Having market traction isn’t enough to raise venture capital. Founders must instill confidence that they are the ones to lead the company to success. A cofounder of an accident-injury insurance startup dug deep within herself but also asked others for perspective.
When Goy and Matt Randall, her cofounder, started Spot in 2017, they were focused on providing life insurance to millennials. After interviewing 5,000 millennials,"We discovered that the market was focused on living life while not planning for a life well-lived," she said. But"What happens if somebody fell ill or was injured" were questions that kept coming up.to their offering.
Goy had to find her voice."I didn't have that in raising our first fundraising round," she sighed. She grew up in a traditional Korean family culture."I never felt oppressed in any way, but you defer to your elders. You defer to men." She knew this attitude was holding her back but didn't take action until a VC she especially wanted on her cap table didn't invest.
Why are you the right person to be in charge of operations? Talk about the backend and how you technically make everything work. Also, tell an exciting, inspirational story about who you are, what makes you tick, and why you founded a company in the insurance space. Goy is the daughter of a Korean immigrant. Her mom came to the United States without speaking English, got her degree in mathematics and her master's in software engineering. When Goy hit a coding obstacle during college, it was her mother who helped her problem solve."The first exercise I did was to sit down and write my story," said Goy,"I had forgotten my roots and what inspired me to start Spot.
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