Rapid Response: Relief funding & crowdfunding in a crisis w/Karen Cahn of IFundWomen

The very best founders I know are brilliant at building systems. They connect teams, they remove bottlenecks, and they eliminate single points of failure. And yet When it comes to their own wealth. Most are running a disconnected stack. A tax accountant here and a state attorney there, a wealth manager who doesn't talk to either one of them.

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Hey folks, Jeff Berman here. I am thrilled to share some of the new names who will be joining us at this year's Masters of Scale summit. This may be our biggest stage yet. Reed Hastings, Meredith Whitaker, Van Jones, Amjad Masad, and more. Will be there with us October 20th through 22nd in San Francisco. If you're building something great, or you want to build something great, We want you there with us too.

Join us at masters of scale dot com slash apply twenty six. That's mastersofscom slash apply. Twenty six. We're all in the same boat. We all want to retain our employees.

And grow our businesses. This couldn't have happened at a worse time. This is just awful for everyone. A lot of entrepreneurs, both men and women. are really grieving. They're grieving for their plans that are lost, both personally and professionally. Mm.

The bill is three months. And almost four hundred billion dollars in capital to be deployed. This is unprecedented. It's definitely the largest stimulus bill for Main Street. In the history of the United States, that's a fact. All of the entrepreneurs that are coming on iPhone Women and they are raising cash.

I watch the transactions happen. By the second And people are bing super dженерес. That's what gives me life. Hey listeners.

It's read. We're continuing our special coverage today with an episode all about relief funding and crowdfunding in a crisis. We rushed to bring you this episode on a Saturday because we know how urgent this is. For so many of you. We're joined by Karen Conn.

Founder and CO of I fund women. It's her second time on the show. And she's going to walk us through the stimulus package in the US. Who qualifies? When you have to apply.

And when alone is a good idea. Karen will also make the case That right now. Is a great time. To crowdfund.

I'm going to hand it off. To our editor at large. Bob Safian. who was previously editor in chief at Fast Company. Bob.

you become a familiar and a welcome voice. On the podcast. I'm Bob Safian. In this special series at Masters of Scale, we're interviewing founders, operators, and investors who have agreed to share their experiences in the hopes of helping others find their way through. And I'm here with Karen Kahn, the CEO of iFund Women, a startup funding platform offering crowdfunding and grants to entrepreneurs, as well as business coaching advice and community. She's gonna give us a tutorial.

in how to get the most from the new CARES Act and also talk us through some of the Emerging opportunities in the covet economy. For entrepreneurs, Karen. has appeared in previous episodes of Masters of Scale. And is coming to us today remotely from New Jersey.

As I ask my questions from my home in New York, Karen. Thanks for joining us. Thank you, Bob, for having me. I love Masters of Scale. You guys know I'm like the biggest nerd for this podcast. So I even went to Masters of Scale live in Boston. That's how much of a nerd I am for this. So thanks for having me and I'm excited to Share what we've learned, especially around the CARS Акт. Because it is something that

Can be beneficial to all of us. in the start up economy. and in the gig economy. So not just for companies for sole proprietors. for ten ninety nine employees, so

I think the spirit of the act. In saving jobs is great. And it's so new. It was just announced, it was just signed by Congress last

Weak. And the fintechs have frankly been scrambling to figure out How to regulate this thing. And it's there's a lot to talk about. Clearly in recent days you've been

intensated to helping Your members and small businesses overall to cope with the impacts of COVID. These are wild days. I know when the federal government passed the CARES Act. Some in the financial press described it as a stimulus package.

I know for affected businesses and individuals it's really a relief package. And so we're eager to hear from you about all this and how to make the most of it in this time and how much we should be racing or not to take advantage of it. I wanted to start by asking you how the entrepreneurs and small businesses In the I fund women community Are feeling these days like what's the mood? It is rough out there.

