If you're not familiar with Techstars, Techstars is the worldwide network that helps entrepreneurs succeed. Techstars defines their three month program as a space to "help entrepreneurs gain traction through deep mentor engagement, rapid iteration cycles, and fundraising preparation." Tiara and I can attest - we gained major traction because of all three!
Here's the most valuable lessons extracted from our time in the program:
1. Product-Market Fit.
"Product/market fit, also known as product-market fit, is the degree to which a product satisfies a strong market demand. If the product does not fit the market, then there is not a business. We spent a lot of time in Techstars talking to our target customers about their needs and challenges which helped us determine how our product can be their solution.
2. Give back and give first.
Our goal is to fund more women and to do that, we have to make sure more women know about us and the work we're doing. One way we do that is by creating opportunities to give first. Through our free monthly webinars, we give free startup educate to our audience to help them level up!
If you're a founder, click here to learn more about our monthly webinars!
3. No more emails.
You read it right! In Techstars, we learned that we should never send another email so our team actively communicates using Slack. In my experience, information amongst team members is more likely to be lost by using email for every day team communication. Using our #marketing and #press Slack channels helps us easily and quickly distribute content to our social media and marketing teams. Slack has been life-changing!
4. Do more faster.
When Techstars talks about RAPID iteration, they are not kidding. Since leaving the program, the question we like to ask ourselves now is, "How can do we do more faster?" The answer to that question has resulted in an increase in our productivity level on all levels as a team. Not only that, we're also able to gain traction faster which helps us fund more women - which is our bottom line.
5. Utilize your social capital.
One of the greatest strengths we have as founders is our social capital, however, if we don't leverage it, it is useless. If we weren't doing more faster, or trying to determine our product-market fit, we were busy figuring out how we can leverage our collective networks.
For anyone who needs to hear this: There is so much power in leveraging your social capital to connect with your ideal mentors and business advisors. Utilizing your social capital will result in long term business sustainability. Try it out!
While the program was challenging, we're walking away more productive, efficient and determined founders.
Many many many thank yous to the team at Techstars. We did it!
We are…
The world’s first and only, women entrepreneur-focused, debt-based funding platform.
A groundbreaking movement to unite founders and funders who share a vision for sustainable women-led ventures.
AS SEEN IN
What we do?
We help women get up to $250,000 to grow their business
Our Mission
We believe in inclusive economic growth and disrupting traditional and predatory access to small business financing. To create opportunities for women-led businesses, we focus on social change, empowerment and creative uses of monetary value. Through EnrichHER Funding, EnrichHER Society, and EnrichHER Spark, we are an ecosystem of entrepreneurs and capital providers who have pledged to support 10,000 women grow incredible ventures.
How you can participate in the EnrichHER Community?
Apply for funding here.
Invest in a female founder here.
Make a donation here.
Join our online community here.
Follow & Engage with us on social.
https://www.instagram.com/ienrichher
https://twitter.com/ienrichher
https://www.linkedin.com/company/ienrichher
