the bossbabe podcast - 129. Everything You Need to Know About Raising Capital with Cindy Eckert

Episode Date: October 28, 2020

We’re back with part two of our double episode with Cindy Eckert, Founder and CEO of The Pink Ceiling, a business incubator and VC firm that invests in companies that are founded by, or delivering products for women. In this episode, we’re diving deep into how you can raise funds. Cindy offers her wisdom on the different options available to you and how to know which is right for you. If you’re interested in investing, or looking for ways to help you grow faster, you’ll find tons of tips here. We also talk about long term vision and how you can get clarity around what you want your destination to look like. Cindy shares the three Ps she believes are essential pointers you should be focusing on in your professional life, so you’re going to want to take notes.  For anyone building a business or climbing the career ladder, this episode offers so much insane value that will not only help you get clear on where you’re headed but the exact steps you need to take to get there.  And don’t forget to check out part one of this ep too, so you can soak up all the knowledge Cindy has to offer! 🎧 Links: Listen to Part 1 with Cindy Eckert: https://apple.co/3jBViFw  Sign up for our free training: How to Plan & Execute Profitable Repeatable Launches with Our 4-Step Formula. https://bossbabe.com/launchformula Join Online Launch School, our 12-week program designed to take the guesswork out of sold-out launches. https://bossbabe.com/ols Organifi’s mission is to empower you to live a happier, healthier life with organic superfood blends. Use code BOSSBABE for 15% off your purchase at https://bossbabe.online/organifi Follow: @bossbabe.inc Danielle Canty, @daniellecanty Cindy Eckert, @cindypinkceo

Do not be seduced by the notion that funding is the destination. Nothing makes me more annoyed as an investor than not hearing from the companies I've invested in. The minute somebody has written you a check, you are no longer the sole owner. They own it too. Welcome to the Boss Babe podcast, a place where we share with you the real behind the scenes of building successful businesses, achieving peak performance, and learning how to balance it all. I'm Danielle Canty, president and co-founder of Boss Babe and your host for this episode. Okay, so I am really, really excited about this episode because it was phenomenal. It was so epic, in fact, that we had to do not one,

but two episodes with this amazing female entrepreneur. The guest was that fire. We literally, for the first time ever, broke the mold and invited her back on for a secondary follow-up and that magical guest is Cindy Etka. She is a self-made serial entrepreneur and a vocal advocate for women. She has built and sold not one but two pharmaceutical companies totaling $1.5 billion. And one of those companies created the female Viagra. She is the ultimate boss babe. And like I said, we got so deep into conversation that there was so much to cover. We had to spread this across to you episodes. And I'm really, really excited for you to hear all about Cindy's journey from how she first got soldered to her first job to decide that she wanted to be an entrepreneur and set up her first company. This woman is absolutely amazing

and you are going to hear the passion come through when she talks not only about female leadership but about entrepreneurship and about supporting women. She is absolutely incredible and it was such an honor not only to have her on the Boss Babe podcast, but to actually really, really get to know her. So I know that you're going to absolutely love this episode. It is entertaining. It is full of information. So you are going to, as I always say, want to grab your notepad and pens and make some notes. And as always, take a screenshot and share your biggest takeaways on Insta stories, tagging me at Danielle Canty and tagging at bossbabe.inc okay i want to quickly interrupt this episode because i've got some really exciting news

that i want to share so if you haven't yet heard online launch school is now open for enrollment this is one of the most exciting courses we've ever created and it's been in the works since november 2019 let me tell you this course has the ability to significantly impact and supercharge your business and your life. Here at Boss Babe, we know a thing or two about launches and let me give you some insider info. So our last launch was actually our biggest launch yet and it was actually the least stressful time for me and the entire team. This is such a big reason we decided to create Online Launch School. We know that we've unlocked such an amazing formula to make our launches really profitable without the stress without the overwhelm and without endless amounts of caffeine because trust me danielle and i have been there so ols

is a 12-week program designed to walk you step by step through a successful launch of your online product or service we want to help you take the guesswork out of sold-out launches so that you can spend more time moving the needle in your business and doing the things that you love. So if you're ready to have the biggest cash injection your business has ever had, head to bosswave.com forward slash OLS and let's dive in. A boss babe is unapologetically ambitious and paves the way for herself and other women to rise, keep going and fighting on. She is on a mission to be her best self in all areas. It's just believing in yourself. Confidently stepping outside her comfort zone to create her own vision of success. So welcome back to the Boss Babe podcast, Cindy. This is literally a first for us because we have, believe it or not, never done a two-part

