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Amanda Steinberg

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Profile

Amanda Steinberg is the founder of DailyWorth, the leading financial media company for women. Steinberg is a thought-leader on the topic of women and money, working to advance women's financial confidence and wealth. She's an engineer by training, a sales woman by profession and a serial optimist at heart. DailyWorth serves millions of women monthly via its daily newsletters and Website focused on money and career advice.

Since its launch in 2009, Steinberg and DailyWorth have been featured in the New York Times, TIME, Forbes, Parenting, Cosmopolitan and on NY1, CNN, FOX, ABC and NBC news. Amanda is a graduate of Columbia University.



Companies and Investments

Dailyworth (founder), Soapboxx (founder and CEO),

Lessons Learned

1. Start with an authentic idea. As a mother of two and de-facto CFO of her family, I had wrestled with budgeting, saving, and investment challenges. I knew from my own experience that there wasn’t already a publication that "spoke" directly to women about finance. That insider’s perspective also helped me win over readers, advertisers, and investors.

2. Follow a proven model. When I started working, I matched my idea to the daily email newsletter model—including formats, frequency, unit economics, and critical mass—that had already been proven by DailyCandy and others. That gave me a strategic roadmap, the confidence that it could be done, and insights into the secrets to pulling it off—like making sure I could attract readers for just a few dollars, and sell advertisers access to them for several times more over the lifetime of a subscription. The email newsletter 'business model' was totally new to me. Now I explain it to other newsletter founders and watch them have 'aha' moments."

3. Find advisers and employees who have done it before. Since a few email newsletter businesses had already been built and sold before DailyWorth got started, it was possible to track down people who knew the email newsletter model inside and out. I found that these people were very open to taking meetings and calls because they wanted to share and capitalize on their expertise. I brought several of these experts on board as advisors, consultants, and employees. For instance, Jen Boulden, who is now a DailyWorth director, co-founded Ideal Bite, an email newsletter for eco-friendly consumers that the Walt Disney Company bought in 2008 for a reported $20 million.

4. Get results, then raise outside money. To make the capital-raising process more efficient, I got results before seeking capital from big name investors. I bootstrapped until I had a few thousand subscribers and felt comfortable that I was on the right track. Armed with that early progress, I raised a round of financing from "friends and family" and used it until I had a solid base of advertisers and a formula for acquiring customers. At that point, DailyWorth had a winning business plan, and I was able to raise even more money in a series A round than I had targeted.

5. Don’t be fooled into thinking it’s easy. Along the way, I landed a term sheet from an investor for several hundred thousand dollars, and pushed to have the check written right away. The investor backed out. "I cried like a baby that night. But by the morning, I was right back at it, chasing down more investors.

Inspiring Quotes

Only when we tell the full truth is the time for true healing.

Rachel P. Goldstein

Find people who hold you no matter what.

Karen May (Google VP)

A big cause of the Wall St crisis was groupthink. Diversity (of all kinds) is a means for addressing this.

Sallie Krawcheck

If you build something for everyone, its good for no one.

Gordon Bowman

She who holds the money holds the power - and freedom.

Farnoosh Torabi

Amanda Steinberg's Quotes

I think I need to play a smaller game. That will really confuse people.

Amanda Steinberg

Need drives creativity.

Amanda Steinberg

Leadership has nothing to do with fame.

Amanda Steinberg

Smart women who end sentences like a question, please stop.

Amanda Steinberg

Women hide pregnancies during job interviews, fearing they wont get hired. Theyre right.

Amanda Steinberg

Influential Books

Mentors

Farnoosh Torabi, Gordon Bowman, Malala Yousafzai, Brooke Siegel, Sallie Krawcheck

References


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