Munich Startup: What career path have you had so far?
Jana Krotsch: I started my career in management consulting and then worked in asset management and insurance for more than 15 years. I didn’t decide to start a startup until I was 42 years old.
Munich Startup: What motivated you to start a company?
Jana Krotsch: Two things. First, I have three school-age children and like many other families, learning and doing homework was not always easy, especially when both parents work. There was often the question “Mom, can you quickly…?” And this while I was still in the office. At that time, I thought, “There has to be an easier way!” than always having to first find a tutor, book them, and then postpone the appointment anyway.
Second, education in Germany is not exactly fair. In Germany, about 80% of children from wealthy families achieve university entrance qualification, but only 20% of children from socially disadvantaged families do. I find that absolutely unworthy for such a wealthy country.
With Ubimaster, I therefore wanted to create a product that solves both issues: simplified on-demand access to tutors regardless of the socio-economic status of parents. And that’s what we have: Ubimaster is largely paid for by companies and foundations – and always for all employees or all customers – regardless of parents’ income, so to speak from the CEO’s child to the janitor’s child. Everyone gets equal access to out-of-school education.
Jana Krotsch: “I would have liked to know (…) how important a network (…) is
Munich Startup: What would you have liked to know before starting your first company?
Jana Krotsch: I would have liked to know more about how important a network is in the startup world. I come from the “corporate world” and initially had no network in the startup investor environment. On top of that, I was already 40+, a solo founder, and female – so I didn’t have the classic founder profile. But yes, I can build a startup!
Especially when it comes to fundraising, these facts were more challenging than I thought. Because: How do you find the right investors as a female founder? And how do you best approach them, how do you spark interest in a 60-second pitch with a product that is quite complex?
First bootstrapping, then a successful seed round
Munich Startup: How has your company been financed so far?
Jana Krotsch: I started small and initially financed the beginnings of Ubimaster out of my own pocket. In addition, Ubimaster was funded by the Federal Ministry of Education and Research for our innovative approach. Plus: our product was appreciated by corporate customers early on and we achieved first sales. With that, I was able to build the startup through bootstrapping. In 2022, we then completed a successful seed round. The main investors include Auxxo and Owl Ventures, the world’s largest edtech VC.
Munich Startup: When and where do you get your best ideas?
Jana Krotsch: I often get my best ideas while running. Exercise is a real helper for thinking clearly and finding creative solutions.
Munich Startup: What are your 3 favorite work tools?
Jana Krotsch: I need pen and paper. That sounds “old school,” but it helps me quickly write down and visualize my thoughts. Of course, in the company and team we mainly work with online tools like Figma and Miro. During fundraising, I found Docsend super straightforward for sharing materials with potential investors.
“Tell a story and work a lot with images”
Munich Startup: Your top tip on “pitching”?
Jana Krotsch: Be authentic, tell a story, and work a lot with images. You stay in the minds of potential investors not just with your numbers, KPIs, or your mission, but especially when you evoke a memory or create a “picture” in their heads.
Munich Startup: Does it seem like a good time to start a company right now? Why?
Jana Krotsch: If not now, when? Starting a company makes sense exactly when you as a founder are committed with all your heart, passion, and 100% of your time. Digitalization, AI, and technological progress offer many opportunities to develop innovative solutions and market them successfully.
Munich Startup: What could be improved at the startup location Munich in your view?
Jana Krotsch: To be honest: Munich is already one of the best startup locations in all of Germany. I would be happy to see more support programs for female founders expanded. There are simply still far too few of those in Bavaria.
Munich Startup: Which founder would you like to meet in person?
Jana Krotsch: Reshma Saujani, who founded “Girls Who Code” and in doing so has advocated for both educational equity and the gender gap in the tech industry – two issues that are equally close to my heart and that I work for every day.