interview before. And it's just a testament to how good our first one was that we have, believe it or not, never done a two-part interview before. And it's just a testament to how good our first one was that we had so much more to cover that we felt like, right, that's it. Let's get you back on again. I love it, Daniel. You know, I love being the first. I'm incredibly flattered. Thank you for having me. I'm really excited. A true pioneer. Now, your story is so amazing, inspiring. And we spoke a lot of that last time. And I think the reason that we really didn't get into the nitty gritty was because your story has had so many twists and turns and there was so many elements to share along the way, but I'm really excited to kind of like really drill down on this interview about

some of the things and the things that you've learned along the way and how you want to impart your wisdom. Because I feel like there's so many things that you have been through and so many takeaways that I'm really excited for us to share with the audience. Great, me too. So where we left off on the last interview that we did is we really spoke around like you raising money for the two businesses that ultimately you exited from and I know this is actually something that comes up for a lot of our listeners around like hey well I want a business. Do I bootstrap it? Do I raise money? If I want to raise money, how do I do that? What are the kinds of ways to raise money? And my personal perspective is that this is like spoken about, but it really isn't spoken about

enough and particularly around other women. And I also want to just kind of like drill down into like, okay, well, where do people start? Let's lift the lid on this and go like, first of all, how do people decide whether they even want to raise or not? Yes. I love this. Okay. So your objective is you want to hold on to as much of that company as you can. It's yours. And so that being the starting point, you have to consider wisely how you're going to raise money. Here is the painful truth. The first way is going to be out of your own pocketbook. So do not start until you have saved up enough that you can bootstrap or I like to call it stiletto strap it from the outset. And I'll tell you why. Because imagine if you're sitting on the other side of the table.

Why would I be giving you my hard-earned cash if you're not also taking a risk? There is pain in entrepreneurship, let's be frank. And you really should not step out of what you're currently doing with this idea that there's ample money out there and I'll be comfortable. It is very uncomfortable. And the first place of discomfort is your own money. So I can remember early days, don't necessarily do as I do, do as I say, or did do as I say, because I maxed out credit cards. And I had the credit card companies calling because I probably hadn't saved enough to go the distance, but I really wanted to hang on to a lot of the business. So step one, your own money. Be wise about it. Save

enough to have wiggle room and save enough to not be salaried because very often when you raise your first money, people will expect that the founder doesn't take a salary for some period of time because you have all the equity, right? So you really aren't probably in a position that you're leaving for a little bit of time. Be mindful of that. That's my step one. Step two is angels. And we really don't talk about that as much because if you imagine kind of the television world of entrepreneurship that so many founders today have really grown up watching. You're really kind of thinking of these VCs, right? Deep pocketed, they've raised a fund, they're going to bet on you. You know what? Angels are such a better route

in my mind as your first step for money. So what the hell is an angel? So angel is a high net worth individual and maybe somebody who has so much money, they have what's called a family office for money. So what the hell is an angel? So angel is a high net worth individual. It may be somebody who has so much money, they have what's called a family office that manages all the wealth of their family. And they are a different breed of investor in the sense that they're not really just playing the numbers like a VC, a venture capitalist is. And they are often investing in those things that emotionally or socially connect to their cause. And that can be so valuable to you because you're not being as managed by the spreadsheet as you are by the commitment to the cause. And it is as easy as Googling it. So the good news for everybody listening is you literally can type into Google

right now, angel investors and your town. I'm going to bet you that there's an angel network that meets and has almost their own version of Shark Tank in your town that you can go apply to pitch. You can look on Eventbrite and go to meetings with them. I know it's the COVID era, so they may be virtual, but you can get into the virtual room with them and you can really identify these people even through sources online that list different angels and areas of interest for them. That to me is your step two. The final and maybe most distant step is traditional venture capital. I love that. Okay. I also think it's really key what you just said around the angels as well. And you were saying venture capital. I love that. Okay. I also think it's really key what you just said around the