How does it feel when you're hearing back? Well I think the members of the IFEN women community feel the same as the members of the whole startup ecosystem and To be clear, we have men and women on iPhone Women.

I think what we're all feeling is grief in some sense. Because things were great. We were all sort of hopeful and starting our businesses, or maybe in year two and year three, and getting traction. And you know, twenty nineteen For all of its weirdness was a great year. From a business perspective.

And I think that a lot of entrepreneurs, both men and women Are really grieving they're grieving for their plans that are lost, both personally and professionally. they're grieving for their laid off co workers or the people that they have to lay off and you know at a early stage startups. These are your family.

The people that you hire in your earliest days are the people that you've hand selected as a founder. To help you carry your vision forward. And to have to lay them off, there's a lot of grief around that. There's a grief around being isolated. And not being able to have human interaction, so

I think that the word grief is the first thing that comes to my mind as to what most people are feeling that they can't articulate. I think people articulating fear. by their actions and their words, right? And anxiety. Because people are Racing to do things that you know when

Congress Sign the bill on Friday. There was a скрабо. on Friday night and over the weekend to Be first in line and get your application into the SBA and

There was so much confusion. And that's what led me to I'm a pretty calm. I'm very good in a crisis. I'm sure I'll have a breakdown somewhere down the line when things are fine. But in a crisis I'm pretty calm.

So what I observed was a lot of panic. And so what I did was I trolled the internet. To try to find The best експерт That was closest to both the bill.

And the banks. That could help just at least explain. What the CARES Act was and also how entrepreneurs should be thinking about taking advantage of it. With the caveat.

That Things are constantly changing, as we've seen. And that doesn't help anyone's fear and anxiety. So where were you when you first heard about the the act passing and how did you

Personally react. I was on my couch at home. I was on my second glass of sans serre. If I'm being honest.

You know, we've been drinking a lot of wine. at iFund Women on the Daily. I don't watch TV and I don't watch the news because that for me gives me a ton of anxiety. So I was kind of

keeping my eye on the internet and I I knew that the bill was being signed. And so my phone started ringing off the hook. It was from People that were racing to get their applications in.

It was from people that were saying You have to be first in line. Girl, like start your applications. I'm spending my whole weekend doing my applications, and that's Where I was and what I was experiencing Friday night. And into Saturday morning.

For a minute I bought into it, I'm not gonna lie. So Friday night was a lot of phone calls from fellow entrepreneurs and advisors. Фело фінанше сервіс експерт who were saying be first in line And

I bought into it for a hot second and so Saturday morning I got up really early. And I filled out The SPA's Disaster. Recovery.

Alone. They keep changing the name. Disaster relief loan. It's not the payroll protection. It was just a disaster relief because that was the only thing that was up on the SBA website that I could actually apply for. So I filled out the paperwork, I uploaded the things.

And It was right then when it dawned on me when I didn't get an email. Or any sort of communication from the SBA I'm like This is not

the right thing to do. Like I had no login. There was no there was nothing. It was like I had taken this time to fill out the stuff, which I'm glad I did because it got my act together. From a you know, I needed three years of PLs. I needed obviously your EIN number, all the basic stuff to apply for a loan, but I'd never applied for a loan before.

So I had to spend hours digging around my email and my files. To get all the stuff. So now I feel like I have my act together. So it wasn't for nothing, but Around Saturday morning, eleven AM after I finished applying and I was like Mm.

I don't have any like correspondence from this SBA. What's the story? I started trolling the interwebs. To try to find this expert who I mentioned was close to the bill and close to the banks, and so I put up a post. On my

Instagram and my Facebook and my LinkedIn just like a little Graphic that said Seeking an expert. On the CARES Act. Please comment.

And I got Tons of comments. And I found A person through Instagram. A gentleman by the name of Mark

L Rockefeller. You can find him on LinkedIn. And Mark runs a fintech in DC called Street Shares. And they are one of the fintechs that are gonna be the front end to deploy the PPP the paycheck protection. Program.

