By 2009 Kathryn had turned a love of discount shopping into The Budget Fashionista, a seven-figure media business, with a monthly spot on the TODAY show and six-figure endorsement deals from companies like TJ Maxx and Tide. Then she joined a startup incubator in New York, carrying an idea for a beauty subscription business, built on the 1.1 million weekly visitors she already had.
She gave the elevator pitch to a room of 70 people. She brought the market size, the tech stack, and the audience she already owned. She landed it with 10 seconds to spare. Scott Heiferman, the founder of Meetup, told her it was one of the best elevator pitches he had ever heard.
Then the rest of the room got its turn. One of them said the business model was excellent, and then explained why he would not back her anyway. Someone else decided she was too well off to understand her own customers, on the evidence that she had an accountant. Another asked whether women online were a "real" customer base.
So she took it upstairs, to the founder of the incubator, and sat in what she calls the Aeron chair, the required chair of failed startups. He said, "Great idea, and obviously you can do this." Then he leaned forward and told her, honestly, that he could not name a single investor who had ever backed someone like her, so she probably would not get funded. Then he stood up and said "keep me posted," which in startup speak means don't call me.
She built her own damn thing instead, sold The Budget Fashionista in 2012, then founded digitalundivided, then Genius Guild. The excerpt is where she explains what she worked out in between, starting with the part nobody had told her: