second you feel any.

Amount of intimidation or like you're feeling.

Lost, like, exactly how Lori did just then, and she said, like, stop, rewind.

You probably lost a lot of people.

Because I think that, again, when whoever is the person that's leading the dialogue is in it, they comprehend these things. They know terms that you don't yet know, and because of that, they're using.

Those terms not to belittle you.

It's just how this industry speaks. And just having the confidence within yourself.

To say, I'm sorry, I'm not following. Can you pause and explain that to me? Is half the battle.

I think that's half the battle in.

Life, to be honest.

Honestly, we could stop this podcast there. Everything that you just said is the difference between who will go on to understand and be successful and who will not. Like, trying to look smart and continuing to nod your head and smile gets you nowhere. But back to square one. And I learned that so fast, Steph. It was one of the most humbling things ever. It was like I was on a call with somebody who knew all the lingo and all the things that we're talking about. I knew literally nothing. They were speaking in acronyms.

I was like, I.

You just said the Alphabet in, you know, all of these different ways, but I have no idea what you just told me. Okay, perfect. So stop the conversation and then just keep asking. You're gonna feel like a psycho. You're gonna feel like you know nothing, and you're gonna just be like, ooh, I don't know what that one was either. Okay, great.

Yeah. You know, I think maybe to make.

Me a little bit more relatable to whoever's listening to this is like, oh, my God. Like, what is her deal right now?

No, you're doing. You're great. Are you kidding? You're great.

I remember, literally this is less than four years ago, and I was assigned. I work in high tech. I was assigned to an account that was, you know, big finance.

So it was like Wells Fargo or something like that.

And I got on the phone with.

One of their executives, and I was just trying to, like, create value in the relationship.

And they spoke hardcore gibberish at me, yelled at me, and then hung up the phone. And I was like, instant tears. Go to talk to my boss. I was like, I don't understand finance.

You have to move these accounts off my plate.

Like, I will never be successful in this. And he was like, you will be. This man assumes that you know things that you don't know.

You need to stop and ask the questions.

And so it was like the ultimate.

Permission slip to me.

Like, guys, I'm from the Midwest.

I'm not like Stanford educated, Harvard educated person.

I played sports in college, went to a very, like, minimal university, and happened.

To fall into the fact that I.

Wanted more money in the hands of women.

And that's how I got here.

Right. I'm not smarter than you. I'm not better than you. I am exactly you just one year ahead.

Because I asked a lot of questions.

Oh, I love that. And just real quick, when you say you're in high tech, what exactly is that? What does that mean every day?

It can mean a lot of different things. Primarily think software. For me personally, I have worked in.

Artificial intelligence for the majority of my career.

Artificial intelligence has a lot of flavors to it. It's not all Alexa or Siri. I worked in a very niche flavor.

Of it, which is irrelevant to this conversation.

Great. Okay, awesome. So moving on from asking questions, so the initial spot of figuring that out, like, just literally ask all the questions. What's our next step?

I think one really important question asked.

Is, like, what kind of business are you looking to build? And is that a kind of business that actually needs funding?

There's a lot of epic, beautiful, totally glorious businesses out there that never took.

A single dime on.

So, like, case in point, most people.

Have probably heard the Sarah Blakely story, right?

She started banks by literally chopping off.

You know, the footies of type and.

Turn that into a billion dollar empire.

That we all now know and love.

So Sarah Blakely never gave up any.

Portion of her ownership in that business.

Because she was able to fund it by making money. Right? So if you have enough profits to.

Cover how much it costs you to run your business, you may never have to get investors.

And I think that that's pretty epic. So first ask yourselves like what kind.

Of business do you want to build?

And is that a business that actually.

Requires any outside capital in order to to build it?

There are so many challenges to business that I don't want starting to be.

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When I started Light Pink, there were some options to just bootstrap and grow slower, grow a little more local. But because I wanted to go bigger, faster, and because I also wanted to create opportunities for women to be involved in a company. And part of, you know, the whole reason for Light Pink was this educational portion of creating these opportunities. In this new conversation, I decided to raise money, but I don't think one is better than the other. I have bootstrapped companies, and I'm so glad that I have. There's days where I'm like, man, I wish I would have bootstrapped, but I'm so glad I didn't because I would have quit, and I don't want to quit. So I just love just sharing that because I think that raising money is getting really glorified right now. And I'll tell you, it's not always a great option, and it can also feel like a lot of pressure, and it can be very stressful. And there's a couple different ways to raise money. Do you want to chat about some different ways to raise money money?

