The Finance Café recently sat down with Carlyn Loncaric, the founder and CEO of VodaSafe, a groundbreaking company revolutionizing water rescue. With over a decade of lifeguarding experience and an engineering background, Carlyn’s journey from witnessing the challenges of water rescue to creating the AquaEye device is truly inspiring.
Shannon delved into Carlyn’s experiences as a woman in the tech industry, her fundraising journey, and the significant role pitch competitions played in shaping her business. The episode offered a deep dive into Carlyn’s entrepreneurial journey, highlighting key topics that resonate with women entrepreneurs.
The Birth of VodaSafe
Carlyn shared her motivation for founding VodaSafe, expressing her frustration as a lifeguard with the limitations of traditional rescue tools. The idea of creating a simple, effective sonar device stemmed from the desire to improve water rescue operations drastically. The AquaEye device, resembling a radar gun, allows rescuers to scan large areas of water quickly, pinpointing the location of victims within minutes.
Carlyn’s Entrepreneurial Journey
Shannon explored Carlyn’s entrepreneurial journey, acknowledging the challenges faced by women in the tech sector. Carlyn shared her experiences of being the only woman in the room and the importance of building a strong support network. She highlighted the need to encourage young girls to pursue STEM fields and emphasized the role of confidence in overcoming barriers.
Navigating the Funding Landscape
Carlyn provided insights into her funding journey, describing it as a bumpy rollercoaster ride. She began by bootstrapping, emphasizing the importance of understanding and managing financial statements. Carlyn urged entrepreneurs to know their numbers and not be afraid to tackle financial aspects of their businesses gradually. Being well-versed in business numbers and projections is not merely a financial exercise but a strategic imperative. She addresses the observed gender disparity in the presentation of financial data, advocating for confidence in projecting future financial scenarios without compromising the envisioned potential.
“You don’t want to be afraid of your financial statements. You need to understand the statement and what those numbers mean, because only you will know what numbers matter most.” – Carlyn Loncaric
Pitch Competitions as Catalysts
The conversation shifted to the role of pitch competitions in VodaSafe’s success. Carlyn shared her experience with the Forum’s Pitch for the Purse competition, highlighting its significance in validating her company and building a supportive community. She emphasized the value of storytelling and the impact of pitch competitions in attracting attention, creating awareness, and fostering new connections.
Carlyn recounted her journey with the Forum Pitch, acknowledging her initial struggle with pitching effectively. Despite facing challenges in the early stages, the experience served as a valuable learning opportunity. She highlighted the importance of practicing pitches, refining key messages, and the evolution of her confidence as a spokesperson for her company.
Gendered Dynamics in Pitching
In the realm of pitching, Carlyn delves into the gendered nuances that women often face. She sheds light on the prevalent expectation for women to emphasize the business aspects of their ventures, sometimes overshadowing the mission they passionately advocate. Through her experiences, Carlyn narrates her journey of overcoming stereotypes and learning to target audiences and investors who resonate with the broader vision rather than fixating solely on conventional business metrics.
Brand Visibility and Networking
Carlyn reflects on the transformative impact of participating in pitch competitions, extending beyond the immediate goal of securing investments. These events provided her with a powerful platform for brand visibility and networking. The ripple effect of social media promotion catapulted her outreach, connecting her with a diverse audience, potential collaborators, and supporters. The significance of these interactions in expanding her professional network becomes evident in her narrative.
Tips for Women Entrepreneurs
In offering guidance to fellow women entrepreneurs, Carlyn reframes the perspective on pitching. Instead of viewing it merely as a funding pursuit, she advocates for seeing it as an opportunity to cultivate a supportive community and glean valuable insights. Carlyn emphasizes the art of storytelling as a fundamental skill not only for attracting investments but also for effectively engaging with customers, employees, and a broader support network.
Carlyn distills essential success factors drawn from her own journey. She underscores the importance of an in-depth understanding of one’s business, coupled with a keen awareness of the mission and vision. Tailoring the pitch to different audiences emerges as a critical strategy, ensuring that the core message resonates with customers, investors, and potential hires alike.
Preparing for the Final Pitch
The culmination of the pitch process brings its own set of challenges, particularly when facing a large audience. Carlyn shares her personal strategies for overcoming nervousness before a significant pitch, drawing from her experience. From voice coaching to rigorous practice, she emphasizes the value of preparation. Acknowledging the supportive environment of the audience becomes a powerful tool in alleviating pressure, allowing presenters to focus on delivering their best performance in the spotlight.
In summary, Carlyn Loncaric’s entrepreneurial journey with VodaSafe exemplifies resilience, innovation, and the transformative power of technology in water safety. Her experiences as a woman in tech, coupled with the lessons learned from pitch competitions and fundraising, offer valuable insights for aspiring women entrepreneurs navigating similar paths.
The Finance Cafe