angels as well. And you were saying venture capital is like that numbers game, whereas sometimes that you say you can get, you can be really strategic as well with angels. Well, you can in all of it as well. But what I like is that you can really get to know people and understand like what their passions are and like why they would want to invest in your business as well. But let's carry on and go into number three. So let's talk about VC. Yes. Okay. So venture capitalists have raised big funds. They're playing with other people's money. And they have a mandate, obviously, around certain areas of interest they have. They've collected money. They have to put it to work and invest it. But I will say there's wonderful VCs. So I'm making a sweeping generalization here,

but there's a different sort of level of personal investment in your business from this investor type. They recognize how many small businesses are going to fail. They're counting on a few of those unicorns to come out. And so outside of maybe reaching out and saying, hey, can you connect me to XYZ? They're probably not going to be as invested, if you will, emotionally in the business. And in that regard, I'll share from my own story. I never raised venture capital. And I'll tell you guys, I raised a lot of money. I raised $100 million and I never got money from VC, which is unusual.

And yet it was my saving grace. Because if you heard my story, I had these ridiculous twists and turns and moments when everything looked great and then it went back to zero. And frankly, if I'd had VC money, I'm sure that they would have walked. So in one of those rejections, I wouldn't have looked like I had good odds and they would have walked away because I had gotten angels in who were as committed to my mission as the bottom line, they hung with me. And I think that's such an important distinction. Look, there are wonderful benefits to having the endorsement, if you will, of a big name VC that absolutely carries some

panache to it. They help you from a PR perspective often. But I think what Danielle said about the personal connection with angels, they become really strategically so helpful, especially if you're choosing them wisely. Let's take a quick pause to talk about my new favorite all-in-one platform, Kajabi. You know I've been singing their praises lately because they have helped our business run so much smoother and with way less complexity, which I love. Not to mention our team couldn't be happier because now everything is in one place, so it makes collecting data, creating pages, collecting payment, all the things so much simpler. One of our mottos at Boss Babe is simplify to amplify and Kajabi has really helped us do that this year. So of course I needed to share it here with you.

It's the perfect time of year to do a bit of spring cleaning in your business, you know, get rid of the complexity and instead really focus on getting organized and making things as smooth as possible. I definitely recommend Kajabi to all of my clients and students so if you're listening and haven't checked out Kajabi yet now is the perfect time to do so because they are offering Boss Babe listeners a 30-day free trial go to kajabi.com slash boss babe to claim your 30-day free trial that's kajabi.com slash boss babe I couldn't agree more and I want to talk about those communication pathways in a minute because I think that's kajabi.com slash boss babe i couldn't agree more and i want to talk about those communication pathways in a minute because i think that's also one thing that from your journey and the story

that we discussed in part one i really really sung through for me that how good you must have been to communicate the struggles that you were going through but really still hold on to the vision and just with talking about all these pieces like you know the stilett bootstrapping or stilett strapping angel mvc i really think it you need to as a a startup or um someone who owns a business where you have that hard conversation with yourself and what is your vision what kind of life do you want because i also think you have to accept that wherever you take money from it comes or whether it's your own obviously we're talking about investing anyway but whether it's angel or vc it like it all comes its own hardship there's a lifestyle that comes along with all of those. And there's

also needs to be a journey and a vision that you need to hold. And some people might want to be building those billion dollar companies. And some people might be actually, I want to build a multimillion dollar company. And actually I just want a lifestyle. The important thing to me is I don't want a boss. And so if you're kind of coming in with that, I don't want a boss. And I don't think you should take money off anyone because as soon as you take money off people they are going to want to feel like they can have a say on it and I so I think like just actually assessing like taking money for me I think has can be a bit romanticized I think this it's been putting the media as like oh my goodness this company's so amazing they've raised this much and yes what's that that is

really cool it's not actually like some of the behind the scenes stories that I see is like well actually things are a little bit different. And I want everyone to go into it with their eyes open and being like, yeah, raising can be amazing. But also you have to make sure you know what you want in your life and what kind of company and structure that you want. Because I think that plays into a big, big amount. I'm enthusiastically nodding along to this because, you know, do not be seduced by the notion that funding is the destination. Funding feels like, as the media reports it, that the company has arrived. But think for another second, how many articles you've read about companies that have

raised extraordinary amounts of money that have failed. And so, you know, the truth for me as I was raising is while I needed the money, right, the money was the conduit, right, to the destination. It also struck terror in my heart the moment I got that first check because I recognized I now was on the hook to pay them back. It wasn't just about me, right, and my own savings and everything I was putting at risk. I was taking somebody's, you know, children's college education, their parents' long-term care, money that was hard earned for them. And I was going to have to pay them back and then some if I really was going to deliver on my promise. And so it's so important.