Yeah, absolutely. I think the ways that I think of just immediately off the top of my head are, like, a lot of people don't think about getting loans because.

It'S, like, not nearly as sexy as raising venture capital.

But loans are, like, a perfectly good option, right?

You need this.

They're pretty awesome, guys.

Yeah, they're pretty amazing.

And there's a lot of, like, really flexible terms on loans, too.

So, like, if you need money, go.

And ask at least five people for.

How much they could give you and what the terms would be on that.

Don't just take the first money that.

Is available to you. That's easy money.

Second option, totally unglorified credit cards. I know the founder of talenti built his business on credit cards.

Again, like, scaled it up, was in a ton of debt, ultimately used the profits to pay off that debt and sold to Unilever for over a billion dollars.

It's like, okay, that's a story too, right? Credit cards are a resource that we.

Have available to us.

Another option that I think is a.

Really beautiful option is crowdfunding.

It's something that's kind of come about.

That the general public can participate in.

Give you the amount of capital that.

You need, and then cheer your business alongside of you, which is a pretty beautiful and epic Thing as well. Then, of course, there's venture capital or raising from, if you've heard the term.

Angel investors, which are really exceptional ways to access a lot of funding.

However, you will compromise your ownership in the business and therefore your ability to be the main authority on decisions that you're making.

In addition to that, every quarter or so, you will be brought to the.

Table to look at your numbers and analyze how those numbers need to change or accelerate in order for you to continue growing the business.

And so these are all ways that.

You can grow a business. There's no right path.

There's like the sexy path, right, like.

That we hear about more and more. But again, it goes back to, like, intuitively you'll know in your gut, like, what type of money is meant for you and what type of people you're meant to take that money from so that you can grow the vision that you have in your heart.

Oh, so good. Thank you for that. I think that, you know, a lot of the podcasts we listen to, it's like, oh, they just got $10 million or 20 million or 100 million from this venture capital. But it's funny. I'm watching. Are you watching any of the Netflix on WeWork or Uber?

They are both on my watch list.

I've heard amazing things.

I finished one and almost done with another one. And I'm like, whoa, this is a great education for people who think that they want to take on a lot of venture dollars, which is great. You can see how fast you can freaking grow and get a footprint out there because it's just money. But think about, this is a crazy thought. Like, think about you having an idea and not having all of the experience yet, but having all the money to spend it as an inexperienced founder or CEO. So that's kind of the story of what happens a lot. It's just really, really interesting. So, and not to go on a tangent, but that is a great example of just a lot of the pressure, especially when it's large amounts. They give away so much of their company that they can get voted out of their company. And you have no, like, you literally have a company that you have all your blood, sweat and tears and you are no longer able to run it. Very interesting.

I think maybe to make a comment on that, right?

We hear oftentimes in the media because these are compelling stories.

Like the teams that totally blew up, right? The weworks of the world, the Theranos is of the world. And you're like, woo, that was a dumpster fire on the other side of the equation, like the glossiers, like, billion dollar valuation, like, gorgeous products, like obsessive customers. What you don't hear a lot about is the messy middle. The company that raise a ton of money never figure out who they want.

To be when they grow up, and.

Who are ultimately kind of forced into.

An exit equation that benefits literally no one.

And, like, those exist too. And so I think it's important that.

The listener hears that. Like, again, there's so much hype around this industry. Right.

Well, at the end of the day, you need to look at what is.

The lifestyle I want to have or.

The people that I want to serve. What does it take to do that? And how can I do that on my own terms? And if I means taking on capital.

So you can scale this thing to the moon and you're willing to take the risk of it totally imploding, cool.

By all means, go do it.

We need more people doing that.

But if it's not, then I would.

Take a look in the mirror before it. Before you think that that's the only path.

Oh, my goodness. And I think this is a conversation that women. Probably part of the reason why we. Well, we know the reason why we. It's a big part of the reason why we stop ourselves is there's also this lifestyle that's attached to it with, oh, my goodness. If now I get this money from people, now I literally am expected to not sleep, to not take care of myself, to be seen working 24 7, even if that work is total shit. Tell me about this conversation on your end. Are you hearing any of this? Like, what are your thoughts on it?

All the things I'm positive that there.

Are both founders and investors who fully and wholly believe that.

