Sheena Allen

How many times have you heard someone say, “I have this amazing idea for an app?” Well, a lot of people do! Unfortunately, most people with the idea have no clue what the next step they should take and for those who think they know, they usually assume that means contacting a developer to start coding their idea into an app. They completely skip over understanding the side of their app that should be well understood before ever reaching out to a developer. Is this a free app or does it include in-app purchases? What about UI/UX? How many similar apps are already available? Is this for iOS or Android or both? There is so much to the mapping out of a mobile app that should be done before ever contacting a developer that is never done.

Sheena started her first tech company, Sheena Allen Apps, as a senior in college. With no technical background, Sheena bootstrapped her mobile app company to house five apps and generated millions of downloads. In building her company through trial and error, Sheena was all able to master how to map out the idea of a mobile app before ever contacting a mobile developer. After realizing that not having the proper strategy and flow chart mapped out, the lack of preparation and knowledge would cost more time and money when the app entered into the development stage.

Key lessons from this talk include:

• Don’t go directly from app idea to app development. That is like having a car (app idea) and tires (app developer), but with no gas (app strategy and mapping).
• The entire app process – from idea all the way to deployment in the app store.
• Understanding how the app stores work – Apple AppStore vs. Android
• How to create a flow-chart
• What to look for when searching for an app developer and what are the red flags you may be dealing with someone who won’t deliver.

The traditional banking system was never designed to serve everyone equally, leaving over 2 billion people worldwide financially underserved. Lack of financial inclusion has been a critical issue for decades but has become more discussed and at the forefront in recent years as advocates and startups work to tackle the many challenges involved.

Drawing from her personal experience growing up in Mississippi, the poorest state in the U.S., as well as her professional expertise running her fintech startup, CapWay, Sheena highlights the difficulties faced by people living in banking deserts and those who are unbanked or underbanked. She also addresses the barriers created by a lack of trust in traditional banks and how factors such as race, age, gender, culture, and geography can limit access to financial services.

Sheena also explores the role of technology in addressing these challenges, noting how digital innovations have already disrupted industries like transportation (Uber vs. taxis) and hospitality (Airbnb vs. hotels). Similarly, technology has made significant strides in expanding financial access and creating new opportunities. However, Sheena emphasizes that much more work is needed to achieve true financial inclusion for all.

Majority of all startups focus on getting an investment from a VC (venture capitalist) or angel investor. After all, it is the companies who are raising millions and millions of dollars that are being featured by the top media outlets in the world. However, getting venture capital funding is not the right path for everyone. Many founders focus on raising money and lose focus on building their company or don’t always fully understand what it means to raise money. The reality is that for every investment a company takes, the company because less and less controlled by the founder or founding team. Bootstrapping has become something that is overlooked. While each has its pros and cons, the media has put way more pros on getting an investment versus bootstrapping.

Sheena Allen bootstrapped her first startup, Sheena Allen Apps, to millions of app downloads while she has raised two rounds of funding for her second startup, CapWay. Sheena can attest to the pros and cons of each side.

Key lessons from this talk include:

• The reality behind raising money – less control, pressure of getting returns, etc.
• Other ways of raising funds outside of traditional venture capitalists
• How to bootstrap as long as you can
• Acknowledging if VC dollars are right for your business or is bootstrapping a more ideal path

Women and minorities, especially those who identify as Black and Latinx, continue to face significant challenges in the tech industry, particularly when it comes to fundraising. The sector has long been dominated by a “bro-code” culture of predominantly white men, making the push for diversity and equity a tough battle. Despite evidence showing that diverse teams are more successful, a recent increase in companies withdrawing their commitment to Diversity, Equity, and Inclusion (DEI) initiatives has only added more obstacles.

While small victories have been achieved, there’s still a long way to go. Sheena reflects on entering rooms and feeling like she has three strikes against her: she’s Black, a woman, and from Mississippi—a place many outside the region unfairly stereotype as home to only racists and uneducated minorities. However, if the “three strikes, you’re out” mentality were truly the standard, Sheena’s story would challenge that. Pulling from her experiences, Sheena provides valuable resources, motivates others, and encourages others to take what makes them different and use it to their advantage as best as possible.