He not only consulted on the bill He had read multiple versions of it and consulted on it. He has also built the front end technology to help the banks deploy the funds because Prior to this moment in time Only one to two percent of consumer banks. have the ability.

to take loans online. Which is why the cabbages and the online lenders of the world have exploded over the last five years because Prior to today, hopefully. Chase B of A.

Cap one. You know, most of the big banks, you can't apply for a loan online. Like Chase is my bank. This is not a paid ad for Chase by any means. To get a small business loan or any loan, I would have to walk my little self. Into a branch.

Fill out paperwork. And wait a month. And that's how it worked. And so first of all Nobody's leaving their house. We're quarantined.

Going IRL into a bank branch is not allowed anymore. So these banks have had to scramble. To partner with technologies like стріче. to be able to handle the applications and

be able to process them. And so That's why there's been so many delays. I mean, listen, a week is not a big delay. It just has been a week of between Congress passing the bill and for entrepreneurs to be able to apply

For either PPP or a small business loan. Which you can apply for now. We can talk about the differences between the two. But this week has just been a lot of anxiety, a lot of fear. People are laying people off, but then they're like, Should I lay people off? Cause then I can't include them in my PPP plan. There's a lot of nuances.

So First of all, should I be in a rush to be first in line? Is the money gonna run out? Like or is the rush to be first in line because I'll get the money sooner. Or is there no rush at all? There's plenty of money and I should just calm down.

The honest truth is Like most people Like most experts? I don't know. I don't know the answer to that.

So this is why there's the encouragement or the imperative to sort of act quickly. Because we don't know what the implication is if we don't. We don't know so The bill is three hundred and forty eight billion dollars of capital. that is supposed to be deployed by the end of June.

So we are now in April. So that's three months. And almost four hundred billion dollars in capital to be deployed. This is unprecedented. It's definitely the largest stimulus, bill. For Main Street. In the history of the United States, that's a fact.

So the banks and the financial services companies and the online lenders are scrambling. To be able to figure out how to fulfill these loans. So in terms of the panic of being first in line'cause the money's gonna run out. I think that There is not a lot of truth to that.

I do think you wanna be very Deliberate about what loans you are applying for. Why you are gonna be applying for those loans, what you're gonna use the money for. And be well planned out, and once your plan is together.

Activate it. There's no reason to wait. But So I got my SBA loan in Last weekend. With no response.

And the SBA loan is a four percent loan. I believe it's about a thirty year loan. And they ask for your losses, your projected losses in revenue. Over the next twelve months. And your losses in your your rent or any of your other expenses. So that's the loan that we apply for.

I did get an email two nights ago. That said Thanks for the loan. Go and reapply. And there may be a ten K fast track.

money you can get. I am definitely waiting to reapply for the SBA piece of it because It just didn't seem It didn't seem right to me. Take us through what the difference is between an SBA alone

And a paycheck. Protection program. And whether it's a Everyone should be doing both, or how do you decide between them? Okay.

Everybody should be doing The paycheck. Protection. program. Everybody should be doing this first.

Period full stop. Here's who can apply for it, which is everybody. You to be бізнес. A non profit You can be a veterans organization, a tribal business.

You can be a soul proprietor. You can be an independent contractor. or a self employed individual. They've covered all of their bases. The purpose of the bill.

is to save jobs is to stem unemployment. So When you think about the purpose of the bill. They're being very inclusive in who can apply for aid. So

Everybody should be applying for this. Here are some of the stipulations. You have to have been in operation as of February fifteenth, twenty twenty. Which is a minute ago. Okay.

So February fifteenth, twenty twenty. You have to be a registered entity. with the government. So paying taxes. So whether you're a

self employed person or whether you're an independent contractor. You have to pay taxes. This can't be like a I've been working under the table. for cash and the government has no idea who I am because you won't get Approved. Making sense so far?