I think what you've said, there's an arrogance a little bit today. And I think it comes from, you know, again, the portrait that has been painted that, oh, well, who cares? Like there's a lot of money and they can lose it. Trust me, no investor feels that way once they're in there with you. And you made a good point that the minute somebody has written you a check, you are no longer the sole owner. They own it too. There's two things that I want to just repeat that you've said so far in this conversation that I've really like, I'm like, yes, this is completely something I want to double down

on and make sure people take this away is you want to hold on to as much as your company as possible because I think people forget that and they're like oh yeah like it's fine just you know I'll give all these shares or I'll do this and really like understanding what giving away shares means and like long term and short term I think that's really important and then again you say you have to pay them back and then some I really do think people miss that point like oh're like, oh yeah, just take the money. And they're like, oh, that's money you owe. It's another form of debt. And it should keep you up every night.

I can feel that. You know, when I'm talking to certain founders, the people who I think really, they feel that, you know, what it means to take a check, what that means to get somebody else's hard-earned, you know, money and their obligation in that. And that's an important distinction, I think, for founders. You talked a little bit, you were saying like, you need to know exactly who you want to be. So importantly, I talked about these steps to raising money, kind of a one, two, three, but before you even get there, I think Danielle, you were making such a

good point is you need to know what that destination looks like for you. You may be building the next billion dollar company that you want to sell in five years, or you may be building something that you want to be around for 20 years and your investors' kids will come work for you, whatever that may be. But there's three P's that I like to talk about. And the first one is paper towel, which is a good startup story. Maybe I've got your attention. So every good startup story has a napkin or a paper towel. You know, you've sat down and you've written down on that in very, like, you know, you've thought about it in the way that you can condense it to five points maybe of who you want to be.

And you can't build the map there unless you're clear about that from the outset. So I really think that's such an important point. What do you want this to look like? Because you need to, when you walk into the room to get money, articulate that clearly to make sure they're a right fit. My second P is preach. And I mean, preach, like show up in all of those rooms with those angels, tell everybody what you're trying to do. I do think that, you know, one of the other sort of mysteries or misconceptions in entrepreneurship is, oh, I need to keep it

really close. I need to be really quiet about it because somebody else may steal it. No way. Not going to happen. No one is going to love it as much as you do. They're not going to outpace you to get there. You're already that much further along in terms of thought to get to this. Tell everybody because it is the way that you get one person to introduce you to three to five to seven and how you really build that network of support, investment support included, by the way. And then the last thing, and this is so important, is and then pick wisely. And so if you paper towel it, preach and pick very wisely, what I mean by that is, of course, your team, you're going to need to pick very wisely for who comes to build this with you, but also who your investors are. And when you are at a stage where the difference between here and there is just a little bit more

capital that you don't have at your disposal, you sometimes forget in those moments that you're choosing to. And I made that mistake. Holy crap. I made that mistake. I picked the worst investor early on in my first company. And we may have even talked a little bit about this. The ink was not dry on the paper before our philosophies departed radically. And it was so very painful to have them in the company. It became a constant distraction for me. And I basically had to go and get another investor to buy them out. Okay. Let's double down on this because I think as you have made the mistakes and I want you to be able to share with them in detail as in the sense of like, let's give people takeaways because

I know lots of people are going to be listening going, okay, right. I've got my three P's and I'm on pick. I understand that I've got to pick someone wisely, but how do I know they're the right person? One of the questions that I ask, like, what do I need to make sure? Like, how do I date this person before I let them bring in the money? You know? Dating is a great analogy. In fact, how you pick the partners, because you know what, you're going to spend a whole lot of time with them. And I teach that it's sort of the beer test, although I'm not a particular beer drinker. Maybe in my case, it's the rosé test, but really getting to know this person and having been so clear on that paper towel of what your vision, your long-term vision is, and making sure that they

see it the same way, that they're not going to surprise you by saying, oh no. And I'm not saying there might not be moments you have to pivot, right? Things happen in the marketplace that force pivot, but generally a shared philosophy of where this is going, what that is going to look like is an imperative. So you've really got to spend time. I mean, it's just like, you know, you could walk away from a first date and think, oh my gosh, like they're so cute. They're so great. We have chemistry.

