First Time Founders with Ed Elson – Why Caroline Spiegel Built an Audio Erotica App

Capital Challenges

Caroline Spiegel, founder of Quinn, shares the hurdles she faced while raising capital for her audio erotica app. Despite her advantages, such as a Stanford education and connections, she found the process challenging due to the taboo nature of her business. Caroline advises female founders to approach established male investors who are more likely to evaluate ideas on merit rather than reputation risk. She notes, "Most of the time they want to be in the deals that are, in their view, most safe, which is kind of messed up considering that VC is the only asset class where taking big risk is the most important thing." 1 2.

   

Resilience

Caroline Spiegel emphasizes the importance of resilience in the face of rejection, a common experience for founders. She believes that setbacks can reinforce one's identity and determination to succeed. Caroline shares a particularly challenging moment when a term sheet was retracted due to a vice clause, highlighting the unpredictable nature of venture capital. She reflects, "In those low lows, you have to find that fire inside of you and keep going." 3 4.

   

Female Founders

Female entrepreneurship presents unique challenges, as Caroline Spiegel discusses the societal biases that female founders face. She notes that female founders often receive only 2% of VC investment, a statistic that has remained stagnant. Caroline advises women to embrace their individuality and authenticity, suggesting that success comes from being true to oneself. She states, "Take your users seriously, especially if they're women, and treat them like the smart, capable, interested people that they are." 1 5.