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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Entrepreneurship

Entrepreneurship

“Crowdfunding is better for Femalepreneurs”, Katherine Krug, CEO BetterBack

Katherine Krug, founder BetterBack-image from facebook
Katherine Krug, founder BetterBack-image from facebook Katherine Krug, founder BetterBack-image from facebook
Katherine Krug, founder BetterBack-image from facebook
Katherine Krug, founder BetterBack-image from facebook Katherine Krug, founder BetterBack-image from facebook

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Katherine Krug is an executive chairperson at Athena and a CEO at BetterBack. She founded BetterBack in 2014, a company that makes ergonomic chairs to allow one to sit in the right posture.

Katherine Krug is very passionate about solving problems facing people with back pains. You will find her in the lab on most occasions, doing research to better other people’s lives. She is an alumnus of Wesleyan University, where she studied Psychology.

After graduation, I got too many job offers. After one month of working, I felt like quitting in some situations because the environment was not good enough for me. I worked with Zirtual as an interim COO. The company deals with busy people and teams within the US, specifically college students who yearn to be virtual assistants. Later, I joined Blink as a senior advisor, where I still hold the position.

In 2016, I got another offer from Republic co as a part-time advisor. This company helps startups to fund their projects. In addition, they allow customers to own a small part of your business.

While working with those companies, I had some ideas in mind. For example, I saw many of my friends and relatives suffer from back pain. So, I was anxious to create models that would allow them to sit comfortably without straining. That led to the development of portable and lightweight chairs.

Although I had the project in mind, my capital could not allow me to kickstart. So, the only thing I managed to create was a final product prototype. After that, I got a lot of support and raised over $1 million to fund my project.

Together with my $10,000, I had several workers with whom we kickstarted the manufacturing of adjustable chairs. So I launched my company in 2014. The first year was successful, and we got many requests from investors. From crowdfunding, I raised $3 million to expand the company. For me, I believe crowdfunding works miracles. It’s a platform where female entrepreneurs can succeed with their companies.

Katherine Krug, founder BetterBack – image from Facebook

From my experience, crowdfunding is free from gatekeepers. That’s the only place you will find fewer men who want to control what you need. The only people who will have control over your business are your loyal customers willing to support your business. It’s a very excellent liberation for the underrepresented female.

According to statistics from PWC, women are doing good at crowdfunding than men. This is because women will raise their funds faster and secure more pledges faster.

My first office was in my apartment. I always believe that everything is possible and you can start with what you have. Crowdfunding has helped my business to stand strong among other competitors. It lets one focus on their goal rather than suffering from the financial crisis. The collaboration with customers lets you know what they need in the market.

I have a defined team where most of my board members work from home. Daily, I will remind my team to work their best to bring the best quality product to clients. The main reason most of them work from home is that we are trying to offer that freedom. People have been having the problem of balancing life and job. Having that freedom gets one to engage in their activities. As a result, my company is balanced with a 1:1 ratio of men to women.

On most occasions, I will think about my employees. I want them to have their personal growth inside and outside BetterBack. Health is very important. When conducting an interview, I will listen keenly to the candidates. I want to hear about their goals and ambitions.

After the shark tank appearance, I still conduct crowdfunding. It s my way to reach new customers and launch a new product. I am very thankful to Shark, where I made a great deal with Lori.

To my fellow female entrepreneurs, get creative and build something legit when you get capital. Don’t get yourself to a comfortable one, and the customers need your product. Instead, look for a better way to collect money rather than chasing VCs.

To my younger Katherine Krug, be smart in everything you do. Then, when you get employed, ensure the environment is safe for your personal growth.

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