Know Why You're Starting a Company - Danae Ringelmann of Indiegogo

TL;DR

The video argues that a founder’s “why” – an authentic, deeply held reason for starting the company – is essential for success. It helps find co-founders, enables pivoting from a flawed initial idea, sustains motivation through extended hardship, informs strategic decisions (open platform, global reach, customer focus), and attracts top talent and customers.

Key insights

• Without an authentic why, the chances of failure increase significantly.
• A clear, publicly stated why naturally attracts co-founders who share that purpose.
• Being obsessed with the why rather than the initial solution allows founders to pivot to a better approach (e.g., shifting from an offline fund to an internet-based crowdfunding platform).