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

An authentic 'why' increases the chances of success by providing a strong foundation. It helps attract co-founders and team members who share your vision and motivates you through difficult times.

Obsessing over your 'why' rather than a specific solution allows for flexibility. Ringelmann's team pivoted from an offline model to an online, perks-based model for Indiegogo because their 'why' was democratizing capital.

Entrepreneurship is inherently difficult, and startups face 'dark periods.' A powerful and meaningful 'why' provides the resilience needed to persevere through financial hardship and uncertainty.

Your 'why' informs strategic decisions, setting operational guidelines and direction. For Indiegogo, the 'why' of empowering the world led to becoming an open, global platform with diverse funding options.

A strong mission-driven 'why' attracts highly motivated individuals passionate about the cause, not just the job. It also draws in customers who resonate with the company's values and solutions.

The '5 Whys' exercise involves repeatedly asking 'why' (like a child) to drill down to the most fundamental belief driving your venture. This process helps uncover deeply held, irrational convictions that form a core 'why'.