Business 02 September 2017
Liz Wald, formerly of Indiegogo and Etsy, is the newly-named US Head of Operations for the Berlin-based startup bringing the first roast-grind-brew coffeemaker to market, BonaVerde. Liz spent four years at Etsy running global operations and helping them grow from $80M to $800M as it prepared to become a public entity.
BonaVerde was just declared by Engadget as “The Keurig of raw coffee" and they're buzzing right now on the heels of raising over $1.13 million in just 1 week on Seedrs! They're the first-ever supply chain shipping green coffee beans directly to your doorstep.
How did your background affect your success in tech?
I grew up with two brothers who are 10 years older. Both of them were athletes, and very early in my life I realized I either need to learn how to throw the ball or I'm gonna be the ball. In my community, growing up, I was the first girl to play little league baseball in my town. I remember thinking, “Why wouldn't I be playing with the boys at age 10? I'm bigger and stronger than they are and I'm more coordinated at age 10." I could switch over and be two years ahead of my girl peers and be the starting player as a freshmen as a junior. In my high school years, I also went to an all girls school. I wasn't competing with the boys, so I'd take leadership roles. I was the star athlete of the school, the best at math because it was all women. In college, I was the first to raise my hand in class. I've always had the confidence. There's a sign on my desk that's a joke, but also a reminder to women at work: “There's no crying in baseball." You're going to have good days/bad days. It's work. If your boss yells at you, take it and figure out to improve it.
How did your international experience help you succeed in the tech world?
I'm a relatively fearless person. I've traveled all over the world. I've ran my own company working with women in Africa. I traveled as a woman alone in Pakistan three weeks before 9/11 happened. When I travel, I don't let fear limit me. I've always just taken the approach, 'I can handle myself. I'm confident.' It's just been an attitude of, 'I'll figure it out.'
I apply that mentality to work. If you're trying to change something like the coffee system, you have to have an attitude of, “This might not work, but we'll try another approach." We're going to go to people, not just financiers, then we can go to the financier and say “10,000 people have come behind us. We've raised this much money, this is our vision, and people believe in us. Now help us get to the next level."
When I came to Etsy and wanted to go international, they didn't know what that meant. My bosses would say, “You tell us what you think could be a good approach." They didn't have an expert yet and with me being new at the job, it came down to just feeling confident in myself and presenting my material. You're not trying to make your way up some big corporate ladder. Today, we see so many more conversations about women in tech and bro culture. It's totally it's there. But at Etsy, the vast majority of sellers were women. Your'e talking about crafts. The bro culture just didn't exist there. It was about how do we make a craft take off online in the simplest terms? At the end of the day, a guy had founded the company and there's a guy that's a COO today, but the whole mentality of the place was very different then bro culture.
Success in tech has less to do with the product. It's about the story behind it. Financiers are betting on the fact that people want to know the origin of their food, that things are fresh, and see traceability of the money where you say it's going to go. You obviously have to have a great product, then an amazing story behind it? Then we're talking
What do you believe are the challenges of being a woman in tech?
When I moved to Indiegogo, there was three founders. One was a woman, and she wanted to make sure there was this attitude of democratizing finance. Everybody should have access to capital. Women have harder time getting access to capital in general. That attitude helped permeate equal opportunity, and increased the value of the whole company, so that helps overall. Now it could be because I've joined Bona Verde, the CEO remembered me from my time at Indiegogo. He reached out to me and said, “Hey, we need someone to lead the U.S. You have this great experience. I remember meeting you. I liked you. What do you think?" I don't think he really thought for a second whether I was a female entrepreneur, or male entrepreneur. It was more like, “You have this experience. Let's make this happen." I've been able to come into lots of those situations through my career.
Do you think the tech industry is evolving?
Tech still has a long way to go. While In my experience, I've always been drawn to smaller, growing companies where you have a chance to get your hand in lots of different pots, so I didn't necessarily go through having to prove myself as a woman.
But as an organization grows and then becomes much bigger and then they're looking to bring in experiencing senior management, that's when I think you find the split start to happen because frankly, there are fewer women in those positions with 20 years experience compared to the number of men with 20 years experience.
I was lucky with Etsy, with partners or trying to raise capital, going out with a team of people and trying to raise money for startups, at Etsy, the team was able to say, “Hey, we have a first mover advantage. We're something different than what's been out there." But a lot of the men who are the VCs for the most part, they don't relate to the product. They're like, “My wife goes on Etsy," or “my daughters like that site." That's a lot tougher then, “I get on Uber everyday."
That is where I continue to see it, is where the people making the decisions, are not consuming the product as readily.
Tech is getting more attention to the problem, though. Because of that, people are feeling like this is an area where older people are saying, “I need to mentor people around me." It's a step in the right direction.