Right. That are, like, the workaholic types that.

Expect, like, every ounce of blood, sweat, and tears that you take from them you put back into the business.

I also think that there is a rise of conscious VCs that I, like, have met through my network or no.

Because I work with these people every.

Single day who believe in founders and their vision and creating space for them.

To be successful on their own terms.

And they fundamentally believe that success comes by not burning out and by not going so hard that you wake up.

Two years from now and you literally can't even move the business forward any longer.

There's actually a business that I'm very close to where the CEO and founder worked so hard in this business that.

He actually developed cancer and had fertility issues and then had to depart the business. To take care of his health.

Right. And so our VCs or the VCs, you know, associated with this business.

Look at that.

And they're like, oh, shoot. You know, we put in tens of millions of dollars into this founder and.

Their beliefs and how they were going to run this business.

And then that person did the equivalent.

Like, worked himself to death. Thank God he's alive.

But they don't want that. Right. They want the best outcome for themselves and the businesses and the founders. And so, yeah, I think that there's a lot to be said about kind of the awareness of bringing your whole.

Self to work, the awareness of boundaries.

The awareness of like everything that the.

Pandemic really brought to the forefront in new era of business that we're entering.

Oh, so good. It actually, like really inspires me to want to start that later on in my career. Just a fund for women that's a little more conscious. Because I think that that's part of the problem. Why we're not starting is because we don't know if we're willing to let go of our health, our family, all of the things. Yeah. And I think that those are the pieces that make us so passionate about a product or a company, that make us so connected to our audience. And I think when we work ourselves to death, we get so disconnected that we start to resent what we're doing. And it's felt like, I think that's where so many people go wrong, is I've been in seasons of that in my career where I'm like, why are my numbers going down? Why are my things not selling well? You're exhausted, you're resentful, you don't like what you're talking about anymore because it doesn't feel authentic. Because it's not. I literally remember, Steph, we made this program. It was at the most burnt out stage of my entire life. I had never worked this hard in my entire life. And I was creating also a program called Alignment. And I remember just like freaking out. My husband and I were fighting and we were like, I have this difficult. I've never been so underlined in my life. Like, even though the theories were what we were living by, we just like took on so much all at once. And it was just this moment of like, this is so hilarious right now that I'm right here, I feel like.

There'S really something there to be said. And I feel like the need to share this right now because it goes back to like that triangle, right. Of like, there's the Data.

And then there's the intuition.

And the intuition, I think, has like.

A little bit of science.

So I'm a hippie. Woo woo.

Pisces.

And I took a sound bath, you know, multiple times. I was like, I have to learn.

How to play sounds for myself so.

That I can, like, realign my energy.

It's just so good. It's so juicy.

And so I took the sound course. And what I learned in the sound.

Course is like, sound is vibration, vibration is energy. And we project our energy through the vibrations we give off, right? Literally our voices.

And so if you are like so.

Far out of alignment that you're miserable.

There is no way on like a cellular level you're going to project this aligned, perfect, beautiful, loving energy out. It's just not physically possible. And so no wonder your sales were down. You literally, physically and energetically were not.

Aligned to whatever that was.

It's so interesting because I 1 million percent believe that because I'm talking on a podcast and my numbers were down. We're talking about sales and I'm speaking it out into the world and I. I'm speaking through it. So when I am happy and I am healthy, things go well and I am wealthy.

It's true.

People want to do business with people who make them feel good and who they believe in. And you can't believe in someone who feels like they're giving an inauthentic version of themselves. Like, it actually pushes away rather than.

Attracts authenticity, confidence showing up, right? Like, when we're in our highest, like.

Most energetic versions of ourselves, like, we attract those that are meant for us into our lives.

When I started down this path of.

Working with VCs every single day, I was like, oh, my gosh, like, these.

People are so intimidating. And like, I can't imagine being a.

Founder, pitching my business and like, all this stuff, right?

And I kind of assumed, I was.

Like, man, these guys got to be so data driven, right?

They're using data to determine what kind of companies they want to look at, you know, to even, like, meet, you.

Know, have a first conversation. Like, I'm sure there's a ton of data here.

It's almost entirely through people's network. It's almost entirely through who you know.

And how you make those people feel. And that's how you get to these tables, to have these conversations.

And that blew me away. And so anyway, I think the lesson in all of this is, like, if you are strung out on your business.

Burnt out, crying your husband every night.

