I had to learn this mantra: Get up. Again. And Again.
A female mobile tech entrepreneur’s story.
They say that necessity is the mother of invention. And, in my case, this was true in more ways than one.
Immediately, I jumped into action and lined up job interviews. I wanted to feel confident about my appearance, so I decided to freshen up my beauty routine. However, because my spending habits had dramatically changed, I bypassed my usual trip to Sephora and found myself in the drugstore beauty aisle. A wall of thousands of products, trapped in plastic packaging, was protected from curious shoppers like me. With no testers, no mirrors, no experts, and no handy reviews, this mecca of beauty products turned into a tyranny of choice. I abandoned the aisle, frustrated. I wondered, “How the heck do people decide what to buy?” I went home and began researching beauty blogs and how-to videos.
Pretty in my Pocket (PRIMP) would solve the beauty-buying dilemma. My freshly minted MBA birthed a business plan for this mobile shopping tool. I should have been excited but, I was broke. I shelved the pursuit of PRIMP and went hunting for corporate jobs. Despite my fresh makeover, twenty interviews led to a slew of rejections, and my best bet seemed to be PRIMP.
I convinced my stepdad to invest $10K into a prototype. He’s a solid businessman, but he did not understand PRIMP. He was backing the idea because he believed in me. We hired an intern, a designer, and a developer and shopped the prototype to several investors. Nothing for months.
I got a call to present to local investors who were convinced enough to keep things moving. We built a product alpha, then beta, then our shining moment: a pilot with a major retailer and beauty brand. The pilot in New York City produced a mobile Perk conversion rate (rate of coupon views/redemption at register) five times that of the retailer benchmark!
We had proof of concept: Rewarding customers with coupons within a mobile app that helped them make a better purchase decision in store, generated compelling results. We got a verbal to move forward on a national deal with the retail partner. But, the giddiness from that deal waned after seven months, and the verbal yes has still not been inked, despite my numerous attempts to urge a corporate giant to move at a startup’s necessary pace.
A couple of slight pivots for revenue, an almost hostile takeover, and my team shrunk from five members to two. Having to let go of people who are more to you than “employees” is a burden I wouldn’t wish on anyone.
He was right, but I had to get creative. I discovered a small investment fund I forgot about, and my Facebook stock turned around, so we had enough resources to last us until the 4th quarter of the “game.”
Throughout all of these emotional and financial challenges, I’ve stayed committed because the original idea turned into an even greater opportunity. We found a partner that enabled a direct integration with a retailer point-of-sale. So, for the first time, personalized Perks could be offered to users, and those Perks could be tracked all the way to the register, providing useful and previously unavailable data to retailers and brands. In addition, PRIMP was giving power to women by providing real photos of makeup on real women rather than photoshopped models. PRIMP users were posting their own beauty product reviews and helping each other make better purchases.
You may have heard the stats on women in tech and fundraising, but to remind you again, only 7% of venture capital funding goes to women, as reported by the Center for Venture Research. And, only 4.2% of investing venture capitalists (VCs) are women. My personal experience with VCs was pretty typical—an average of three to four men on the opposite side of a massive conference table, throwing questions like darts. I’d walk my punctured ego to the bathroom afterwards for a moment to re-energize and to ascertain the damage to the temporary deflation exercise.
So, we are trying a different route:crowdfunding.
Whether our campaign succeeds remains to be seen. Yes, the money is important for our growth, but sharing our story and getting the word out there is paramount. Helping women has been our vision from the beginning.
So, we step back into the game, and we’re at the 100th yard line. The pass of a lifetime just might be thrown. We step into the end zone, and the ball just might land in our hands. That’s what it looks like when start-ups “make it.”An easy pass. It just means we’ve been in training long enough to know where to be in order to catch the ball. But no training can prepare you for the stumbles and falls along the way.
Stay tuned to learn the outcome of our crowdfunding campaign and our national deal.