How Educating Herself Gave A Founder Access To Venture Capital
Renock is ambitious, but she didn't want to build an agency. Instead, she wanted to help start a thousand agencies. Renock and her cofounders, Claire Humphreys and Kristen Ablamsky, had an idea for a platform to facilitate connections between nonprofits and freelancers. Before the cofounders quit their jobs, they tested whether the service was wanted.
Some founders have friends and family that can afford to invest in their startups pre-seed round. That wasn't the case for the Wethos team. The goal of the pre-seed round is to demonstrate that your product fulfills a market need. They applied to accelerators, who just didn't get Wethos' business model. Renock and her cofounders knew they were on the right track with the service because, despite the platform's flaws, freelancers and nonprofits continued to use it.
In the early days, Renock treated fundraising as the end goal, but, really, it's a means to an end. She learned several things an entrepreneur needs to do:
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