Yeah. Great. So even if I'm a Freelance bartender or something like that, I could apply for this. As long as you have your ten ninety nine, you can apply for this. Absolutely. Great. And you're applying for your lost wages. So for example, businesses like IF fund women.

Where we have Sixteen full time employees, and we have three ten ninety nine contractors. We can apply for our sixteen full time employees. With a cap.

of employees that have a hundred K salary. So the cap on applying is a hundred K all in actually. For the employees. So We'll get to that in a minute, but I can't apply for my ten ninety nine contractors. I can't say

While I'm spending five K a month on my publicist. I want to apply for that. Because the theory is she is going to be applying on her own for that. missed revenue. So that would be double dipping.

And then the other stipulation is you have to have fewer than five hundred employees. So just to recap, so you can be anyone. Biznes non profit. For profit. Sole proprietor, independent contractor, self-employed, as long as the government knows about you and you pay taxes, you should apply for.

The paycheck protection. And we're hoping that those applications are opening up later today. It's Friday the third. We've been waiting all week. And we're hoping that they're gonna open up, but we don't know.

So that's the paycheck protection. And so here's what it is. So basically what you do is you add up your Salaries. for one month your salaries Your health benefits.

And your state and local taxes. Not your federal taxes. Which is a bummer. 'Cause that's a big piece of it.

And each employee is capped at a hundred grand. And you add that all up. And you multiply that by two point five. And that is the amount of a loan that you can get. So I'll give you round numbers. Let's just say I find women's

monthly payroll. With our caps put in place. Is a hundred thousand dollars. we would be applying for a two hundred and fifty thousand dollar loan. And

The loan will be forgiven. Now they keep changing the amount of time. At first it was After four months, if we still have all sixteen employees. That loan will be forgiven. Which makes it a grant, which makes it free money, which is awesome.

Now I'm reading in certain places it's eight weeks. So I will caveat all this by saying Things are changing like the wind. And I think gonna change even more depending on what banks start deploying these loans. Right.

But this is free money. For you to continue to keep your employees in place. Even if you don't have any revenue. It will cover your cost to keep those people in their jobs. Correct. You do not have to have revenue.

But you have to be a registered entity. When we started to learn about the Care Act, we had Mark L Rockefeller come into iPhone Women through Zoom, obviously, and give a talk to our Members. About

What it all meant. And one of the questions was, and we have a lot of this at iPhone Women because we service early stage entrepreneurs. I am a bootstrapping startup. I am my only employee. And I'm not paying myself.

And I am not registered as anything yet. Am I eligible? And the answer Is now. So

If there's anything that people take away from this. That are starting businesses. You have to rejestр. As an entity, start as an L C because V C is Drying up right now.

If you're gonna go for V C you have to be a corporation. You'll do that down the road, but just Cheap and easy register an LLC. And start paying yourself, even if it's a nominal amount of money. So that way you're eligible for benefits.

But yeah, we have a lot of people in the iPhone women community that are in that boat. And I would imagine a lot of other bootstrapping entrepreneurs who Have used their own money, their own savings, their own credit card. to fund their idea, which is never a good idea. Anyway.

and maybe didn't register a business because they don't know if it's gonna be a business yet. Unfortunately, those folks are gonna be left out on this. When you've built substantial wealth through your business, it's often tied up in a single equity position. The upside is real, but so is the risk, and knowing when to act isn't always obvious. Creative planning works with business owners to build a strategy around concentrated equity.

When to diversify, how to manage tax risk, and how to protect what you've spent years building. Creative planning where wealth works together. Lear more at creative plating dot com slash masters of scale. Hey listeners, Bob here. If you listen to Rapid Response on Masters of Scale, you may be missing half the show. Because every Friday we release a second rapid response exclusively in the Rapid Response feed. The guests and topics are just as compelling and timely from Ford's CEO to NASA's administrator to the lessons from The Devil Wears Prada.

