Nichole Montoya: “Nacho” Ordinary Payment System

Nichole Montoya and Molly DiCarlo at National PTA EventAccording to the Urban Dictionary, the go-to source for the definition of all terms hip and cool (or in our case, slang we hear our kids using) to “Cheddar Up” is “to gain money through legal or illegal means.” As in “Man, I gotta get my hustle on and cheddar-up.” No small irony then that two moms in Colorado, by way of the Iowa and Nebraska plains, should settle on Cheddar Up for the name of their venture, the latest and most innovative arrival to the stage of group payments.

“Every time she hears me explain that ‘cheddar’ is slang for money, my co-founder Molly can’t keep a straight face. There is just something about two moms, handing out cheese cubes and company flyers at a school carnival that doesn’t scream Jay-Z,” laughs Nichole Montoya. (more…)

Julie Thorne Engels: Measuring Herself by Different Standards

Juliete Thorne EngelsWhen you look at the course of Julie Thorne Engels’ career, a few themes and success factors repeatedly pop up: passion for creativity, support from good female friends and family, a willingness to push through fear of failure, and a strong desire to champion women, especially in business. Optimistic and confident, Julie herself is curious and always open to change and improvement.

Never really traditional in her choices (at least compared to those of us outside California), the 45-year-old started out dreaming of being an entertainer. She studied film and video, waited tables, and performed Improv with a Chicago-based troupe for a few years before deciding she wanted to be behind the camera versus in front of it. Julie moved to Santa Monica to launch a career in the business side of the entertainment industry. She landed her first job as a runner and later an associate producer at Channel 1 News and eventually worked her way up to a producer on a show for Lifetime. Being exposed to the genesis of reality TV, Julie made a conscious decision to pursue a more personally rewarding path.  “I wanted to attach myself to something more inspirational and soulful … it was an important turning point for me, moving away from what many considered to be a stable career.”

So for a few years, Julie channeled her creative spirit by writing screenplays and teaching herself to paint. At the height of the dotcom boom, she launched her first start-up, Soulgarden. While the business ultimately didn’t take off, it taught her valuable lessons that would guide her future direction: “I was always networking, and I found the best feedback I was getting was from women my own age. All of my vital professional connections came from these women.”

This realization spurred Julie to start a women’s business group called iBettys, in honor of her close-knit group of high school friends who called each other “Betty.” It grew from a small group of 5 women initially to more than 100 (including men), meeting monthly to share ideas, provide feedback and encouragement to each other, as well as solid networking leads.

Julie continued to host iBettys meetings as she launched what became a very successful career at consumer marketing agency, The Regan Group. “I saw for the first time that my ideas could generate significant money. Very quickly I went from being an executor to new business development,” she recalls. This was a pivotal era for Julie as her work involved executive leadership, overseeing budgets, and team building and development. Patti Regan was a great mentor but equally Julie was a great investment, eventually tripling the agency billings and staff.

After nearly a decade, Julie couldn’t shake the notion that something powerful was going on with the iBetty gatherings. So with the confidence she garnered at The Regan Group, she decided to focus more time on championing the needs of women. Julie launched Bettyvision, a community empowering women to visualize their dreams and create goals to make them come true. A first workshop was followed by a second, third and so on … their success propelling her to invest more of her time and money into the concept.

In 2012, she left The Regan Group to work on transforming Bettyvision into a real venture. Her goal was to develop a tech platform to support vision boards (an Oprah favorite), which are essentially a collection of images to show what a woman wants to have happen in her life. “It’s like Pinterest with a purpose for women,” Julie explains.

She raised seed funding again mostly through family, which allowed her to build and launch her propriety vision board platform. Her expectations of the business were blown away after only a short time.  Julie recalls that she could have been better prepared but that her naivité of what lay ahead was beautifully inspired: “If I had really known what I was getting into, I probably wouldn’t have done it.”

The initial funding for Bettyvision was not enough to support the high growth technology play, and Julie all too quickly became aware of the discouraging reality that less than 10% venture funds go to women. It became increasingly challenging to raise the necessary capital to take it to the next level and attract advertising targeting millennial women.

But, Julie’s efforts were not in vain. Having pitched her platform to investors, corporations, women’s groups and brands over the course of the year and invested significantly in her technology platform, she was well poised to pivot to her next venture. She partnered with two women within her inner circle and launched Tribemint, a branding, digital communications and experiential marketing agency focusing on millennials. “I got to the point where I had no funds left. I had to figure out what I do really well, what I am passionate about. It kept coming back to the agency world. All my experience led me to this stage and being focused on helping brands and companies create meaningful conversations and deep relationships with this young, enthusiastic Gen Y tribe.”

Only a few months in, Tribemint is making a go of it. When asked how long she is giving herself to see the agency succeed, Julie is adamant: “I’m going to make it work. I am a female pioneer in the tech space and now need to fund future development – mine and that of others – which led me to this moment. I know how to make money in the agency world.”

While growing the business is of course her main focus, the end game is to build the Tribemint Fund  to support millennial entrepreneurship. “I have been fortunate to be surrounded by strong mentors, who have made a large impact on my entire life and career choices. Now, it is my turn to champion the younger generation and help them succeed. ”

A percentage of all Tribemint profits in the first years will go to the fund. “It was really hard not to see Bettyvision take off. My biggest passion takeaway was figuring out how I could turn this around. How I could raise more awareness about the lack of venture funding for women. The Tribemint Fund is my opportunity to make a difference and start being a woman who invests and writes checks to for-profit ventures.”

And if Julie’s chances of success are dependent on her drive, optimism, and spirit, there is no stopping her this time round.

Julie’s Tips for Success
  • If you are going into a new venture, create authentic business relationships.  Also, make a mutual investment with a millennial. They are hungry for experience and are a wellspring of inspiration, knowledge and fresh perspective.
  • Be clear and stand strong in your ultimate vision and “why” you started your business.   However, be prepared to be flexible in “how” you reach your end goals.  Knowing when to pivot is key to maintaining cash-flow, while on the path toward success.
  • It’s empowering to be in charge of your own destiny.  If you are going to make money, make it for yourself and then have the power to pay it forward.
  • Women have such a unique opportunity to leverage their feminine strengths in business: creativity, collaboration, flexibility, nurturance, and multi-tasking.  Since women have more “natural” milestones (such as having children), they are often faced with evaluating their different life-stages and recalibrating to stay on track with their career goals and vision.

Discussion

Julie Thorne Engels has learned from BettyVision that dreams are so personal. What is your dream and how do you plan to make it a reality?