Bob Soderstrom | ChangeUp

May 17

What Is ChangeUp? Tell Us About What You Do And What Your Overall Mission Is.

ChangeUp is a donation software company based in Los Angeles. Our mission to make every single transaction, purchase and card swipe a micro-action for good.

What Is Your Background? What Led You To Starting Your Own Company, And How Did You End Up In This Space.

I have a finance degree from Indiana University and a law degree from the University of Wisconsin. But by far my best education was serving as a Peace Corps volunteer in a village in the Eastern Highlands Province of Papua New Guinea, which is mountainous rainforest. This showed me the value of volunteerism and the impact being made by our charity sponsor, the Wildlife Conservation Foundation, which works in conjunction with the Bronx Zoo to preserve natural habitats around the world.

What Have Been Your Most Challenging Moments For You And The Company?

The most challenging part has been raising capital. In the early days, we had months where we barely scraped by until we found a solid business path forward. Another challenging part has been being patient as our developers build new product and then we market-test to see what works.

What Was The Fundraising Process Like For You? Tell Us About Your Investors And How You Use The Funds You’ve Raised.

In our early stages, we raised cash in $25,000 increments from individuals. Some put in $100,000 or more, but mostly we had smaller chip shots from friends, family and colleagues. And then we found our path in the ecommerce space and raised $1.25M from PopSockets Ventures. The Founder of PopSockets, David Barnett, had just moved his company’s website to Salesforce Commerce Cloud and saw how our MVP product, the donate-at-checkout module—helped them decrease bounce and increase conversions at checkout. His investment helped us build out a deeper, more mature suite of features for merchants on Salesforce Commerce Cloud, where we are the only certified donation vendor. Now we’ve signed over 40 merchants there, including companies that I love like Elf Cosmetics, The Honest Company, Alicia Keys Soulcare and Converse.

Tell Us About Your Technology And What Kind Of Platforms Or Companies Changeup Integrated With.

Our MVP product was donate-at-checkout for ecommerce merchants. We then expanded and iterated on that product to include other features at checkout, robust reporting, and then a donation pledge by the merchant on the product page, which increases cart values. We started with Salesforce but have now expanded our software to other ecommerce solutions. As a result, we can now be integrated with any large volume platforms. We specialize in enterprise level clients.

What Is One Thing About Building A Business You Did Not Know That You’ve Learned So Far Since Launching ChangeUp?

I had always heard about startups that pivot into a new model, but I had no idea how laborious, painstaking and, ultimately, rewarding that can be. We’ve now had two big pivots since we were founded. It’s an arduous process because you have to admit that you made a wrong decision and give up some beautiful things you built. But also, you’re in business to build something useful and make money and that often requires a change in course. Embrace the pivot!

Who Are Your Co-Founders Or People Who You Work Very Closely With? How Do Their Skills Supplement Yours?

My co-founders are Tim Kring and Raj Kamachee. They’re terrific for me because Tim is a famous story teller and very creative, whereas Raj is a seasoned CTO who builds extraordinary software with his talented team. Between the two of them, I have both the left brain and right brain covered. Also, our Head of Partnerships is Katie Nathan who is very skilled at meeting customers where they’re at and finding solutions that we can provide to help them succeed. Last, Dickon Kent is our Senior Product Designer and someone I’ve worked with for over a decade. Dickon is my creative partner and muse and some of my favorite sessions are imagining new things with him.

What Was The Inspiration Behind The Company Name?

The name ChangeUp is a play on the round-up of spare change and also the idea of putting positive change in the world. I told myself if I could trademark such a great name that I would build an entire business around it. The trademark was available and we booked it around the world in multiple categories and, at a later date, we acquired the URL too. I love our name!

Tell Us About Your Typical Workday Schedule. What Are Your Morning And Evening Routines? What Are Some Tips You Have For Staying Productive?

I have kids in grade school, so the bedtime ritual, wake up ritual, drop-off at school takes priority. And for that reason, my time at work during the day needs to be focused and productive. At some point in the middle of the day I swim or hike and come back energized. If I don’t exercise, I risk “falling down the hole of my laptop,” which means just staring at my screen while losing productivity.

What Are The Top Qualities or Skills You Believe Entrepreneurs Need In Order To Be Successful? Also, What Advice Do You Have For Entrepreneurs Who Are Just Starting Out?

I’d have to say that I’ve found authentic communication to be very valuable with both my colleagues, investors and clients. I owe it to them to share what works and what doesn’t, and vice versa. Also, it’s important to set boundaries and share what you’re able to commit to and, equally important, the things that you cannot commit to. Last, I would say that a general feeling of positivity and hope is important for any team anywhere. You have to believe in your product, your company and your colleagues! And as a founder, your team will take their cues from you, they will mirror your attitude and habits.

Tell Us A Story Of Something That Happened To You That Taught You An Important Lesson.

“People may not believe what you say, but they’ll always believe what you do.” I love that because start-ups are often a lot of pitch decks, cute logos and general ideas. But it’s all just talk until you go out and build it.

If You Can Have A One-Hour Meeting With Someone Famous Who Is Alive, Who Would It Be And Why?

Barack Obama. I’d like to learn from him how he stayed calm and focused during the extraordinarily stressful rebuilding efforts after the financial collapse, how he endured the pundits and stayed focused on positive long-term goals, and how he’s maintained his “audacity of hope” all these years. He’s a remarkable man and his commitment to his wife and children is inspiring too.

What Do You Do In Your Free Time?

I’m a dad so there’s not a lot of free time to be honest. Soccer games and music classes! We try to have family dinners together most nights of the week, walk to school together in the mornings and little weekend trips. By the way, the San Diego Zoo is pretty awesome.

What Is Your Favorite Quote?

“Me, We.” –Muhammad Ali.

He wrote the world’s shortest poem! Anything I do has a ripple effect into everyone around me, and vice versa. Same with companies, governments and more. Change starts with each and every one of us.

What Does Success Mean To You?

Success to me is using the talents and skillset of our team to build something meaningful in the world. In our case that means technology that brings people, brands and causes together in a single moment to create connection and positive change.

Bob Soderstrom’s Favorites Stack:

Books:

1. Dare to Lead, by Brene Brown

2. Rome 1960, by David Maraniss

3. The People We Keep, by Allison Larkin

Health & Fitness:

1. Hiking in the mountains of LA

2. Swimming laps

3. Walking around the Silver Lake reservoir

Products:

1. Breville Espresso machine my wife bought me for Father’s Day

2. Paso Robles wine

3. Chevy Bolt EV

Newsletters & Podcasts:

1. NYT and WSJ everyday

2. TechCrunch

3. Substack, various writers

Upcoming Travel Spots:

Greece with all 4 of my brothers and 8 grandkids to celebrate my Mom’s 80th to see the villages where her parents emigrated from.

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