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That is human centered. I'm Rana El Calyubi. And on my podcast, Pioneers of AI, we answer that question and so many more. As an AI scientist, entrepreneur, and investor, I know what it takes to build AI that works for everyone. Every week I sit down with the pioneers shaping our future.

and we take you behind the scenes of the AI that's transforming our lives. Find pioneers of AI wherever you tune in. Now Beyond the paycheck protection program for the SBA loans. How do I decide if that is something that is worth

going into you you rushed to do that first, but now you seem a little bit like you're sort of Waiting on that. What's the difference? So the difference is it's alone. The SBA has been doing small business loans forever.

They usually are around eight percent. And now they are looking at around four percent. So it's much less expensive money, which is awesome. And They require

Collateral. So for most entrepreneurs that don't have tons of assets in their business, they're putting up their house. You're putting up your personal Stuff. collateral for this loan.

So, unless you have a business that is generating revenues, generating profits. And is growing. I would not advise taking out an SBA loan. Because if you're not growing You're not gonna be able to pay back the loan.

you're gonna be in debt and they're gonna come take your house. We are not in that situation. We're growing, we have revenues. And we can pay back a loan. This recession is Something that m our generation has never seen.

It's gonna be potentially as bad as the Great Depression. Just in a different way. Unemployment as of today, I believe, is at like ten million unemployed people in the last week. Ten million newly unemployed people. And that number is gonna keep changing. When you air this episode, it's gonna be dated.

This is gonna go on for a long time. And experts are saying that any businesses should have thirty six months of runway. We don't have thirty six months of runway at iPhone women and we're doing fine. We don't have anywhere near that. That's the

reason for the loan. In my perfect world, I'm not touching that loan. Right? I don't need it. I might invest it actually. And let it grow.

Or save it for a rainy day or pay it back. But I feel like there's no harm in applying. Because number one, I can always turn it down. It doesn't hurt your credit score. To apply for a loan.

And number two, we were planning on hiring an additional engineering staff. I need four engineers. I need a head of product. Like we're growing. So I would use that loan for growth capital. The crowd funding business was actually born out of the two thousand and eight Recession.

So the crowdfunding part of our business is actually on fire right now, and we need more engineers. That's our specific situation. I would say if you are a company that's growing and doing well. Definitely apply for a loan. There's no downside. And if you are a company that's

Afraid of going out of business, don't apply for a loan because you're gonna have to pay it back and being in debt After A failed business. And I've been there before.

No shame in that game. We've all failed and gone into debt funding a business that didn't work. It sucks having to pay back that debt after a failed business. You mentioned crowdfund and I'm curious. Is now A good time for crowdfunding and if

So what should people know if they're gonna go in or try to do that right now. Now is an amazing time to crowdfund. And I'll tell you why. And I can speak from I find women's technology perspective because we built

specific features into our platform for all of your listeners who are wanting to use our technology, feel free. You Get immediate cash. in your bank account.

Two to three days after your first funder. Which is very different from other platforms that make you wait. until the end of your campaign. or if you're fully funded to start getting that working capital. А спешли на

It's so interesting. Because we saw from February to March, pre COVID to post COVID. Our membership Two X.

And the difference in the new members is that they are established brick and mortar companies. that are coming onto iPhone women to raise immediate cash to help with payroll. We're the payroll protection plan right now. For Main Street legit. Because these businesses are real businesses. They've got customers. Their customers want them to stay in business. Think about the restaurants, the hair salons, the nail shops, the

Things that you use every day. In your neighborhood, you don't want them going out of business. So these are the businesses that do the best with crowdfunding because they've got a built-in customer base, a built-in audience. People that want to help. And crowdfunding is when you the entrepreneur go out and raise very small increments of money.

to lots of people in your community. That add up to just enough to keep your business going. So crowdfunding right now is absolutely something that every single business Who is scared? should be doing.

