Podcast Summary
Discovering Effective Research with Tegus: Tegus offers affordable access to expert calls and company info, enabling investors to learn about companies efficiently and cost-effectively. Jenny Lefkort, a Freestyle Capital GP, emphasizes the importance of understanding customers and strong go-to-market strategies for founder success. The conversation also explored Jenny's favorite market themes.
Tegus, a primary research platform, aims to make effective research faster and more affordable for investors. By providing access to expert calls and extensive company information, Tegus allows investors to learn about companies efficiently and cost-effectively. The platform's affordability, with calls starting at $300, stands out compared to competitors charging $1,000 or more. Jenny Lefkort, a general partner at Freestyle Capital, shared her background and investment frameworks during the podcast episode. Her experiences, including co-founding an online wedding registry startup and working in the early days of the tech industry, shaped her belief in the importance of understanding the customer and having strong go-to-market strategies for founder success. The conversation also touched on Jenny's favorite market themes, including technology, aging population, future of work, and the growing low code, no code movement.
Starting a business based on customer needs: Founders should deeply understand their customers and their evolving needs to succeed, even when investors or industry trends may doubt their vision.
Understanding your customer and their needs is crucial for entrepreneurial success. The speaker, who started a business during her time at Stanford University, shared her experience of creating a wedding gift marketplace during the dotcom era. Despite facing skepticism from investors who believed that retailers would become obsolete, she held firm to her belief that brides would continue to register for gifts at physical stores. Her customer-centric approach paid off, as her business received a term sheet from Kleiner Perkins. The speaker emphasized the importance of founders truly knowing their customers and their future needs, even if the consumers themselves may not be fully aware. This customer-centric mindset has stayed with her throughout her career as both a founder and an investor.
Balancing customer needs and market trends: Successful founders understand customer needs while staying aware of market trends. Investors seek a compelling vision, growth potential, and a strong team to invest in.
Successful founders stay true to their customer needs while also being aware of market trends. They balance the two by understanding the impact of trends on their customers and their business. When evaluating potential investments, investors look for a compelling vision, a market with growth potential, and a strong team capable of executing the vision. The team's attitude, growth mindset, and ability to recruit talent are crucial factors. Investing in nascent markets with big tailwinds can lead to significant market outcomes. Ultimately, the goal is to identify a team that can create a market-leading company in a lucrative space.
Innovation opportunities for aging population and caregivers: The aging population and their caregivers represent a massive, growing market with significant potential for innovation in areas like housing, healthcare, and daily necessities.
The aging population and their caregivers represent a massive, hidden market in need of innovation. This was brought to light for the speaker when dealing with the challenges of caring for an aging family member. The aging population is growing rapidly, and many of these individuals are active and desiring to work or live independently. However, they face numerous challenges in areas such as housing, healthcare, and daily necessities. The speaker expresses interest in this space due to its significant potential and the lack of innovation in addressing the unique needs of this population. There are now venture capital firms dedicated to this market, and trends show that it will only continue to grow. Opportunities for innovation include housing solutions that allow seniors to age in place, services for food and transportation, and technology to assist with daily living tasks. These are just a few of the many potential areas for innovation in the aging population market.
Technology Opportunities for the Aging Population: Technology companies can tap into a large and growing market by catering to the needs of the aging population through home care and remote monitoring solutions. Senior-friendly technology and IoT devices, as well as subscription-based services, are potential business models.
There is a significant opportunity for technology companies to cater to the needs of the aging population, particularly in the areas of home care and remote monitoring. The current infrastructure, including apps and services like DoorDash and Uber Eats, is not optimized for this demographic, leaving a gap in the market. Furthermore, cultural norms in the US regarding the elderly differ from those in countries like China, where there is a greater respect for the elderly. The COVID-19 pandemic has highlighted the need for solutions that allow elderly individuals to age in place, putting pressure on families to find ways to support their loved ones remotely. This has led to an increased demand for technology that can monitor and assist the elderly while also providing peace of mind for their caregivers. Business models in this space could include the development of senior-friendly technology and IoT devices, as well as subscription-based services for remote monitoring and support. The market for such solutions is vast and growing, and there is a great need for companies to step up and address this unmet need.
