Munich Startup: What motivated you to found Lotaro?
Julia Kupke, Lotaro: It was clear to me from the start that I needed freedom, an entrepreneurial team, and a clear impact that would be evident in every task I tackle. This conviction has guided me since my first founding. I feel at home in the startup scene because I have the opportunity to create something new every day and to connect with like-minded people. This motivation drove me to founding the company and continues to drive me to give it my all every day.
The team as the foundation for success
Munich Startup: What would you have liked to have known before starting your first business?
Julia Kupke: One key insight I wish I had before starting my first company was the importance of having the right team. Ideas may come and go, and situations may change, but the founding team remains. Through good times and bad. It's crucial to stick together, grow together, celebrate and fail—and build trust. The team forms the foundation for a company's success and has a significant influence on the course of the founding process. I initially paid too little attention to this, and I didn't know how to determine whether it was a good fit.
Munich Startup: How has your company been financed so far?
Julia Kupke: We have our company We financed it with our own resources, a process known as "bootstrapping." From the very beginning, our goal was to generate direct revenue with our service. We wanted to get direct feedback from the market, whether there was a willingness to pay for our product and whether customers were satisfied with it. Many people make the mistake of building a product first and then surveying the customer. We did it the other way around, saving a lot of time and money.
Munich Startup: When and where do you get the best ideas?
Julia Kupke: While many people find inspiration in the tranquility of meditation, it's a little different for me. Exercise is extremely helpful for me. Especially when I'm cycling or jogging, I get a lot of ideas that wouldn't come to me so easily while sitting on my laptop. The physical activity and movement seem to help me get creative, and it's fun too!
Otherwise, it's naturally helpful to sit down with my co-founders and discuss, brainstorm, or work on new ideas outside of the operational business. Our diverse backgrounds bring many exciting topics to the table.
Chat GPT as a personal assistant
Munich Startup: What are your 3 favorite work tools?
Julia Kupke: My three favorite work tools are:
- Notion: I use Notion to organize my structure, processes, and documentation. It allows me to streamline my workflows and manage information clearly. I also use it privately.
- Figma: I like to use Figma for any design. With its versatile and user-friendly interface, it supports me in creating Graphics, UI/UX designs and prototypeswithout having to be a trained designer.
- Chat GPT: Of course, my personal assistant, Chat GPT, is a must. It's a valuable tool for quickly getting answers to questions, brainstorming ideas, and helping with tasks. With Chat GPT, I practically have an intelligent assistant at my side.
Munich Startup: Your top tip on pitching?
Julia Kupke: My top tip for pitching is to conduct regular video analysis. It's crucial to overcome your own fears and take a critical look at yourself. The best way to do this is to record yourself presenting and continually work on the finer details. Practice makes perfect, and there's no limit to how often you can practice. You can even do this daily to continually work on your presentation skills. Regular video analysis allows you to identify your strengths, hone your presentation, and continuously improve.
Julia Kupke: “There is never a perfect time”
Munich Startup: Does this seem like a good time to start a business? Why?
Julia Kupke: There's never a perfect time to start a business. Sure, sales were easier a few years ago, as companies had more money to invest in new initiatives. But in my opinion, it's much more important to have a high-quality product that enables strong customer loyalty, not just a one-time sales win. That's why it's still possible to launch successfully today with a product that solves a problem and provides a great user experience.
The focus should be on offering a solution that meets customer needs and provides real added value. If the product has a clear market demand and offers a good experience, you can successfully start a business regardless of the current economic situation.
Munich Startup: Which technology or industry would you focus on for your next startup?
Julia Kupke: I don't have a specific focus, as I'm always concerned with the user and their needs. For me, solving a pressing problem and providing an outstanding user experience is crucial. Following the latest innovation isn't mandatory.
It's much more important to address a problem that urgently needs to be solved and create a great user experience. If you can convince and delight your target audience by solving their problems and providing them with a great experience, you will be successful in the long run. Therefore, my focus is always on providing real value to users and solving their problems, regardless of the specific technology or industry.
Desk, internet, connection and exchange
Munich Startup: In your opinion, what could be improved at the Munich startup location?
Julia Kupke: Regarding Munich as a startup location, I see two main areas that could be improved: the availability of Office space and their affordability.
Office space in Munich is extremely expensive, which can pose a challenge for startups. It's especially important for startups to be able to work together as a team and bond during difficult times. Despite the advertising of startup hubs and similar facilities, you often see corporate logos on the doors used for "innovation meetings."
As founders, we don't demand much: a desk, internet access, good public transportation, and the opportunity to interact with other founders. It's not about having luxurious sofas or anything like that. Especially in the initial phase, €1,000 in rent is simply too much for a team of two.
A good startup location should offer affordable workspace that meets the needs of startups and create an environment that encourages exchange and collaboration between founders.
Munich Startup: Which founder would you like to meet in person? And what would you ask them?
Julia Kupke: Elon Musk.
- I would be interested to hear from him how he achieves such clarity regarding his visions and how he pursues them so consistently. His ability to think big has led him to impressive success.
- Another question I would ask him concerns his ability to motivate his team and develop the same vision and ambition. Elon Musk has demonstrated his ability to attract talented people and inspire them for his projects. It would be interesting to learn how he builds and maintains this level of engagement and collaboration.
- Overall, I would like to learn from Elon Musk how he manages to implement his visions so effectively and inspire people to believe in his ideas. His experiences and insights could offer me, as a founder, valuable lessons in strategic thinking, motivation, and team leadership.
