The two Letsact founders, Ludwig Petersen (21) and Paul Bäumler (22), from Munich, have been volunteering for years. They know from their own experience that getting started in such a commitment isn't easy.
“Every third German would like to do something good on a voluntary basis,”
said Ludwig Petersen in the TV show.
“But often you don’t know how or where to start.”
With its app, Letsact aims to bring together volunteers and organizations that rely on volunteer work.
“We want to make it easy for people to contribute to a better world,”
said Paul Bäumler at the TV pitch of his StartupsFor an investment of 300,000 euros, the founders wanted to give up ten percent of their company shares.
Investors attack Letsact founders
Georg Kofler accused the young founders of “double standards” right at the beginning of the question and answer session in view of the valuation of 3 million euros and asked:
“Why do you want to become multi-millionaires with such a charitable activity?”
Also Dagmar Wöhrl took a hard line on the two founders. The investor was visibly annoyed after her male investor colleagues, Georg Kofler and Nils Glagau, repeatedly shut her up. She pointed to her own volunteer work and said:
“I have the feeling you don’t really know what volunteering really means.”
The requirements for volunteers are significantly stricter than the candidates portrayed. The founders countered that the organizations advertising can specify exactly what support they are seeking.
“I think the idea is super cool”
After a tense start, the TV investors became even more conciliatory:
“I must tell you: my mood is brightening,”
said Georg Kofler later.
"You've created a great product. You're basically a digital job portal for nonprofit organizations. I think the idea is super cool."
However, the economic and financial perspective does not convince him. Nils Glagau dropped out with a similar reason. Ralf Dümmel provided the social entrepreneurs with extremely positive feedback:
"You're the ones who impress me most. Coming into the lion's den at 20 and 21. You stay calm and give answers and are unfazed. So, incredible. A huge compliment to both of you."
Unsurprisingly, however, the topic is not of interest to the investor, who is primarily active in retail.
Plea for social entrepreneurship
Dagmar Wöhrl was not comfortable with the combination of social commitment and entrepreneurship:
“I want to remain as voluntary in my field as I am, namely helping without profit, from the heart, out of conviction.”
The founders responded with a plea for social entrepreneurship:
“We believe that as a company you can achieve the most with entrepreneurial power – and you know that best,”
says Ludwig Petersen.
“We align social and business goals and approach the problem with this entrepreneurial, economic approach.”
Even the desired investor does not join Letsact
Nico Rosberg, who, according to his own statements, is the founders' preferred investor alongside Georg Kofler, was visibly emotionally moved by the pitch.
"This is an incredible solution you have here. I really got goosebumps, it's sensational."
However, Rosberg also disagreed with the profit-oriented business model. Should the founders decide to switch to a non-profit model, he would be on board.
