Getting Real About Failing With Funders (And How to Bounce Back)
Farah Allen is the founder of The Labz — a web-based platform that allows customers to build interactive experiences for web and mobile. Farah came into digitalundivided through BIG, and went on to become one of our coveted C-Suite founders in 2022, appearing in the December issue of Cosmopolitan Magazine.
During challenging pandemic years, The Labz had a market eager to buy. “I was protected because I had a customer who wanted to invest in this product, so I wasn’t looking for funding. People were contacting me. So that was good.”
Then Farah found herself in a space of fast growth, and she realized raising was the best path forward. That came with many challenges — gaining knowledge — then command — around navigating the process (and people) in the space. It meant fighting social constructs placed against her, imposter syndrome, and mostly, the word, ‘no.’
Learn how Farah navigated her own self-doubt — as well as the social constructs in the space of fundraising — to go on and raise $2.7 million for The Labz, as well as her advice for founders everywhere.
DIGITALUNDIVIDED: What have been the most significant challenges around fundraising for your company?
FARAH ALLEN: One of the biggest challenges I faced fundraising was being told “no”… over and over again. It’s not something you like hearing. Internally I had to become that person that knows how to fundraise, learn how to talk to strangers, ask them for money, and learn how to hear ‘no.’ Early on, I was not very good. (I was) shy talking about money, and also in talking to people in the space — a space that is white and male.
After a while, I knew that upfront, I would have to say these are my credentials and what my traction has been like within the first five minutes of the conversation to avoid their automatic assumption that I don’t know anything about this world. There were tiny little things that added up, like; I had a male investor tell me that my idea was too big for me. I’ve had people giving me unsolicited advice about having a deeper voice because they found me too sweet.
DIGITALUNDIVIDED: How do you build resilience to hearing ‘no’?
FARAH ALLEN: You’re going to hear ‘no,’ so prepare a way to feel. And you have to. You’re not going to feel great about it. But you must learn to ignore it and not let it affect you. Whatever that little chemical is in your brain that makes you feel sad and like you’re not going to do anything the rest of the day because you heard ‘no’? That’s what you’re fighting.
I fight that by just moving on to the next thing very quickly. Recover by doing something that feels good or gives you a small win. Sometimes, I’ll play a game on my phone right after a call, and I will win quickly. Because there’s no way, you’re not going to feel it. You’re moving past it fast so you can get back to work and remain in that creative mode.
Check out Farah’s interview and more founder features at digitalundivided.com/projectdiane
