Nobody would have resented her after 148 investors had refused everything.
But if there’s one thing that Kathryn Minshew values, it’s endurance – if one approach fails, she’ll try something else.
Minshew is co-founder and CEO of the job search and career consulting site The Muse . Today, she and her colleagues raised nearly $ 30 million, just over € 24 million.
In her first successful round of financing, she has acted reflected. Two strategies in particular have helped her:
1. She put the first meetings with the investors in a three-week rhythm.
Before that, according to Minshew, she accepted every appointment proposal she was offered.
Now she would ask investors to meet with her within a certain timeframe – if that’s not feasible, she’d say something like, “Unfortunately, I have to get through with all the meetings by the Xth day, I can go back a bit embarrassed, but if that still does not work, that’s no problem at all. Let me know if you can, and if not, that’s fine too. Maybe there’s another round you can attend. ”
In most cases, some investors would say that they wanted to review their schedule to make the appointment a reality. “And those who still did not like it or simply said ‘we can not’, which I suppose they probably did not like as investors,” she adds.
2. She asked for honest feedback from her users.
This second strategy allowed her to remain confident that her idea was viable.
“If you tell someone you’ve started a business and ask for input, he or she would give you more positive feedback so as not to hurt you,” says Minshew.
“But if you tell someone that you’re a consultant and you want to help a business understand how market positioning works and what makes it good and what does not, it gives you unfiltered feedback.”
Based on the feedback from her target group, Minshew realized she had “hit a nerve”. Although there were areas where they could improve, there was apparently a need for their side The Muse.
“We are simply embarking on a path that people loved,” says entrepreneur Minshew.