Kiah and GoodWorks fund social impact companies. In our conversation we discuss the spend-down model they use at GoodWorks, new models of financing (including revenue share investor a la Indie.vc) and how founders who want to change the world should think about funding their companies.
If you are raising money you can reach out Kiah (pronounced “Ky”) at kiah @ goodworksventures.com or reach out to me for an intro (always a better strategy than a cold email!).
Thanks for listening and if you like the ‘cast please leave us a review as it helps more people find our community.
With love,
Will
Kiah’s Bio:
Kiah Hochstetler is a third generation Montanan who grew up on a horse farm and is deeply rooted in this place. He is the COO for Goodworks Ventures and works directly with its portfolio companies. It’s his declaration to help people and organizations achieve their goals and become the best version of themselves. Having founded two startups, one failed, one merged, he has deep empathy for the challenges and celebrations awaiting those who are bold enough the claim the title Entrepreneur. Glacier National Park is his happy place, so much so he got married in the Park, outside, in -15 degree weather.
Markers:
1:58 Kiah introduces himself and what he does.
3:21 What’s the story behind Good Works?
5:00 What is a Spenddown?
6:14 How does Kiah choose the deals to fund?
9:05 Do all the entrepreneurs in Montana know about Good Works?
10:16 What is Indie.VC and what is their funding model?
16:19 What happens to all the venture backed companies that don’t hit the jackpot?
19:08 What is Kiah’s opinion about social impact companies?
21:38 What’s the next step a viable business should take?
22:01 Do companies raise money too early or too late?
25:08 When is the right time to raise money for a social impact founder?
26:49 How does Kiah see the ecosystem of social impact investing?
33:51 Is building a social impact company harder than building a regular company?
37:23 What advice would you give to social impact founders who need to rise money to build something?
46:41 How often do you get pitched by someone who does not believe in their project?
49:02 What would be your top three pieces of advice for a social impact founder?
51:26 Where is the best place to meet social impact investors in the shortest amount of time?
57:30 What would be an example of an ecosystem investment?
1:01:20 What’s next for Good Works?
1:03:17 Where can people learn more about Good Works?
Website: goodworksventures.com