And then, you know, the second date, it's pretty good. The third date, you're like, what the hell was I thinking? So spend a little bit of time on it, getting to know them, be selective, ask them as many questions as you are being asked. And those questions really are probing against, do you have common ground in terms of how they see this playing out? And then I would say, even before that, do your homework on the kinds of investments they have been in before. If it is their first time

ever in your space, they may get more uncomfortable more quickly because they haven't sort of been to this rodeo. So that I would say is important. For me, people come into the pink ceiling and I love helping female founders. And a lot of times that help looks more like mentorship than it does investment, but they will ask for investment. And I think, you know, you really shouldn't even be asking me because I'm not your best choice. My contact list is not going to give you the kind of leg up advantage in fashion as it will in health and wellness.

And so a lot of times my feedback is, hey, wait, why are you even thinking about me? I want you to go and think about these three women, look at the kind of investments they've been in, and now they're a more natural fit. So I really do believe those are some of the practical pieces that can be overlooked. They're great. And I think that it comes down to a little bit of that abundance mindset and that in those times as well, because I think sometimes like I've made a mistake before where, you know, in a previous business, I'd done an investment with, you know, a group and I was like, oh my God, this is my only chance. And actually I ignored some of those things that happened in my gut. And so I don't know if you

had this early doors with your story where it's like, oh, if I'd listened to this couple of little things in my gut, then maybe I would have made a different decision. But for me, I was like, oh, my gut's saying a couple of different things, but my head's saying, oh no, like this is a great opportunity. I must jump on it now. And I wonder if that's what happens with some of these women that you say approach you. And like, I love this about you. You're so, so honest. And it's like, actually you could get like some better strategic investors here. Like, I mean, you're so intelligent, but like you say, there's a lot that you're going to want to leverage if you're going to take money into your business. And so

I wonder how your relationship with your gut is and was on those kind of decisions around shareholders. My mistake was moving too fast. I felt so desperate. I'll tell you the story. So I had a product that was used by urologists around the country and the top urologists. So the guy at Harvard and at Stanford started using the product. And all of a sudden, urologists called the office that were on Main Street in Chicago, wherever it was, and said, hey, why don't you have anybody coming to visit me? And I thought, well, I don't have the capital to build a sales force overnight. So that feeling, I got this intense, I have to do it immediately. I got to go. I got to go. I got to go. I got to answer this demand. And I think similarly,

that rushed my decision-making. It's sort of like the first person who showed up with the check big enough. And what departed in terms of our philosophy, ironically, was their philosophy on how you compensate and reward people who sell for you. And so their meddling in my business became a meddling in terms of the social aspect of building the company, how I would treat employees. And that was not going to happen. So it was painful for sure, because we were really at odds. And it's something that I never got to in terms of, my vision, my vision was this idea of, you know, kind of domination in this category and being the most prescribed brand and dah, dah, dah. And I really

didn't get to some of those other pieces that were equally important, which are the social elements of building the business and how I would treat people. I love that. Okay. So I hope you enjoyed this episode so far. Please stay tuned as we share a bit of info about who sponsored this episode. Okay, so I want to interrupt this episode just quickly to let you know about a brand that I absolutely adore. So if you've been watching my stories for the past couple of years, you'll know that I've been using this brand for a really long time, Organifi. They are some of the best healthy superfood products that I've been using this brand for a really long time Organifi they are some of the best healthy superfood products that I have ever found and I am not just saying that so a couple of my favorites include the vanilla and chocolate protein not only are they packed with protein

