Tess Michaels founder and CEO Stride Funding which is a venture backed student financing company. Stride offers a more flexible financing option to traditional student loans using an income shared agreement. Tess is a serial entrepreneur and has worked in investment banking at Goldman Sachs and Vista Equity Partners. She is an alum of University of Pennsylvania and Harvard Business School
Tess joins me today to discuss how she was inspired to start Stride and how she built the team there. She shares how they have managed their investor relationships with two rounds of capital funding and investor funding for their impact financing products. Stride is changing the payment structure of traditional loans to being more tied to the students' graduation outcome. Tess discusses some of the latency that occurred this year in conversion as students were adapting to the changing college landscape. We are happy to have Tess here to share some of her lessons, entrepreneurial heroes and some of the books they have written.
“I think economic mobility is very much something I’m a huge believer in. Both my parents were immigrants and education was the reason they really were able to progress in their careers and their journey to America” - Tess Michaels
Today on Startups for Good we cover:
Outcome driven products
The differences between income shared agreements (ISA) and traditional loans
How higher education may change in light of the changes in instruction methods due to COVID
Investing in data science
How impact investing was welcomed at a school like Wharton
How to juggle the many hats of raising funds for the business and the student financing
Some of the biggest challenges of growing a business
Consumer education about ISAs and alternative financing models
Connect with Tess Michaels on Instagram or their website as well as any questions for Tess can be emailed at Tess@stridefunding.com
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