This is why I think its important that men get behind women in tech, too. Men and women need to realize their own inherent biases and consciously do something about them. Women need to be super confident, lead with their numbers and be like, “I'm going to crush this market." When I counsel women, the first thing I do when they say, 'I have this idea and I think it's pretty good,' I say 'No. I have an AMAZING idea. It's going to fundamentally disrupt the market.' You have to use the language that the men are using. You have to have the attitude of “I'm gonna change the world," as opposed to, 'I've done my homework. I'm gonna work hard.' Being dedicated and hard working are going to pay off, but don't assume that. Ask for what you want. You also have to assume that you are worth it. Women don't do a very good job of tooting their own horn. Culturally, you grow up thinking that's not what you're supposed to. You're supposed to be respectful and demure, all those things that are fine at a tea party but not so much at a VC office.
How do you prepare for male dominated boardrooms?
In more male dominated environments, the clothing tendency is to dress in pant suit trying to be like men. My advice? Go with what's working for you. You have to do you. If you're all about high heels and sexy dresses, own it, but with super amount of confidence in what you're presenting. Don't try to be like the guys. You have to put your best foot forward. Don't sit next to the coffee. Don't take the least power chair in the room. Don't bel the last to comment. You have to get to the point where it's natural to take the lead. The women aren't here to make coffee.
Also what is her future plan?
We're selling coffee machines and we're selling coffee, but we are trying to sell this bigger picture of disrupting the coffee chain. However we do that, it's about telling the story, about getting value back to the people that put the hard work into creating the product. It's about sharing those stories. It's about making big changes and not just selling another product to people for their kitchen. It's the overall mission of the company that gets me out of bed in the morning.
3 Min Read
Thinking of ringing up your ex during these uncertain times? Maybe you want an excuse to contact your ex, or maybe you genuinely feel the need to connect with someone on an emotional level. As a matchmaker and relationship expert, I was surprised at the start of the coronavirus quarantine when friends were telling me that they were contacting their exes! But as social distancing has grown to be more than a short-term situation, we must avoid seeking short-term solutions—and resist the urge to dial an ex.
It stands to reason that you would contact an ex for support. After all, who knows you and your fears better than an ex? This all translates into someone who you think can provide comfort and support. As a matchmaker, I already know that people can spark and ignite relationships virtually that can lead to offline love, but lonely singles didn't necessarily believe this or understand this initially, which drives them straight back to a familiar ex. You only need to tune into Love Is Blind to test this theory or look to Dina Lohan and her virtual boyfriend.
At the start of lockdown, singles were already feeling lonely. There were studies that said as much as 3 out of 4 people were lonely, and that was before lockdown. Singles were worried that dating someone was going to be off limits for a very long time. Now when you factor in a widespread pandemic and the psychological impact that hits when you have to be in isolation and can't see anyone but your takeout delivery person, we end up understanding this urge to contact an ex.
So, what should you do if you are tempted to ring up an old flame? How do you know if it's the wrong thing or the right thing to do in a time like this? Check out a few of my points before deciding on picking up that phone to text, much less call an ex.
Before You Dial The Ex...
First, you need to phone a friend! It's the person that got you through this breakup to begin with. Let them remind you of the good, the bad and the ugly before taking this first step and risk getting sucked back in.
What was the reason for your breakup? As I mentioned before, you could get sucked back in… but that might not be a bad thing. It depends; when you phoned that friend to remind you, did she remind you of good or bad things during the breakup? It's possible that you both just had to take jobs in different cities, and the breakup wasn't due to a problem in the relationship. Have these problems resolved if there were issues?
You want to come from a good place of reflection and not let bad habits make the choice for you.
Depending on the reason for the breakup, set your boundaries for how much contact beforehand. If there was abuse or toxic behaviors in the relationship, don't even go there. You can't afford to repeat this relationship again.
If you know you shouldn't be contacting this ex but feel lonely, set up a support system ahead of time. Set up activities or things to fall back on to resist the urge. Maybe you phone a different friend, join a virtual happy hour for singles, or binge watch Netflix. Anything else is acceptable, but don't phone that ex.
Write down your reasons for wanting to contact the ex. Ask yourself if this is worth the pain. Are you flea-bagging again, or is there a friendship to be had, which will provide you with genuine comfort? If it's the latter, it's okay to go there. If it's an excuse to go back together and make contact, don't.
Decide how far you are willing to take the relationship this time, without it being a rinse and repeat. If you broke up for reasons beyond your control, it's okay. If your ex was a serial cheater, phone a friend instead.
If there was abuse or toxic behaviors in the relationship, don't even go there. You can't afford to repeat this relationship again.
As life returns to a more normal state and you adjust to the new normal, we will slowly begin to notice more balance in our lives. You want to come from a good place of reflection and not let bad habits make the choice for you. Some do's and don'ts for this time would be:
- Do: exercise — taking care of you is important during this time. It's self-care and maintaining a healthy lifestyle.
- Do: shower, brush your teeth, and get out of your sweats.
- Don't: be a couch potato.
- Don't: drink or eat excessively during this time. Again, remember to maintain a healthy lifestyle.
- Do: think positive thoughts everyday and write down the 3 things you are grateful for. Look at the impact of John Krasinksi's SGN. It's uplifting and when you feel good, you won't want to slide backwards.
- Don't: contact a toxic ex. It's a backward move in a moment of uncertainty that could have a long term impact. Why continue flea bagging yourself?