Business opportunities in tech solutions for aging population: Leverage tech to build relationships, offer value-added services in housing, create active & engaged experiences, and cater to unique needs in health & fitness for aging population.
There are significant business opportunities in creating technology-focused solutions tailored to the needs of an aging population, particularly in areas such as housing, social and consumer experiences, and health and fitness. Upside Home, for instance, has found success by focusing on providing a seamless living experience for seniors without the burden of real estate ownership. In the housing sector, businesses can leverage technology to build relationships with property owners and offer value-added services, while in social and consumer experiences, companies can help seniors stay active, engaged, and connected. In health and fitness, there's a growing demand for solutions that cater specifically to the aging population, with many people preferring dedicated platforms over general-purpose apps. When building products for this demographic, it's crucial to consider their unique needs, such as ease of use, accessibility, and customization. Additionally, businesses should prioritize building trust and relationships with their customers, as the aging population values personalized service and a sense of community.
Designing for the elderly: Simplicity and Consistency: Understand the elderly demographic's needs, provide a one-stop solution, and use a go-to-market strategy that addresses their current and future needs. Obsess over the customer, educate them, and use a '1, 2 punch' approach to solve their immediate need and paint a future benefit.
When designing products or services for the elderly demographic, simplicity and consistency are key. Make the user experience easy on the eyes, limit choices, and aim for a one-stop solution. Understanding the go-to-market strategy is crucial, as this demographic wants solutions that address their current needs while also offering future benefits. To effectively identify and address the go-to-market challenge for a specific company, it's essential to obsess over the customer. Understand who they are, where they are today, and where they have a need. Educate them about the solution and how it will improve their lives both in the present and the future. Use the "1, 2 punch" approach: solve their immediate need and paint a future where they'll need your product even more. A successful example of this approach is Narvar, which improved the post-purchase experience for retailers and consumers, addressing their current need for convenience and offering future benefits.
Understanding customer needs and providing transformative solutions: Successful entrepreneurs focus on customer needs, educate enterprises about future necessities, and offer transformative solutions beyond just addressing current pain points.
Successful entrepreneurs understand the needs of their market and educate enterprises about their current and future needs to create a compelling go-to-market pitch. The example given was of a founder who identified the need for a better post-purchase experience in retail and pitched it as a solution to retailers' pain points, while also positioning it as a future necessity. This approach of understanding the customer's world and providing a transformative solution instead of just focusing on what you're selling is key to getting enterprises on board. The analogy of Viagra being a transformative solution that goes beyond just solving a problem is also applicable to this concept. By focusing on the customer's needs and providing a solution that addresses both their current and future pain points, entrepreneurs can create a powerful pitch that resonates with enterprises.
Identifying and solving customer pain points while presenting a compelling vision for the future: Successful sales require addressing current issues and offering a vision of improved solutions, like BetterUp's approach to employee coaching.
Identifying and solving a customer's current pain points while also presenting a compelling vision for the future can lead to successful sales. BetterUp serves as an example of a company that did just that by democratizing employee coaching, a solution to the problem of expensive and ineffective professional development programs. However, they didn't stop there. They also offered a vision of a future where employees are thrilled with their professional growth opportunities, leading to increased engagement and better performance. This 1-2 punch approach can help sales professionals stand out and close deals more effectively. Furthermore, the way we work has drastically changed in the last two years, and there's ongoing debate about what the future holds. While some believe we'll return to the old normal, others envision radical changes. Regardless of the outcome, it's an exciting time as we continue to explore new possibilities and push boundaries. The future of work is uncertain, but that's what makes it so intriguing.