With no shame in the game. We have So many businesses that are doing it. There's so many creative ways. to message and market during covid. We've got like different sectors of businesses that are

marketing through crowdfunding and raising money. We've got the help me save my business. People And that is an easy to market. It's like help me save my business. You come to my salon

And I need you to donate. A hundred bucks to help me keep in business. That's a no brainer. I just did that for my hair lady. My roots are really bad. You can't see them. But that's a problem for me. And I need her salon to survive. So that's one bucket.

But the other bucket are the market opportunists. Who were starting businesses. Before Covid and were planning on crowdfunding for their first tranche of capital because it's debt free. It's cash right in the bank. They can start building their proof of concept. So they're actually doing well with crowdfunding because we have been teaching them through our coaching program.

Which we've made for free. During the time of Covid, because we need to teach people how to raise money and market effectively. We have taught them how to. Not be tone deaf. in this time of Covid and had a market

Without being tone deaf, how to market in a time when people are losing their jobs. And are not spending. On Frivolous things. But they will spend to help their friend.

Start a business if that business Is Something helpful. And I think we should talk about Maslow's hierarchy of needs because I think Something very interesting we're seeing.

is that the businesses that are crushing it on iPhone women Are The businesses that are serving the bottom three rungs. Of Maslow's Hierarchy of needs.

Yeah, so you talked with me earlier about This idea of the covet economy and how it's different from the pre Covid economy that These sort of must haves of Food and shelter and safety.

Are going to perhaps do very well right now. versus the sort of nice to have businesses. Can you explain what you mean by all that? Absolutely. So when you think of Maslow's hierarchy of needs. On the very bottom of the triangle.

You've got the physiological Basic needs. Air, water, food, shelter, slap. Sex. Clothing.

The baseline for humans to survive. Sex tech businesses are doing really well. Food delivery companies are doing extraordinarily well. Before Covid. I was using HelloFresh.

And you know it didn't even dawn on me. That when The quarantine started. My hello fresh boxes kept showing up. I was like, thank goodness. For this service.

Because I don't have to go to the market because I'm scared to death to go to the market. Shelter. Water. So all of these very basic needs, those companies are gonna do well. Then you move up on Maslow's hierarchy of needs to

Safety. Right, so personal safety. Security. Employment. Health.

Your property safety. So we're going into An apocalypse, potentially. Right. So any sort of safety that you can provide.

Whether it's you know, obviously people's jobs are of the utmost importance. And that leads to financial security and mental health and mental wellness. That's all part of these sort of bottom two rungs. of Maslow's hierarchy of needs, it kind of gets into the third rung. Of love and belonging, right? Friendship, intimacy, family and connection. That's another thing that's hugely important, especially as we're isolated.

So бізнес like of course Zoom. Google Hangout. D Nice, who's a DJ who was doing these sick sets. He's doing these free dance parties. He did it. Last weekend, I swear to God, I danced all weekend. It was like the most fun I've ever had. And I'm just like stalking D Nice's Instagram live for when he goes live again.

But it's things like that that give you a connection. That are gonna do well. So obviously Netflix, all the streaming services, all the content creators. They're doing well. There's a COVID economy that's happening and it's any of the businesses that are gonna be servicing us.

In our life of quarantine. Which gets boring and sad and lonely. Those are gonna win. And if you have a business that's sort of further up in Maslow's hierarchy, further up that food chain. Should you be thinking about pivoting into different areas? You mentioned

Some Folks in your network who have pivoted to different kinds of products as the result of the environment we're in right now. Yeah, absolutely. We have a lot of fashionistas at I Fund Women. who were selling, you know.

Two and three hundred dollar work wear outfits or bomber jackets or things that were nice to have. They have pivoted. So one great example, and if people go to iPhone Women's homepage, search for Taylor J. She is a designer out of Oakland, California. Previously she was making really beautiful

women's workwear that you would go from like the plane to a meeting. And she has pivoted to making really chic cool. Consumer grade. Face masks. And she literally is selling out.

