A tale of opportunities missed – and what we did about it.
I prefer to work with people I like, and I really like the team behind Hooves (hoovesapp.com). There’s no guessing where Hooves will end up, but they work hard, have a great idea, and the last year has been a lot of fun. They also happen to be women, so last year I taught Hooves not to smile.
Ninety percent of mentoring women in startups is the same as mentoring men. The last ten percent is not. I don’t have to mentor men on how to deal with investors who don’t take them seriously because they’re men. I don’t have to mentor men on how to present their product or service to investors who don’t understand men.
Misunderestimation is a common mistake
Alina and Suvi, the two founders of Hooves, fit a lot of our stereotypes about horse people. Both are young, female, outgoing, and blonde. Danes would call them ‘hestepiger’ – or ‘horse girls’. A lot of investors they met dismissed them to talk instead to introverted young men with glasses or overconfident fast talking salesmen types.
We changed the pitch
Just before the summer, we changed two things in their pitch – their focus and their delivery. Many pitches spend either too long on the problem or focus too specifically on their initial solution. The first Hooves application matches people who own horses with people who want to ride horses. The big opportunity the company presents, however, is digitizing an industry more than three times bigger than golf. That’s what they pitch now.
They also changed how they pitch
The world expects women to smile, so Alina and Suvi stopped smiling. You don’t have to be Harvey Weinstein to be a jerk to women. Too many investors of both sexes we spoke with referred to Hooves as the “horse girls”. A wardrobe change to black helped, but I think the big shift came when they stopped smiling.
Now people listen
My data is limited, but an investor recently said that half way through his meeting with Hooves he started wondering what he had done wrong. “They’re so serious”, he told me. I let him in on the secret and he nodded. Hooves are getting more meetings and, as of this week, have raised half of their next round.
Investors have been throwing money at golf concepts, because they know it’s a rich sport and it’s one they play. Hooves isn’t about innovating part of a sport, it’s about making lots of money and that’s what they pitch. Plenty of people seem to be able to find the opportunity in imperfect pitches, so why couldn’t they see the play in Hooves?
Stand back, the ladies are coming through
At an investor event where the pitching companies got access to the stage an hour before, I watched them practice their pitch over and over while other presenters just wandered around. They knew exactly where the sightline was between offstage and on stage and when the audience would first see them. They work harder.
Life is short and we spend a lot of time at work. I prefer to work with people I like. These ladies are kicking it.