By Liza Porteus Viana (Contributor, FOXBusiness) When Ashley Kingsley and Whitney Trujillo, co-CEOs of Daily Deals for Moms, were looking to expand their business in April 2011 after running it on their own for about a year, they thought angel investors were the way to go.
But they weren’t sure on how to go about finding investors who would be interested in their deal site offering discounted deals on clothing, kids activities, and other offerings.
“We just kept reaching out to more and more people. Every time we talked to one person we learned something … it really became this educational series of meetings that led us to really get a good grasp on the next steps to take,” explained Trujillo. “It was a very quick learning curve.”
The pair created a funding proposal and had friends, associates and friends of friends in the social media or related industries offer feedback. They quickly realized it needed a lot of work. So they continued to refine their proposal, offering it up to more people, including business owners who had been through the process, for constructive criticism.
“We got really comfortable with what we were putting out there” Trujillo said. “Ultimately, we got something we knew was good. A lot of people we reached out to were really excited about what we were doing and ultimately ended up investing with us.”
They closed on round one of funding in June, but they noticed they didn’t hear many female voices during the process.
“Every time someone would give us another person to talk to, it was just a constant stream of men. We would have loved to talk to someone who was a woman,” Trujillo said. “A lot of women in small and medium-sized business don’t go after venture because they don’t know anybody employed in venture. The whole thing is interesting because until you’re in it, you don’t realize how rare it is.”
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