We speak with the Founder of Nemu for our Inspirational Female Entrepreneurs series…
In recognition of International Women’s Day we’ve been speaking with the women who have used their time at business school to become trailblazers – unleashing their entrepreneurial superpowers to make a change in their industries and the world around them.
Can you tell us about your start-up, and what it does?
At Nemu, we are on a mission to empower people to manage and divide their ‘stuff’ the easy way. I started Nemu after watching my Mom struggle to figure out “what-to-do-with” and “how-to-divide” her parents’ heirlooms after they passed away. My Mom had to balance an intense period of grief with all the logistics and dynamics of settling her parents’ estate in a timely manner. So, when it came to clearing out their house she became overwhelmed with where to start.
She wanted to make sure to divide heirlooms among family members fairly to avoid any fighting, document their value appropriately to satisfy their estate settlement, and quickly sell any residual items so that the family could sell the house. Juggling all of this while she and many other siblings lived remotely seemed like a tall task. And, doing it in a way that honoured and preserved the legacy that her parents built seemed impossible.
I quickly realised my Mom was not alone. 45M families will inherit $4T worth of heirlooms, or things inside their loved ones homes, in the next 25 years. And, this experience isn’t isolated to inheritance. It is also a common problem for couples going through divorce or households trying to downsize.
With such a large, unaddressed problem, I started building Nemu.
Today, Nemu is an app that helps people manage this process in a more efficient and fair way than has existed in the past. Families capture the legacy and stories tied to their most beloved items as they create their visual catalog. From there, they can equitably divide their heirlooms using our division feature. We have built a tool that records an emotional value score for each item from each loved one; the tool then uses this score to fairly divide the heirlooms such that everyone ends up with an equal allocation of items.
When needed, we can also help get price estimates, from fair market values to certified appraisals, and sell items based on clients’ needs and timelines.
What inspired you to start your own business?
When I saw my Mom struggling with managing and dividing her parents’ heirlooms, I knew that there had to be a better way for her and millions of others to go through this experience, especially during difficult life stages.
Having worked in entrepreneurial teams my entire career, I appreciated the impact of small, nimble teams on solving big problems. So, when I recognised the impact a solution like Nemu could have on families, I was instantly motivated to build it.
Beyond finding inspiration to pursue Nemu from my own experiences and goals, a lot of my inspiration comes from my partner and family, who are incredibly supportive. They have believed in and encouraged me at every step of the way, which in turn has helped me believe in myself. And, when I started sharing my passion for building Nemu with my broader community, I realised how empowering it was to have that support as well.
One thing that was top of mind as I started Nemu and motherhood at the same time, was a strong recognition of my role in making the world a better place for my daughter, just as I had inherited opportunities that others before me worked hard to create.
So while I may encounter challenges unique to women, I also embrace them with the mentality that working through them may make the world easier to navigate for future generations.
How has your business school experience helped you in your path as an entrepreneur?
One of the biggest learning curves for me in business school was time management – how I spent my time, what I spent it on, and who I spent it with. As I started my MBA at Wharton, I also became a new Mom. My husband and I welcomed our daughter six weeks before school started.
In the same period my grandmother passed away, kick starting the estate settlement process for my Mom, which inspired me to start Nemu. It was the intersection of these events that forced me to become very targeted in making the most out of any time I spent away from my daughter.
“Every big idea starts small, so don’t feel like you need all the answers on day one.”
– Sarah Powers – Founder of Nemu
When I wasn’t at home, I benefited greatly from the resources Wharton had to offer. It was helpful that I could tailor my classes to the business challenges I was facing or where I needed additional support. My professors and classmates were also incredibly generous with their time working with me outside of class thinking through different aspects of Nemu.
Lastly, University of Pennsylvania has a program called Venture Lab, which has a ton of programming and resources for student entrepreneurs across stages of development. I felt extremely fortunate I was able to take advantage of the mentors and programs at the Venture Lab to get Nemu off the ground.
What were some of the biggest challenges you faced in the early stages of building your business, and how did you overcome them?
Entrepreneurship isn’t a straightforward path. There are good days and there are bad days. But, the swing between good days and bad days has gotten less extreme over time. So, I think the hard part in the early days is continuing to believe in yourself and your mission even when the path to achieving your goals isn’t clear.
As a female entrepreneur, have you encountered any unique obstacles or biases in your entrepreneurial journey? How did you navigate them?
I think one challenge for any entrepreneur is finding the right teammates, partners, and investors that align with your vision and believe in you. With that in mind, I have naturally gravitated towards working with people that are comfortable with me being a female founder.
Has it taken me longer than traditional founder profiles? Maybe. But, with every challenge there is opportunity – with this challenge, I may have gained more experience in finding the right partners than others with a more straightforward path.
What advice would you give to other women who are considering starting their own businesses?
Do it! Every big idea starts small, so don’t feel like you need all the answers on day one. If you can work on an idea a little bit each day, you will start seeing progress towards your goal and over time you will start to build momentum.
If you hit roadblocks on the way (you probably will!), reach out to others in your community for advice. I have found that people are generally very willing to share their experience and perspective (and even lend a hand!).
You can learn a lot from listening to how others have overcome obstacles, and you’ll likely end up building a supportive community to lean on as you move through your journey.
Interested in this series? You might also enjoy…