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and you've decided whether you're doing like let's kind of stick on the lines of like angel and yeah because I think that's what you have the most experience in as well it's like okay so you've brought people on you've got shareholders in your business communication is so so important and you know from our conversation Cindy you're an amazing communicator but has it always been that way or is that something you've really learned to do? Because I'm just really interested in how, like I alluded to earlier, and like we spoke about on the last interview, you have had times where things were not going smoothly and you had to go back to your shareholders with, you know, bad news in some of those points and like, you know, hang on a minute, what's going on here? So what have been your strengths to get, you know, creating good

communication channels between you and shareholders? You know, I have been your strengths to get, you know, creating good communication channels between you and shareholders? You know, I have been hyper communicative, maybe my whole life in terms of, you know, I'm a sharer. And I would say, interestingly, probably earlier on in my career, I was muzzled a bit in that, like my advice from others was like, hold some stuff back. And I really did, it wasn't who I was and I rejected it. And it ultimately became a saving grace that I had always been transparent. And when the shit hit the fan, for lack of a better word, I was just telling it exactly like it was. But by always having shown up that way,

I built a trust and loyalty among my shareholders. This point is so very important. Nothing makes me more annoyed as an investor than not hearing from the companies I've invested in. There's no excuse for that. And I get that we all feel busy, consumed. We're in startup mode. We work every hour of the day and night. But you know what? You're working for those people and they deserve to hear it. And by the way, if you're not telling them, you're missing out on one of your best resources because guess what? They're going to the cocktail party and they're bragging about their investment in you and they're increasing awareness. And they're going to be the ones that end up drawing in other investors down the line, or even recognition in different ways. So hyper-communication is so critical. And for me, my sort of mental framework of that was they were on the ride

with me. They were co-owners. And therefore, like having them feel, you know, the joys of the big moments and also the pain of the low points, I told them all. And I really think they felt it. And in that regard, emotionally invested so much more so in me. I love that. Let me ask a question around that. So I think it's very easy to communicate the wins, right? Like, yes, this is going really well. How should people communicate the challenges? So is it inappropriate for a CEO to go back to investors and say, this is not what we're doing right now. And I don't have an answer for you right now. We're working on it. Like, is that appropriate or not? Or is it that they want shareholders want to

feel like actually the CEO has got it all the time. I'm bringing this up because I can imagine lots of people during COVID, like this was not anticipated by a lot of people. And I took a minute for a lot of companies to go, hang on a minute, how are we going to navigate this? We need a regroup and, you know, and there's going to navigate this? We need a regroup. And there's going to be situations like that that are totally unexpected. And there's also going to be ones where it's like, oh, okay, I probably should have anticipated this if I was a really good CEO. And so how do people balance with what they do share, but still have shareholders feeling confident in them? Yeah. So here's what I would say, and I'm going to get this expression wrong.

Bad news doesn't get better with age. So the longer you hold on to bad news, actually the worse it is when you deliver it. And so I would always argue nobody, there is not a single one of us, no one listening, not me, not Daniel, have all the answers all the time. And if you pretend you do, people will see through it because they know that you don't. And so you shouldn't ever feel like it's going to sacrifice confidence in you by being truthful and authentic. And if you say, holy crap, like The world just took a hard left with COVID and we were not prepared. I'm working through, these are a few of the things that the team and I are discussing right now for things that we can do. I immediately got in touch with my shareholders and I said, holy crap, here's the world. Doctor's offices, which is where most of our business is conducted, are closed. And therefore, here's the world, doctor's offices, which is where most of our businesses conducted are closed.

And therefore here's what we're thinking of. Here's how we're conserving cash. We've done an immediate audit. So there were things that I was communicating because we had done that quickly, but I mean, it was forward looking a little bit. Like we were getting to work on those things, but I was telling them those things. So I was assuring them, don't worry, this isn't lost on me. I'm working on it right now too, but I didn't have all the answers for them. That actually is ongoing. I mean, I'm still providing these updates. You can never communicate too much. And we think there's a formula, like they just want to hear the sort of balance sheet they wanted. Again, I think more color and context into the business, the more invested they are in the outcome.

I love that. I was actually going to ask you details around like, you know, what you're sharing, but then also how often you are sharing it. Because I know I always have like our listeners in my ear going, okay, well, you know, how often is she sending these emails? You know, it's never less than quarterly ever. And I would argue that in a moment like COVID more frequently, right? So whenever something new and significant is unrolling, I'm out there with it. You know, when there's press, communicate it, ask them to share it with all of their friends, like never feel like there's a cadence like, oh, it's the quarterly shareholder communication and I'll just save it for that. No way. Why wouldn't you? It's a little bit like a consumer good, right? You would surprise and delight.

