Munich Startup: What career path have you taken 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 only decided to found a startup at the age of 42.
Munich Startup: What motivated you to found the company?
Jana Krotsch: Two things. Firstly, I have three school-age children and, as with many other families, learning and doing homework wasn’t always easy, especially when both parents are working. The question “Mom, can you quickly …” often came up. And that while I was still in the office. At the time, I thought, “There must be an easier way!” than always having to find and book a personal tutor first, only to have to postpone the appointment again.
Secondly, when it comes to education, things are not exactly fair in Germany. In Germany, around 80% of children from wealthy families go to university, but only 20% of children from socially disadvantaged families do. I find that absolutely unworthy of such a rich 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 the parents. And that’s what we got: Ubimaster is largely paid for by companies and foundations – and always for all employees or all customers – regardless of parents’ income, effectively from the child of the CEO to the child of the doorman. Everyone has the same access to extracurricular education.
Jana Krotsch: “I would have liked to know (…) how important a network (…) is
Munich Startup: What do you wish you had known before you founded 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 therefore initially without a network in the startup investor environment. What’s more, I was already 40+, a solo founder and female, so I didn’t have the classic founder profile. But yes, I can also build a startup!
These facts were more challenging than I thought, especially when it came to fundraising. After all, how do you find the right investors as a founder? And what is the best way to approach them, how do I arouse their interest in a 60 second pitch with a product that is quite complex?
First bootstrapping, then successful seed round
Munich Startup: How has your company been financed so far?
Jana Krotsch: I started small and financed the beginnings of Ubimaster out of my own pocket. Ubimaster also received funding from the German Federal Ministry of Education and Research for our innovative approach. What’s more, our product was appreciated by corporate customers very early on and we generated our first sales. This allowed me to build up the startup through bootstrapping. We then successfully raised a seed round in 2022. The main investors include Auxxo and Owl Ventures, the world’s largest edtech VC.
Munich Startup: When and where do you get the best ideas?
Jana Krotsch: I often get my best ideas while running. Exercise is a real helper when it comes to thinking clearly and finding creative solutions.
Munich Startup: What are your 3 favorite work tools?
Jana Krotsch: I need a pen and paper. It sounds “old school”, but it helps me to write down and visualize my thoughts quickly. Of course, we mainly work with online tools such as Figma and Miro in the company and team. During fundraising, I found Docsend super easy to share materials with potential investors.
“Tell a story and work a lot with images”
Munich Startup: Your top tip for pitching?
Jana Krotsch: Be authentic, tell a story and work a lot with images. Potential investors will not only remember your figures, KPIs or your mission, but above all if you evoke a memory or create an “image” in their minds.
Munich Startup: Does it seem like a good time to start a company? Why?
Jana Krotsch: If not now, then when? A startup makes sense if you as a founder put your heart, passion and 100% of your time into it. Digitalization, AI and technological progress offer many opportunities to develop innovative solutions and market them successfully.
Munich Startup: What do you think could be improved in Munich as a startup location?
Jana Krotsch: Let’s be honest: Munich is already one of the best startup locations in the whole of Germany. I would be delighted if even more support programs for female founders were expanded. There are still far too few of them in Bavaria.
Munich Startup: Which founder would you like to meet in person?
Jana Krotsch: With Reshma Saujani, who founded “Girls Who Code” and has campaigned for both educational equality and the gender gap in the tech industry – two issues that are also close to my heart and that I campaign for every day.