Been there, done that, Sounds like Lori has too. You are in no way like in the right mental attitude to attract the people into your life that are going to put you at the table, that are going to get you the capital.

That you need on the terms that you want that.

And so going back to your original question, Laura, like, do you have to put like every ounce of blood, sweat and tears and every hour of your.

Life into this business?

No.

Like, don't burn yourself out because that's.

Not the path to success.

I could tangent on so many things with you right now. Oh my gosh. But I want to like, literally this could go on forever with you. So I want to talk about women and pitching. Starting to think about, okay, I might have this idea, or I do have this idea, but I'm not really sure in my gut. I saw it, it feels great. I think it could be awesome. But now when I think about money and pitching, I'm not sure. I don't feel confident. I don't think this idea is going to get out because I just don't have the network or the confidence. How can we get around this? Because this is where I think this is happening a lot. I don't have the people to ask, I don't have the network, I don't have the confidence. Where could we start to at least not bench ourselves before the game has begun?

Yeah, I feel like there's a few.

Different ways to break this down.

So first and foremost is like, you've got an idea.

You don't have a business at this point, you just have an idea.

The first thing I would ask myself is like, what is the most stripped.

Down version of this idea that I could produce with the means in the network that I have right now? Example.

You wake up and you're like, I want to start an oatmeal company that competes with oatly.

Right?

Like, how in the world would you do that? Here's how I would start. I would buy some oats, I would get some water, I would press that stuff, put it in a jar, give it to my friend for however many dollars she'd pay me for it and say, what do you think that is starting a company?

Right?

It's a seedling idea. It is a minimal viable product, as.

We would say in the software industry.

But it is immediate validation, confirmation that.

You have something that's worth pursuing.

A lot of times we count ourselves out because we see the big vision of that oatley and we don't see the hand pressed water and we think that's not for me. That's too big. Break it down to the barest studs.

And see if you can validate your idea with no network, no means whatsoever.

Okay, I gotta weigh in on this, because I love that, and it's 100% the truth. So for me, when I was like, I think I want to start this, like, beverage company, maybe champagne, maybe wine spritz, I Googled how to start one. I literally was like, what do I do if I want to? You know how you like that? Your first sentence is like a paragraph long, and then you're like, okay, Google's not understanding. So the first step is literally just figuring out what to ask.

I was like, okay.

Oh, how do I formulate? That's the word that took me even a while, Steph. Like, what word do I ask if I wanted to start a beverage company? So I found this thing, after asking Google how would I formulate it? Said that I would need a flavor house. So then I Googled, what is a flavor house? And what kind of flavor house if I wanted an alcoholic beverage? So then I found a flavor house and learned that the minimum for me to get something, anything, for me to start seeing if this was even a thing that could be good, that didn't taste like absolute ass water, I was like, okay, $9,000 to do this. Can I invest 9,000 of my own dollars to start this process? Yes. And this was before I raised money. And this was literally like, is this something that I couldn't believe that I can believe in and that I think is possible for me? Because I didn't want to go raise money or start this company without knowing I could get a product that tasted the way that I wanted. And so to your statement, 1 million percent, that gave me the confidence and kind of, like, got me into the language enough to be like, there's something here. Because when my friends had it, they were like, this is something.

And that's the second thing is, like.

That first action, whatever that action is.

And, like, you did it this way.

The, you know, the oat milk example that I gave is another way.

The founder of Dough, they launched it on Instagram, like, they didn't even have a product. They just put up an Instagram to see, like, what is. Does the market like it, right? You get likes on Instagram.

Immediate validation, like, you're onto something.

So whatever that first action is, that's.

How you build confidence.

Because the second that your dream customer, whoever that is, validates like, ooh, yeah, this rocks. You have the pep in Your step.

You need to go and take that next action.

And so your question around network, like, what is that next action? This is, I don't know, hot take. But I think that salespeople get a bad rap. But salespeople are honestly, like some of the best ways to learn from people.

And build your network. Because salespeople are incentivized to sell to.

You, but they also come with a.

Wealth of knowledge on whatever topic it is that you want more information on.

And so go to a website that looks like it can help you put.

Your name in and request a conversation with sales.

That salesperson is going to get on the phone and they're going to literally.

Give you the roadmap because that's their job to doing whatever it is that you're trying to accomplish.