Why wouldn't I surprise and delight with new news? And someone I'm going to go back to, bad news doesn't get better with age. So if there's bad news, I tell it quickly, but never less than quarterly. Yeah. I think that's really, really important. And like you say, just building that really solid relationship. And do you sometimes like hold, are you all your shareholders? I think I know the answer to this, but are all your shareholders on your board? Or like, do you treat those completely differently? Tell us the difference as well, because I think that's going to be something that comes up for people. Yeah. So no, they're not all on my board. Because I raised that much money through angels,

I have a pretty complicated cap table in terms of the number of people who came in. I see that as an asset, actually. A lot of people see that as a pain in the ass. I don't mind it. I think I have an amazing squad all over the country. So from a board perspective, similarly, there are regular board meetings, and I always send to my board first the shareholder communication and let them have a look at it too, just in case there's anything we've discussed that they also want to be included. So those are good tips. Going back for just a second, I will just say this discipline with investors, when you're hoping for them to become an investor,

so potential investors, is also really smart. They may have turned you down. Doesn't mean you don't put them on the distribution list for updates. And I'm not saying they're shareholder updates, but they're a condensed version of, hey, everybody, letting you know how we're doing. There was a great article of this, da, da, dah. And if you stay on their radar, just imagine their life. They have people come in every day with ideas. You've got to cut through. And one of the ways you do that is by persistent communication. You stay top of mind and you'll be surprised how they're watching you. I love that. And just because so many people as well, there's this misconception that, okay, I'm raising money and everyone, you just get it on the first person you pitch right it's not like that

and like you hear stories over and over again of like pitching 40 100 times before actually getting you know given the money that you're after and I think that is also just really really important for people to know when they are thinking about raising in either capacity as I say get used to those no's but they're not completely like they also might not be no's forever. Like you're saying, like stay in the loop. Maybe that's part of their test as well, right? Maybe some of them are like, no, I'm going to say no. I'm going to see what this actually looks like, what the actions are versus what the story is just in front of me when I'm looking. That's right. For sure. I'll brag for a second on my fiance, who's also an entrepreneur and has

been for years. When we first started dating, you know, and I would tell people, oh, I'm dating somebody new. They'd say, oh, he's dating. And I would tell them and they're like, oh yeah, I get his updates. And I was like, you were an investor in him? They say, no, I didn't invest, but I get his updates. And they could almost recite back to me how the company was doing. And I thought how remarkable that they hadn't invested, but they knew him. And when that time came, you know, whether or not they had ever invested in him when he sold his business, a lot of them who weren't even investors were making introductions to partners. So, you know, we sometimes take a no, and I know we all are worried about like, am I being intrusive? Even if somebody

doesn't write you back, it doesn't mean that it's going into the black hole. It doesn't mean that they're not clicking on it and you're not staying their mind, whether or not they write you a thank you back. So it's really a good lesson. I think he is a standout in that regard. And I think, you know, I've always communicated as much to the people who've turned me down because make no mistake, there's also a little bit of satisfaction when you can tease them. You can tease them and be like, hey, guess what? If you had invested, by this time, you would have made 8x your money. By this time, you would have made 15x your money. And you know, I do that with like tongue in cheek, but it also has made them co-invest with me on opportunities today. I love that. And that is a beautiful segue into talking about co-investing and pink ceiling,

because I want you to share a little bit about pink ceiling, because again, like you've had so much success, but I just love how Cindy, you're always wanting to give back as well. And you, I always talk about, you know, like very openly about I'm still on such an entrepreneurial journey and I've been so lucky to have women and men turn around and give me a hand and, you know, ask me if I need support. And I personally believe it's really important to have your other hand extended behind you ready and willing to do the same. And I really see that in what you do. So just share a little bit about pink ceiling. Oh, thank you. So the pink ceiling is exactly that, right? It's

my money where my mouth is. It's reaching my hand back and getting other women to the outcomes I've gotten to faster than I got there myself. And I do that by giving them access to my team who've helped me build multiple companies. And, you know, I try to point out the landmines before they step on them, the ones that blew up in my face. And so that's really what it's all about. And I particularly look at people who are doing incredibly disruptive firsts in healthcare, in wellness. That is my sort of area of passion. And they don't fit the mold that when they show up at the table on Sand Hill Road in Silicon Valley, they're probably going to