They're selling like hotcakes because they're pretty. They're not medical great, obviously, but If you think we're not gonna all be wearing face masks for the next year or so. We're kidding ourselves. And we're also seeing people

in the fashion industry pivot to Making hospital gowns and hospital grade. masks and booty covers. And people that are in fashion that have access to fabric. are making either medical grade

supplies or they're making Consumer grade supplies. And I think that's great. That's what you got to do. Every business has to pivot.

And it's the businesses that can pivot and really see an opportunity. For what people need during these times that are not gonna be a change in any time soon. And have the self awareness to say like you know what? People don't need the two hundred dollar bomber jacket. People need face masks and I'm gonna supply those to them.

As we move from these Pre Covid. To post Covid. economy. It's a stressful time.

And I'm curious, is a leader What you do to manage your own stress personally, and what sort of advice you might give to other business leaders than the rest of us out there about how to get through these times where we are maybe isolated. under new kinds of pressure and dealing with uncertainty in a different kind of way.

I think do whatever you can do. To remain calm. I mean, I also have the wisdom of age. Even though I don't look at Bob, I'm 46. This isn't my first rodeo. And so I think that the older founders and the older CEOs

I think we are gonna handle it. Better. Because we've seen some sh Right. I try to get outside every day and take a walk.

I try to do yoga. I do have a yoga mat on my bedroom floor. I am definitely listening to Oprah and Deepak's free meditation. They have a month long meditation app. It is free. And I'm doing that in the mornings. I've got my two kids with me quarantined at home.

And luckily they're being amazing. And it is not lost on me that most people are losing their jobs. Are Struggling to feed their families, are fighting with their spouses. And are in little tiny apartments in big cities where covet is running rampant. So

I just send my Biggest. Hard message out to them. Are there things that

Keep your optimism up in this environment. Absolutely. And I'll tell you what keeps my optimism up in this environment is All of the entrepreneurs that are coming on iPhone Women and they are raising cash. They I see it, I watch the transactions happen by the second. And people are being super dженерес.

So if you are listening to this and you are a small business, doesn't matter if you're women owned, man owned, it doesn't matter. Come on iPhone Women. And crowdfund. to get yourself through this time. It will give you something to do.

We will teach you how to do it. It will give you structure to your day. Every day you should have a goal of what you want to raise. Whether it's two hundred dollars, a thousand dollars a day. Five hundred dollars a day it doesn't matter. That cash goes right into your bank account immediately, and it will help you get through this time of uncertainty. So

That's my positive thing. That's what gives me life. Ar team wakes up every day and we have our daily slack and zoom stand up. And we're cheering because we are like, Did you see so and so they just raised ten thousand dollars yesterday? Did you see this other person they just raised five thousand dollars? And They came from nowhere, so there's a lot of hope out there. And um wishing everybody the best and come to iFun Women and we will help you raise you the cash you need.

Karen, thank you again for your thoughts and your ideas and your time. We wish you a lot of luck. I'm Bob Sapian and thanks everybody for listening. Masters of Scale Rapid Response is a Wait What original. The show is recorded remotely, using sanitized audio gear. It's hosted by me, Bob Safian. Masters of Scales editor at large, and Masters of Scale host Reed Hoffman.

Our executive producers are June Cohen and Darren Triff. Our supervising producer is Jay Punjabi. Our producer is Jordan McLeod. Scripts by Christina Gonzalez. Original music and sound design by Ryan Holliday and Daniel Nissenbaum.

Audio editing by Keith J. Nelson and Lina Sillicen. Mixing and Mastering by Brian Pugh. Special thanks to Emily McManus, Sarah Sandman, Adam Heiner, Kelsey Capitano, Tim Cronin.

Charlie Menessis. And Saida Sapi ever. Visit masters of scale dot com slash rapid response To find the transcript for this episode. And be sure to subscribe.

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