Effective systems for connecting, learning, making decisions, and documenting in the future of work: Innovative approaches to recruitment, onboarding, and interviewing are essential for creating a fluid work environment that connects all aspects of the employee journey
As companies navigate the future of work, whether it's fully remote, hybrid, or in-person, having effective systems for connecting, learning, making decisions, and documenting those decisions will be crucial for maintaining high-performing teams. The old ways of working may have been sloppy, but in the future, it's essential to be thoughtful and make conscious choices as an organization. The recruitment and onboarding process, both before and after hiring, is also receiving more attention, with innovative approaches being developed to improve these experiences. Companies like Plus Plus and Donut.ai are leading the way in onboarding, and there's a growing focus on next-gen interviewing methods. Ultimately, the key is to create a fluid work environment that connects all aspects of the employee journey, from recruitment to onboarding and beyond.
A new era of building and creating with low code and no code tools: The rise of low code and no code tools is revolutionizing development, enabling quicker and easier creation for individuals, entrepreneurs, and businesses. However, maintaining team sync and engagement is crucial for productivity, happiness, and connection.
We are entering a new era of building and creating, where the need for traditional coding skills is decreasing due to the rise of low code and no code tools. This trend is not only exciting for individuals with emerging interests in technology, but also for young entrepreneurs and businesses, as it allows for quicker and easier development. However, as teams and organizations continue to work together and change, it's crucial to focus on maintaining team sync and engagement to ensure productivity, happiness, and connection. The future of building and creating lies in the integration and use of these tools, and the development of communities and experts to support those using them. The investment in such a marketplace, like Hops, is a step towards addressing the need for on-demand expertise in these areas. Overall, this shift towards low code and no code tools is opening up a world of possibilities and unlocking new opportunities for individuals and businesses alike.
The shift towards low code and no code technologies is changing the way we learn, work, and build businesses.: Investors must expand their horizons beyond traditional hubs as talented individuals and innovative companies can be found anywhere in the era of remote work and virtual collaboration, while adapting to the constantly changing landscape.
The shift towards low code and no code technologies is leading to significant changes in the way we learn, work, and build businesses. This trend is making skills like coding more accessible, but also necessitating new ways of education and collaboration. For investors, this means expanding their horizons beyond traditional hubs like the Bay Area, as talented individuals and innovative companies can be found anywhere. The pandemic has further accelerated this trend towards remote work and virtual collaboration, but it also highlights the importance of in-person interactions for creativity and productivity. Ultimately, the game is constantly changing, and individuals and organizations must be willing to adapt and evolve to stay ahead.
Embracing serendipity and collaboration for success: Recognize unconscious biases, form networks for growth, and commit to promoting diversity and inclusion to overcome systemic inequality in business.
Serendipity and collaboration are essential for success in business, especially in the rapidly changing and increasingly competitive venture capital industry. Unconscious biases, however, remain a significant barrier to diversity and inclusion. The speaker emphasized the importance of recognizing and addressing these biases to promote meaningful change. Additionally, the formation of networks and communities, like All Raise, can lead to personal growth and professional advantages, while also contributing to the broader mission of increasing representation and opportunities for underrepresented groups. Ultimately, turning the "Titanic" of systemic inequality in tech and finance will require ongoing effort and commitment from all stakeholders.
Investing in diversity at the seed stage: Focusing on diversity numbers alone won't ensure long-term success. Building diverse teams early on expands the recruiting pool and fosters a healthier company culture.
Focusing solely on diversity numbers without considering the importance of investing in women and underrepresented groups at the seed stage can limit progress towards greater inclusion and success in the long run. Unconscious biases can influence decisions, but as more women achieve leadership roles, these biases may lessen. It's essential to play the long game by building diverse teams early on, as this will expand the recruiting pool and create a healthier company culture. A kind act from a mentor served as a reminder that taking time for personal growth can lead to new opportunities.
Embrace challenging conversations for personal growth: Encouraging growth through challenging conversations can lead to significant personal development
Sometimes, the most meaningful advice comes from unexpected sources. In the conversation, the speaker shares how her mentor, Jerry Held, challenged her perspective and encouraged her to pursue her passions, leading to personal growth and happiness. Cheerleading is easy and comforting, but true growth often comes from being pushed out of our comfort zones. As investors and mentors, it's essential to challenge those we care about, opening their eyes to new possibilities. This tough love approach may be harder than cheerleading, but it can lead to significant personal growth and development. By embracing the challenging conversations, we can create a positive impact on the lives of those around us.
