Munich Startup: What motivated you to start your own business?
Katrin Stopp von Falkenstein: Based on my experience as an employee, self-employment was the only option for me. Regarding our product, I recognized the need for a fundamental... Improving our legal system seen. That's why it has also become an ecosystem, because many parties are affected and included in this system.
Munich Startup: What would you have liked to know before starting your first business?
Katrin Stopp von Falkenstein: I wish I had known beforehand how investors think and what needs to be considered when seeking funding. Ideally, I would have liked to have a sparring partner from the beginning to support me in the startup market. There are numerous incubators and accelerators available for this purpose.
Financing, everyday life as a founder and the best ideas
Munich Startup: How is your company currently financed?
Katrin Stopp von Falkenstein: Law me is bootstrapped to this day. As the founder, I finance the entire team or motivate them with equity investments.
Munich Startup: When and where do you get your best ideas?
Katrin Stopp von Falkenstein: I get my best ideas in bed at night. Or even at night, when my mind delves into the subconscious and makes the invisible visible.
Munich Startup: What are your 3 favorite work tools?
Katrin Stopp von Falkenstein: Since our team is located in different places, we use the classic tools: I highly recommend Microsoft To-Do for coordinating projects and topics. We also use a WhatsApp group for small updates and notes. For data storage, we use Confluence.
Pitching tips
Munich Startup: Your top tip on pitching?
Katrin Stopp von Falkenstein: When it comes to pitching, it always depends on where and to whom you're pitching. If you have stage fright and are unsure about speaking in front of people, my only advice is: practice, practice, practice. As a founder, you always have to be able to perform. I'm speaking from experience.
Munich Startup: Does this seem like a good time to start a business? Why?
Katrin Stopp von Falkenstein: Now is the best time to start a business. In the future, it might even get better. Almost every large corporation is setting up an incubator department to transform its own company and support startups and young entrepreneurs. Bavaria, as the number one state for startups, has so many excellent funding opportunities that many students who don't see a future in their field of study want to start a business and are receiving funding.
I couldn't imagine any other professional life. I was born to be an entrepreneur.
Reasons to drive change
Munich Startup: Which technology or industry would you focus on for your next startup?
Katrin Stopp von Falkenstein: For my next startup venture, I would again follow my intuition and a real problem. Nothing motivates you more, even in tough times, than a project you absolutely have to implement to bring about change. I'm someone who has to believe 100 percent in what I'm teaching.
There are one or two product ideas, but basically I would only want to stay in the IT industry and pursue everything else only casually.
Munich Startup: From your perspective, what could be improved about Munich as a startup location?
Katrin Stopp von Falkenstein: Munich has rightfully earned its title as the number one startup city in Germany. I couldn't think of a second city where I would have preferred to start a business.
Munich Startup: Which founder would you like to meet in person? And what would you ask them?
Katrin Stopp von Falkenstein: Steve Jobs. I'd like to ask him about his competitive mindset and how he dealt with it, since he started out competing with Microsoft and bootstrapping. He initially bootstrapped his idea, and then Microsoft came along with investors. I also like the way he dressed. Simple and straightforward, with a high recognition factor. Every inventor has their quirks, and these shouldn't be criticized, but respected. Therefore, I only see his positive aspects as a founder, not his negative ones.