be overlooked. And it's because they either don't fit our mind of what a billion dollar founder looks like, or they don't have a product that everybody can readily understand. And so it's so hard to pick. Of all my babies, I love them. We have a dozen companies under the Pinkubator today. We really roll up our sleeves. We help them get to launch. We're very actively involved. So we're not playing a numbers game and just writing a check and giving you a, hey, reach out to me if you need me to connect you to somebody. We're like in the trenches helping with supply chain and marketing thoughts and everything else. And so we've got a product, Leah Diagnostics, which is the first ever flushable pregnancy test.

I'd heard about this and I was like, wow, why has that not been thought of sooner? It sounds so obvious now. Bethany and Anna are incredible, the founders. I think only a woman would have thought of this. I know. It's genius and so needed. It's so needed. And it's really like, it's fascinating to watch. Bethany jumped in an Uber with me in Washington DC and pitched me. And I loved her in a millisecond. She's so smart in terms of what she has invented. And yet it was fascinating to see like, look, if 80% of a pregnancy test today is plastic, but it doesn't have to be, and it's equally effective, no brainer on that one, first of all, from an environmental perspective, but it's also the discretion. And when most women today test at work, they don't want to leave a

pregnancy test sitting in the waste paper basket. And, you know, infertility patients don't want to walk into the bathroom and be reminded they're not pregnant again. And this is the sort of, you know, my passion are these founders who can see that, that the rest of the world is missing. And, you know, the kind of classical pregnancy advertising today is only a smiley face, only one version of an outcome. And it's tone deaf to the reality of the conversation, which is far more nuanced. So I love her for that. And it is for that reason, as an example, that Bethany wasn't going to get classic funding because people, you know, this is the outlier. I love the outliers. We have a company that has invented the first

preventative program for Alzheimer's that was announced about three weeks ago. It is incredible in a category that has no medical treatments today. And really you require personalized treatment, massive. And it coincided with the first ever opening in the country of a women's Alzheimer's clinic. People don't know this. Most people don't know the stat. Two thirds of all Alzheimer's patients are women. Yeah, I didn't know that actually, that it was so heavily weighted towards women. So it's a real women's health crisis. As we're getting older and if there's any family history, now you have the ability to prevent sort of decline. And we've got a technology that if I take my finger, dip it in a drink and touch a droplet

of the drink to like my key chain or the back of my phone, a little disc, in 30 seconds, it tells me if there's a date rape drug in that drink. Which is so needed. I remember when I used to go out and I'd have to have my thumb over my bottle. Like it was just, that's so, and like you say, you just want to double check sometimes if you've taken your eye off it. And I just think that's so powerful. And I think it's just incredible what you're doing and I say, supporting these companies and these innovative ideas. And like

you say that perhaps they're going to slip through the net otherwise. So I love that. So let's share, can you share your handles and stuff so that people can find out more about you, Cindy, because I can guarantee there's women listening to this going, oh my goodness, I need more Cindy in my life. Thank you so much. I love it. And I love the Boss Babe community. So please reach out to me through at Cindy Pink CEO. You're welcome to DM me. I read all of my DMs. I've hired people out of my DMs. And certainly there's business advice galore. If there's something specific I can help you with. And then you can find us at thepinkceiling.com. There's a place on there if you want to pitch us. We have an intake form that really judges you against kind of our specialty.

So don't be offended if we come back and we say, hey, like we're not the best fit for you. We'll make recommendations on others who might be. I love that. Well, thank you so much. And please, if others who might be I love that well thank you so much and please if you have listened and I love today's interview as much as I have please share your takeaways tag Cindy on the handles that she just shared tag myself at Danielle Canty and tag at bossvib.inc because we love reading them we love hearing like what you've taken from

this interview and how you can apply it so thank you again Cindy for part two literally a first as you love and you're so good at thank you so, Cindy, for part two. Literally a first, as you love. You're so good at it. Thank you so much for joining us. If you loved this episode, please subscribe, download a few more, and please leave us a review. I really want to hear what you enjoyed, what your main takeaways were, and I also want to know what you want to hear us talk about next.

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