Oh, man, these are such good tips because we think that we're supposed to move forward, feeling how we feel with just an idea, and that is not enough data for you to move forward. And so I'm so grateful just for all of this shared. I know you probably have a few things you haven't shared that I would love to just wrap with on just making us feel like we can be more confident and at least know the direction and start the conversation. Today is simply about, like, let's start allowing ourselves to have the conversation and not feel stupid about not knowing a word that someone said, but really asking and inserting ourselves into the conversation. So, Steph, what are some things we did not cover, if anything?

I would say again, for anybody, like, looking to actually go and do fundraising.

That doesn't feel like they have the network. Here's where I would start. Google.

One thing that surprised me, I actually.

Didn'T know this when I entered the.

Space, is that these funds, so companies that invest money for a living, they.

Each have specific mandates.

As an example, one fund could invest.

Only in technology companies, another only in consumer packaged goods companies.

Theoretically, if you go to one of.

These funds that does not invest in companies that look like yours, they will never answer the phone.

They're going to tell you to go away, and it's going to be highly demotivating. I actually didn't realize, right, like, how.

Important it was to be thoughtful about who you're reaching out into this space.

Or to in this space and who you're receiving feedback from in this space.

Right.

And so I think, you know, my encouragement to the listener was, you know, depending on what business that you have, go and find venture capitalists that invest.

In your type of company and see if they will mentor you again.

At the end of the day, venture.

Capitalists are salespeople through and through.

They are responsible for identifying companies that they can invest in, determining if you.

Guys can come to mutual terms on.

That, and then giving you money so.

You can run your business. But.

But they have to invest in people.

That'S like, literally their business, right? And so have conversations with them. Understand what that would look like for your business. Ask every question that you would ask.

If you know you were looking to.

Get married with somebody.

And if you're looking for just some, like, more passive resources, things to do that don't require you to talk to.

Strangers and ask tough questions. I would recommend a few specific books that have been recommended to me.

The first is Secrets of Sandhill Road. Really gives you an insider look at, like, the industry of venture capital and the mechanisms there.

The second is venture deals. That book really gives you a better understanding of, like, how these. What are the terms of these deals? How are they structured? What do you need to know as a founder going into them? And then the last is the founder's dilemma. And why I like this book is it actually goes through kind of the.

Issues that you could come across if.

You choose to take on venture capital and shows the other side of the coin should you decide that that's the right path for you.

So go in eyes wide open.

Know that you have the right to.

Ask every single question, and know that.

You also have the right to have.

Money available to you and to walk.

Away anyway if it doesn't feel right.

So good. You've shared so much. And I think that this is freedom around. One thing I just want to add is, like, I hope that for everybody, this is freedom around. Go as big as you want or keep your company small. Like, you don't have to have this giant company to have a successful company. Like, your company can make a million dollars a year, and that's a giant success. You can make $20 million, and that's a giant success. You can exit at $5 million, and that's a huge success, depending on, obviously, what you've spent within your company. But I just really want to say that within the area of you don't have to take on all this money, you don't have to have some giant company to start this, like, dream business. It can start smaller, you can borrow less, you can bootstrap, you can borrow a lot. Like, I hope this conversation opened you up to, like, whoa, I'm a person who could actually handle that risk. I'm a person who actually feels really excited about really large amounts of money because I know exactly what to do with it or who to hire to help me run it. So thank you so much, Steph, for coming on. Any last words for our listeners that you want to add?

I think just a quick for anybody that is listening to this and is building a business that is similar to light pink.

Right. So consumer goods business.

Part of the business that I am.

In is that we invest in companies like yours and we also provide loans to companies like yours. And so if you have questions and you need answers and you literally just want, like a friendly person to ask a bunch of dumb questions to let me be that person, I would love.

To help you because I'm personally very passionate about this and want more money.

In the hands of women so we can do epic things.

Oh, I love this so much. And Steph, what is your Instagram handle?

Yeah, I'm Ystef Caldwell. So B Y S T E F Caldwell. C N L D W.

Amazing. And we'll put that in the show notes as well. You guys, one of the best things that we can do for our guest to tell them how incredible they were and what we got out of it is to tag Steph on her Instagram and let her know what your biggest takeaway was. Or as she said, shoot her a message, ask a question. Because this is really how we're doing it. We're all just piecing it together. We're all asking people who are a little or a lot ahead of us. And we're so grateful for you for tuning into this conversation. There'll be many more like it. And until next time, earn your happy, everyone.

Bye. Bye. It.