Start Building Relationships Sooner Rather than Later: Interview with Carrie Colbert, Founder of Curate Capital
I recently went one-on-one with Carrie Colbert, founder of Curate Capital.
Adam: Thanks again for taking the time to share your advice. First things first, though, I am sure readers would love to learn more about you. How did you get here? What experiences, failures, setbacks, or challenges have been most instrumental to your growth?
Carrie: Growing up in a small town in the Texas panhandle, I didn’t come from a wealthy, privileged background by any means. Choosing what to study in college basically came down to where I got the best scholarships. So, I studied petroleum engineering at the University of Texas at Austin, graduated at the top of my class, and became the first in my family to graduate from college. Then, I moved to Houston for a job in the energy industry. For nearly two decades, I thrived in the oil and gas industry, climbing the ranks at Hilcorp, the largest privately owned oil and natural gas producer in the U.S.
While I was never particularly passionate about that industry, working at Hilcorp was a game-changer for me. Hilcorp was run in a very entrepreneurial manner, and that’s where I caught the entrepreneurial bug. I held many leadership positions in engineering and finance. But more importantly, I learned so many entrepreneurial lessons working directly with the founder, who is a billionaire now. During my twelve-year tenure there, we grew the company from less than $100 million in enterprise value to billions when I left.
Part of Hilcorp’s entrepreneurial culture was that each employee had some level of ownership in the company. Given I was there during such a great time of growth, that equity was life-changing for me. In 2016, I made the decision to 'retire' from the industry at age 38. I wasn’t certain what I wanted to do next, but I knew I wanted it to be something entrepreneurial in nature that invoked my creativity and passion. Coincidentally and very fortuitously, I was on Instagram the week it launched, and soon after I gained a following of over 85,000 via Instagram. This was very fortuitous for me, as that’s how I started connecting with female-founded businesses that I admired and started my angel investing journey. Over the next five years, I learned on my own dime, so to speak, as I deployed $1+ million into female-founded consumer brands.
During that time, I learned three important things. First, I was having great fun - not a word I would have necessarily used to describe my previous career. I found that I really enjoyed sharing my business expertise with these early-stage founders to accelerate their success. Second, I was experiencing great results. I saw that with a little infusion of capital, these businesses were able to demonstrate outsized growth and returns. Third, I realized just how large the opportunity set was to invest in female founders. Female-founded businesses are underfunded yet overperforming. And with my inside track, so to speak, through relevant relationships, we had extraordinary deal flow.
That’s when I decided to create Curate Capital, a venture capital fund that invests in female-founded consumer brands. I find so much joy in having the opportunity to empower these women and share their businesses with my investors and our broader community.
Adam: What do you look for in companies you invest in?
Carrie: My experience in the oil and gas industry has influenced my approach to investing more than one might think. At Hilcorp, we were very data-driven, numbers-focused, and results-oriented. Given that I’m somewhat of an outsider to venture capital, I don’t always espouse all of the conventional wisdom of the venture capital world. I’m not enamored with founders solely because they have raised millionsn of dollars in funding. Raising money isn’t the goal. Building a profitable, sustainable, scalable business is the goal. So, we are interested in businesses with solid underlying fundamentals, proven product-market fit, and demonstrable revenue traction.
Beyond that, we invest in people just as much as we do in the business itself. That’s just the nature of early-stage investing. So, we are interested in women of high character who have a strong vision and vantage point for their business but are also willing to take feedback and input.
Our ethos at Curate is to become a partner with our portfolio companies. One of our core values is aligning incentives within an organization. At Hilcorp, we had a cheesy, but powerful saying: “When Hilcorp wins, we all win.” And we let that same concept guide us at Curate. We are always looking for win-win-win scenarios where our portfolio companies, our investors, and all stakeholders benefit when the companies do well.
Adam: What are your best tips for entrepreneurs interested in raising capital?
Carrie: Before I started Curate Capital, I had essentially no sales or fundraising experience. So, fundraising was a steep learning curve for me! We originally set a goal of raising $10 million. There were months when I wasn’t sure we would achieve that. But in the end, we exceeded that goal by 50%, raising $15 million. Here are three key lessons I learned from that experience.
1. Cast a much wider net than you think you need to cast.
Fundraising is a baffling experience. Some people whom you really think will say yes actually will pass. On the other hand, you’ll be surprised by some people who end up investing. So, rather than take a concentrated approach, consider casting a wide net.
2. Know your people.
Your message won’t resonate with everyone. Don’t try to convince people of the value of your vision. That can be a waste of time. Rather, focus your efforts on those who innately understand your unique value proposition and who are aligned with you.
3. Become accustomed to hearing “no”.
As a Type-A overachiever, I frankly hadn’t been told “no” much in my professional career. However, fundraising is a different type of endeavor. I had to learn not to fear “no”, but rather to lean into it. It’s better to get to a “no” quickly than to linger in ambiguity.
And the answer “no” can actually be helpful in several ways. First, it lets you move on to someone else who might be a “yes” rather than spending more time on the dead-end of a “no”. Second, use a “no” as an opportunity to solicit feedback. If it’s helpful, then incorporate that feedback into your pitch going forward.
In addition to the three lessons above, one final tip: Never underestimate the value of building relationships before you need anything from people. Be a giver, not a taker. Start building relationships sooner rather than later.
Adam: What are your best tips for investors?
