Catching Up with Jana Rieger from True Angle

We’re taking a journey down memory lane and catching up with some of past Summit winners and companies that have received funding from our syndicate. 

Today, we’re checking in with Jana Rieger (JR) from True Angle.

TNT: Hi Jana! How’s life been since winning the Summit? 

JR: Honestly, glorious! Winning in November 2020 really kicked things off for us. We closed the round with investments from TNT, Accelerate Fund, The 51, etc…. All really great investors. We really gained market traction and hired the right people to grow the company. 

TNT: Sounds like it’s been a really exciting couple of years! What are some of the major goals that True Angle has accomplished? 

JR: So like I mentioned, we closed the round and started hiring. We doubled the company in size, and we’re at 14 people now. 

And with the pandemic, we’ve realized that health from home is so important, so we’ve really elevated that part of our brand. We launched our video podcast series, as well as started to work on some other verticals that help people learn how to use biosensors at home, to understand their bodies better. 

We also launched a professional suite for the Mobili-T, which is a product pivot that we did based on the feedback that we received from the market. We took that feedback and met it with a new software solution for clinicians, which has been quite popular. And most excitingly, we just recently secured our patent of Mobili-T, which strengthens our IP stance significantly!

We’ve also partnered with Varian Siemens Healthineers on a large health-related project in the cancer sphere, and we are currently in Plug and Play’s first Alberta cohort. 

TNT: Wow! Those are some huge goals that have been met. Congrats! 

Ok, so you mentioned that this was your second time raising capital. What are some lessons you’d like to pass onto other founders as they try to raise capital? 

JR: There are a few things that I think founders need to know. 

First, I think that founders need to know that pitching is the best way to learn about your company, because you will very quickly be told where the big gaps are. And if you listen carefully and decipher the feedback from investors, you’ll then know the points in your business where you have to focus on. 

For example, early on in our pitching, one of the investors that we were courting, brought up the notion that while we were looking at the market, we weren’t being specific enough. We needed to look at the different segments and understand what the conversion rate would be at each level of the funnel. We need to show the investor that we not only understood the market, but that we understood how much work we would have to do on that side. 

Secondly, I think you need to focus on being able to answer the big questions. In a previous round of fundraising, the investors asked what our IP strategy was. And I was like, well, we filed a patent? It was a big push to realize hey, there’s a lot more that you have to look at in that area. 

And lastly, I think founders need to pay attention and learn from potential investors. You need to know what’s important to those investors and what they’re looking to get out of investing in your company. If you get it wrong, and they invest in you, it can open a world of hurt. 

TNT: Oh, that is a very good point. And probably one of the biggest mistakes that you can make when you’re fundraising. 

JR: 100%, because not all money is good money! When you’re fundraising, you’re trying to extend your runway as much as possible, and it’s easy to get caught up in that. Like I said, not all money is good money! 

Another big mistake is that founders don’t understand how long they need to be talking to investors before officially opening a fundraising round. It takes a while, because it isn’t just getting in front of them and pitch pitch pitch. It’s meeting them, getting face-to-face time, connecting, having a conversation, building your network, creating a relationship. The truth is, you’re always fundraising. 

Take Accelerate Fund. The conversations we had with them started a year or more before we were seriously considered, and before they started doing due diligence with us. That time gave Accelerate Fund the chance to really learn who we were, and gave us time to assess them and decide if they were a good fit. 

And another big mistake I see is founders taking rejections personally. When  you’re fundraising, you’re going to get rejected so much. You’re likely to hear “No” four to five times a DAY, and a “Yes” maybe once a week! So you need to grow a thick skin. 

Which is really hard, because your startup is like your baby, and pitching means your baby is getting rejected daily. What you need to focus on is the feedback. Because a “No” doesn’t mean that something is wrong with the product - it means that you haven’t found the right fit, or you need to make your storytelling and your pitch clearer, etc. Take from the rejection what you need to learn. 

TNT: Wow, so many good lessons and so much to think about. Alright, last question. What are some of the biggest lessons you’ve learned as a founder? 

JR: Frankly, it’s not all sunshine and rainbows and roses. It’s not 9am to 5pm. You’re going to have to flex a lot more than you thought you could. And you’re going to learn more than you thought you could. 

It’s a crazy journey, and the most exciting part of it for me is the brilliant people you meet along the way, and the fun you’re going to have. A mentor told me to “always hire smarter than yourself”, and it’s true. You, as a founder, will not have the bandwidth to do it all. You need to learn how to juggle, and how to hire outsiders, and trust the team. 

TNT: Jana, you’ve given us so many nuggets of wisdom. Thank you so much for your time today! 

JR: Happy to! Thanks so much!