Wendy Lea talks about the risks of saying no
Entrepreneur, investor, and Techstars board member Wendy Lea remembers the beginnings of Techstars, her first encounters with #GiveFirst—and how mentors have changed her life.
In this episode
Smash Notes summary for this episode
Who is Wendy Lea?
Wendy Lea started OnTarget, a company that raised $0 venture dollars and sold for $150M in 1999. After that she'd worked with venture-backed startups, made a bunch of venture investments, worked with a remarkable startup, and is now working with Techstars.
What is one thing that a startup mentor could do better?
Ambitious but inexperienced entrepreneurs tend to believe what they are told. As a mentor you should be upbeat and encouraging, but also find a way to break the hash truths. Manage the expectations and ask a lot of questions to the point where the entrepreneurs figure out the answers themselves.
What was the moment that changed everything?
Although there were already professional theme shops for WordPress that were very successful, no one was making themes for videos. One day, Jason create a simple theme and put it for sale. It was so basic, he did not feel like charging more than $5 for it. He put the theme online and went for a walk. By the time he was back, the theme had already sold enough copies to make it rather obvious that he was onto something big. That changed everything and set Jason on the path to eventually selling his company for millions of dollars.