‘Unicorn status? It’s meaningless!’ And why entrepreneurs are born not made | Evidation Founder Christine Lemke
Aug 29, 2023
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Christine Lemke, Co-Founder and CEO of Evidation, discusses her unique origin story and the creation of Evidation, an app that rewards users for daily activities. She shares her indifference towards unicorn status, highlighting the importance of financial stability. The podcast also explores topics like growing up in a lawless town, internet connectivity solutions, the significance of co-founder relationships, and the challenges faced by startups.
Unicorn status does not significantly impact consumer trust and credibility, which is more influenced by financial stability.
Achieving profitability is seen as a more meaningful milestone than reaching unicorn status.
Focusing on smart, impactful problems is more important than advertising in the industry.
Deep dives
Funding Challenges and Unicorn Status
The company has raised around $250 million in funding, with the latest round being $150 million led by Omer's and B Capital. Funding rounds were difficult, with the need to speak to numerous venture capitalists to convey the unique and unconventional business model. The most recent funding round was easier due to market conditions, with funds readily investing at a high valuation. Being a unicorn has provided access to influential individuals and opened doors, aiding networking and relationship building in the industry. However, it has had limited impact on consumer perception and trust. Trust is built more from financial stability demonstrated through a strong balance sheet, especially during business deals with larger companies. The consumer base is more concerned with the experience provided by the app rather than the unicorn status.
Shifting Mindset: Focus on Profitability
The achievement of being a unicorn has not driven the CEO's motivation. Instead, the focus has shifted to achieving profitability as a more meaningful milestone. They emphasize the desire to own their own destiny and alleviate financial stress. The mindset is aligned with driving impact and prioritizing other motivations like improving health outcomes and making a difference in the world. Money no longer serves as the primary motivator and the focus is on the impact and outcomes of the business.
The Importance of Trust and Credibility
The unicorn status has not significantly impacted consumer trust and credibility. Consumers on the app prioritize experiences that matter to them rather than the company's valuation. Building trust is more influenced by financial stability and balance sheet strength. However, unicorn status may provide credibility in business deals with larger companies, demonstrating the ability to sustain partnerships and projects. Networking benefits and access to influential individuals are more tied to unicorn status, aiding relationship building and access to advice and talent.
Promoting a Shift in Priorities
The speaker discusses the idea that advertising is not the most important problem to work on and emphasizes the need to focus on smart, impactful problems. This perspective challenges the commonly held belief that advertising is crucial in the industry. The speaker highlights the societal shift that occurred, acknowledging that many individuals were motivated to work on more meaningful problems after realizing the seriousness of the situation.
Starting a Business in Health Technology
The speaker shares their personal motivation for starting a health technology company, driven by their own experience with chronic pain and the challenges they faced in receiving timely care. They express the desire to improve people's understanding of their health trajectory and symptoms so they can have more informed conversations with physicians. The speaker emphasizes the importance of building a compelling, user-focused experience and the need for trust and education within the wellness brand.
Those are the words of our guest today, Christine Lemke, she’s the Co-Founder and CEO of Evidation. Christine’s story is a unique one, she was adopted from South Korea as a baby into a strict Lutheran household in South Dakota.
Several start-ups later, Christine was encouraged by her own chronic pain to co-found Evidation,an app which uses points as rewards for daily activity, education, and health monitoring. Once users get enough points, they can redeem them for cold hard cash.
They reached unicorn status recently, joining the big leagues, but Christine says she doesn’t care about reaching this milestone. Why?
