Meet Rachel Carpenter, co-founder and CEO of Intrinio. After college, Rachel jumped right into creating and building her business. Five years later, Intrinio is an expansive engine powering fintech apps and products through providing the data companies and programmers need.
In this episode, Rachel talks about the challenges she faced and how she pushed through them to create Intrinio. Here are some key learnings from the episode:
Changing an industry is difficult, but worth it
Changing an industry is difficult, especially an age-old industry like finance. Rachel notes how the industry is one of the furthest behind when it comes to technological innovation, meaning there’s a lot of opportunity but also a lot of push-back.
Trying to change the old ways of thinking and update outdated platforms has its challenges, but the rewards of introducing new and high-quality solutions that accelerate processes make it worthwhile.
Be nice and build high quality products
One thing that Rachel says helped her overcome the challenges of changing an industry is being nice and building products that speak for themselves. Providing real value both in your interpersonal interactions and in the products you build will elevate your business and help you get through to people, even the most skeptical ones!
Stay diligent, keep going
Persistence is key, especially during fundraising. Rachel describes Intrinio as more of an “infrastructure, plumbing kind of company” and notes that finding investors that understand the different pipes and their value has proven difficult.
One of her key takeaways from fundraising is to stay diligent and patient through the process. You will find the right people in time and if you’re headstrong, you will accomplish your goal without compromises.
Beyond fundraising, Rachel cites resilience as a key trait to build when starting and growing a business. Being prepared for failure and things not going to plan is crucial. Being able to get back up and take next steps with the right attitude is what will make you successful.
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Innovation starts with culture
If you’re not innovating, it’s not a technology problem—it’s a culture problem. While the culture around fintech is slowly coming around, Rachel notes that many businesses (especially the bigger ones) are struggling to change the attitude from the top-down.
If you really want to innovate something purposeful and game-changing, Rachel says start with your culture. Your culture should encourage people to try new things, find a different way, and take more risks. And that attitude should start with the leaders in your organization.
Don’t think about it
In the episode, Rachel shares some wisdom for women entrepreneurs and CEOs. She says not to think about being a woman in this role and the things that may hold you back. Instead, put your head down and focus on your goals and being good at what you’re doing. Rachel expresses that if we normalized female entrepreneurship through inclusion and acting like it’s the norm, people will follow that mentality.
Build a remarkable team
At the end of every episode, we ask our guests what factors contributed to their success. Rachel’s answer is building the right team. She notes that no matter how great the leaders are and the product is, “you’re only as strong as the team around you.”
The people you bring into your company can be a huge factor in your success. Find the people who are competent, share your goals, and fit your culture.
What’s the Factor? is our new podcast series where we meet with influential leaders to chat about the failures and triumphs that led to their success. Our conversations explore what sets leaders apart and what it takes to build a booming business. Learn more here!