From $30MM in Capital Raised...to Nothing...and then a Comeback, with Amy Nelson Founder of The Riveter
Dear FoundHer...Real Founder Stories for Women Small Business Owners
Lindsay Pinchuk
4.9 • 1.1K Ratings
🗓️ 9 July 2024
⏱️ 39 minutes
🧾️ Download transcript
Summary
“We had to shut down tons of parts of the business, and that was work. So, I kind of leaned into the work. I had to lean into the work of what The Riveter needed to do,” says Amy Nelson. Amy’s business was founded in 2017 to create an inclusive community space for women. Despite rapid growth and raising $30 million in venture capital, the COVID-19 pandemic forced Amy to shut down coworking spaces and pivot the business model. She openly shares the emotional and financial toll of layoffs in the business, amid very public and complex legal battles that involved Amy’s husband and Amazon.
Through perseverance, Amy reimagined The Riveter to focus on digital events, newsletters, and mentorship programs to find impact through reinvention. Amy’s conversation with Lindsay highlights the impact of community and staying true to one’s mission, even in the face of extreme adversity.
Quotes
- “When I was going through hell, I found a community in my own hell. What I mean by that is, just like when The Riveter was scaling, I built a community around other women raising money who were in similar situations. When everything went to hell, I found people who were in the same spot, I made friendships, sought advice, and found someone to talk to.” (25:16 | Amy Nelson)
- “I decided to do what I was good at, which is help women through pivots, and just share with them every single piece of knowledge I have gathered along the way. Because not only have I lived the pivot, but I have studied everything about how we do this, and how we build an audience, and how we share our story. And I have built an incredible network of incredible women.” (27:32 | Amy Nelson)
- “I am a collector of people and I am constantly seeking out people to talk to. When I want to understand something, I go to the experts. And I do that in all areas of my life.” (30:20 | Amy Nelson)
- “Do not be afraid of failing, embrace it. Because if you aren’t failing, you’re just not thinking big enough. Failure is okay. Go pick up the pieces and keep going. It would be quite a boring life if you never failed at anything.” (36:48 | Amy Nelson)
Connect with Amy Nelson:
http://www.instagram.com/amy_k_nelson
http://www.instagram.com/theriveterco
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Transcript
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| 0:00.5 | Hi guys, it's me, Lindsay Pinchuk, host of Dear Fountain. In a few minutes, you're going to hear me talk with |
| 0:06.5 | today's guest, Amy Nelson, founder of the Riveter, all about the importance of your network and keeping people close. |
| 0:13.3 | This always has been an important piece of advice that I've shared here on the podcast and with so many of you in person as well. |
| 0:19.7 | When I started Lindsay Pinchuk marketing and |
| 0:21.7 | consulting and Dear Founder, I wanted to bring you the opportunity to build your own network |
| 0:26.4 | with resources, support, and mentorship. I also wanted you to learn along the way, which is where |
| 0:32.2 | dear Founder live, our in-person and virtual events come into play. While we're taking a little bit of a break this summer, we will be back in the fall with a bang. Make sure that you click the link in our show notes and sign up for our wait list so you're the first to know when our new events go live. Inside these events, you'll find advice, mentorship, and community. Can't wait to see you soon. And now on to today's episode. |
| 0:56.7 | So as you'll hear me say in a moment, I cannot believe I have never met today's guest |
| 1:01.5 | until today. I've heard about her forever, both in my first life as an entrepreneur and now in |
| 1:07.8 | this one. And I'm honestly honored that Amy Nelson was here today to share |
| 1:11.4 | her story with us. Amy Nelson is the founder and co-CEO of the Riveter, a membership and education |
| 1:17.3 | platform for working women who want to pivot. But this is the second iteration of the Riveter, |
| 1:22.6 | which is what we're going to discuss in a moment. The Riveter was at an all-time high and slated to do about |
| 1:28.5 | $20 million in revenue when COVID hit and everything came crashing down. But as you'll hear |
| 1:34.5 | Amy talk about today, she persevered and came out the other side. In addition to raising $30 million |
| 1:40.3 | in venture capital to grow the Riveter. Amy has published broadly, including |
| 1:46.0 | in and on outlets, including the Today Show, Refinery 29, Buzzfeed, the Washington Post, |
| 1:52.1 | and the Seattle Times. She has spoken across the world on many stages, including Fortune's |
| 1:56.6 | most powerful women, cons lions, and South by Southwest. I cannot wait for you to hear this story. |
| 2:03.0 | Please come on in and meet my new friend, Amy Nelson. Dear founder, I'm your host, Lindsay Pinchuk. |
| 2:10.2 | At 30 years old, I founded my first company with just $500, building it to reach 3 million people |
| 2:16.0 | and generate seven figures in revenue for six |
... |
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