Carrie: As an investor, I’m always thinking about how to deliver outsized returns while mitigating risk. How can one do that? Educate yourself by building a diversified portfolio and using that as your school. Learn from each and every investment. Learn from each and every startup journey. Collect as many data points as you can, and then eventually you’ll naturally develop your own unique investment perspective and thesis. You’ll learn what you like - and what you don’t. You’ll learn where you can add value - and where you can’t. Your investment journey can be completely tailored to your unique interests, objectives, strengths, passions, goals, and more. Simply take the time to learn.
As I started Curate, I quickly became super passionate about breaking down barriers to understanding investing in general and venture capital specifically. As I started to talk on Instagram about investing, venture capital, our portfolio companies, and our mission, women resonate strongly with that content. As a result, I am super proud that we have an investor base of almost 80% women - a stat that is unheard of in this industry.
Adam: In your experience, what are the key steps to growing and scaling your business?
Carrie: The key steps to growing and scaling a business involve having a clear vision, expanding thoughtfully and intentionally, hiring the right people, leveraging technology, and prioritizing the customer experience.
Beyond those tactical steps, remember that growth demands flexibility, adaptability, resilience, and unwavering commitment to excellence. Don’t be too married to any one idea, but rather listen to feedback and react to the data.
Adam: What do you believe are the defining qualities of an effective leader?
Carrie: Effective leadership hinges on several key qualities. Firstly, empathy is paramount—it allows leaders to understand and connect with their teams more deeply. Understanding what your team is experiencing greatly impacts how you handle situations. Being more informed about what they are facing is beneficial to you as a leader so that you can provide the appropriate advice. Vision is another crucial aspect; leaders must inspire others with a clear direction and purpose. Communicating with your team about the direction you want to go and providing resources as needed for them is a great quality to have as a leader. Lastly, resilience is indispensable in navigating challenges and setbacks. Navigating challenges helps you understand the direction you should take your team and how well you can overcome any setbacks.
Particularly as an investor, I’m always looking for ways to determine a leader’s character. That can be hard to do in a brief pitch call or during a handful of meetings. But it will surely present itself over time, as business is challenging.
How can leaders and aspiring leaders take their leadership skills to the next level?
Carrie: Continuous learning is essential to elevate leadership skills. Leaders should actively seek feedback, cultivate emotional intelligence, and foster a culture of collaboration within their teams. Continuously learning is a key factor in taking your leadership to the next level. Collaborating with your team and being open to learning more every day is beneficial to your leadership skills. For Curate Capital, I found my passion in being a leader for women in business and contributing to their growth. With my experience empowering women and investing in their businesses, I have created a community of female-owned businesses that are taking the leap to expand their company and build a bigger and broader audience. Being the leader of Curate Capital has given me the opportunity to expand my leadership skills in a way that is influencing women-owned businesses but also giving individual female accredited investors the confidence boost to start investing.
Adam: What are your three best tips applicable to aspiring leaders and to senior leaders?
Carrie: Firstly, self-awareness is foundational. Understanding one's strengths, weaknesses, and values enables leaders to lead authentically. Having an understanding of this can help you understand what you need to do to lead a team.
Secondly, prioritize lifelong learning. Stay curious, remain open to new perspectives, and invest in personal and professional growth. Being open to learning new things is always beneficial. When you learn something or see something from another perspective, it allows you to brainstorm new ideas and strategies that you may not have thought of before.
Lastly, empower your team. Encourage initiative, innovation, and collaboration to foster a dynamic and productive work environment. With Curate Capital, I am always striving to empower my team and create a positive and colorful work environment for them to thrive.
Adam: What are your best tips on the topics of sales, marketing, and branding?
Carrie: In sales, marketing, and branding, understanding your audience is key. Always pay attention to what your audience is demanding, if you are providing something they want, chances are they’re going to buy from you. Consistency across all touchpoints is important for brand recognition and trust-building. People aren’t going to be steered toward a company or product that is inconsistent. Being consistent is helpful because people don’t like surprises when making big purchases. They want to know what to expect when investing their money into something, and keeping your business consistent is a great way to keep your audience engaged. Lastly, don't underestimate the power of storytelling—crafting compelling narratives, especially surrounding the founder of a brand, helps forge emotional connections with your audience and effectively communicates your brand's value proposition. People love to connect with their favorite founders; it keeps them loyal to the business. Building that emotional connection will help create long-lasting customers/clients with your company.
Adam: What is the single best piece of advice you have ever received?
Carrie: Well, this quote isn’t particular to business, but I think it’s applicable to both business and life. “Be kind for everyone you know is fighting a hard battle.” I certainly try to live with that quote in mind. We may think we know what others are going through based on social media or other social interactions. But in reality, we know only a small fraction of what others are dealing with. Leading with kindness is so important.
Adam Mendler is an entrepreneur, writer, speaker, educator, and nationally recognized authority on leadership. Adam is the creator and host of the business and leadership podcast Thirty Minute Mentors, where he goes one-on-one with America's most successful people - Fortune 500 CEOs, founders of household name companies, Hall of Fame and Olympic gold medal-winning athletes, political and military leaders - for intimate half-hour conversations each week. A top leadership speaker, Adam draws upon his insights building and leading businesses and interviewing hundreds of America's top leaders as a top keynote speaker to businesses, universities, and non-profit organizations. Adam has written extensively on leadership and related topics, having authored over 70 articles published in major media outlets including Forbes, Inc. and HuffPost, and has conducted more than 500 one on one interviews with America’s top leaders through his collective media projects. Adam teaches graduate-level courses on leadership at UCLA and is an advisor to numerous companies and leaders. A Los Angeles native, Adam is a lifelong Angels fan and an avid backgammon player.
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