Female Founders: Katy Knauff of Kamp Social House On The Five Things You Need To Thrive and Succeed as a Woman Founder
An Interview With Candice Georgiadis
Be Prepared to Pivot: I had the best business plan on the block, but just two months in we had to make some major changes to ensure we could continue our momentum. I knew that I’d need to be open to change, but ‘be prepared to pivot’ has become somewhat of a mantra for me as every day brings new challenges.
As a part of our series about “Why We Need More Women Founders”, I had the pleasure of interviewing Katy Knauff.
Katy is a lifelong restaurateur with a passion for creating memorable experiences for her guests. She launched Kamp Social House in July 2022, a bar and restaurant in Seattle, Washington with the motto “Don’t be a Stranger”. Check out www.kampseattle.com for more info about Kamp Social House.
Thank you so much for doing this with us! Before we dig in, our readers would like to get to know you a bit more. Can you tell us a bit about your “backstory”? What led you to this particular career path?
My first job in a restaurant was as a host for a longstanding restaurant in Long Beach, CA. I was a shy kid, but hosting brough me out of my shell and taught me how to prioritize, set expectations and most importantly, it taught me how to hustle. I’m forever grateful to the restaurant’s owner, Cheryl Carter, for taking a chance on me and allowing me to truly grow up in her business. Much of how I run my business today is because of her mentorship.
Can you share the most interesting story that happened to you since you began leading your company?
As an owner/operator, I’m always behind the scenes, and I’m almost always in tennis shoes and an apron, versus a blazer and pumps. I was on the floor one day, so I went to a table to drop off drinks and I asked the guests how everything was tasting. One of the guests told me that everything was great and that they’d ‘like to tell the owner’, and they asked me to grab ‘him’. This is just one of many examples where an assumption was made about the gender of the business owner, as it’s historically been men in the world of restaurants. It was a reminder to continue to lean into authenticity, and to remain empowered as a female founder to change misconceptions.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
Cheryl Carter is the owner of Johnny Rebs’ True South and she took a chance on me when I was a shy, inexperienced teenager. She quickly became a mentor as she was accessible and transparent, and I was seeking a role model. I was able to learn from her experience, and as I grew within the company, she allowed me to take risks. She believed in bettering everyone around her, including me. I owe a lot of my success to her mentorship, and I hope to pay it forward as a founder.
Ok, thank you for that. Let’s now jump to the primary focus of our interview. According to this EY report, only about 20 percent of funded companies have women founders. This reflects great historical progress, but it also shows that more work still has to be done to empower women to create companies. In your opinion and experience what is currently holding back women from founding companies?
I believe that funding continues to be blocker for many women. My story is one that I’ve heard echoed by other female founders, and I hope that by continuing to share that we can make a change. My wife facilitated the initial financial discovery process, as there are a lot of ways to fund a business. Ultimately, we decided on a traditional SBA loan, and she was initially approved for the exact amount we’d requested. When we went to meet our banker and sign the paperwork, we did so in person. Even though nothing on our end had changed, when we got the paperwork, we were shocked to see that we’d been approved for a fraction (less than 30%) of what we’d initially asked and been approved for. After doing research on our end, we learned that as women, we were a higher risk for the bank, which likely impacted our approval. We determined that because my wife has a gender-neutral name, there was a possibility she was initially mistaken for a male. While we can’t prove that this was the case, what we do know is that more female founders seeking capital via traditional routes could improve future founders’ chances of being approved for what they need. Are we a higher risk? My P&L says otherwise.
Can you help articulate a few things that can be done as individuals, as a society, or by the government, to help overcome those obstacles?
I believe in the golden rule of treating others as you’d like to be treated. I believe that if more individuals acted on this principle, that we’d have fewer obstacles as a society.
This might be intuitive to you as a woman founder but I think it will be helpful to spell this out. Can you share a few reasons why more women should become founders?
The statistic quoted in the EY report that only 20 percent of funded companies have women founders is a sad statistic. I know this shows progress, but that means we have a long way to go to reach gender equity in the marketplace. Women need to forge ahead and continue founding businesses because business drives change. What’s been happening to women’s health rights in the U.S. just in the past six months is proof alone that we need more women in charge. Business drives progress, and progress is what women need right now.
What are the “myths” that you would like to dispel about being a founder? Can you explain what you mean?
I think the biggest myth I’ve heard is that all founders of profitable businesses are making a lot of money. It’s why I view transparency as being a critical aspect of business success, as you want those around you to know what’s really going on with the financials of the business they influence. What people don’t always see is your balance sheet, as that can be the story behind ‘where the money goes’. In my case, we put our earnings back into our team and our business so we can all grow together. I’m aware that my business succeeds because of my team, so they come first when it comes to sharing the financial success.
Is everyone cut out to be a founder? In your opinion, which specific traits increase the likelihood that a person will be a successful founder and what type of person should perhaps seek a “regular job” as an employee? Can you explain what you mean?
I think the only trait any founders share is passion, and you either you have it, or you don’t. Everyone has a skill that could make them a good founder, but passion is the driver that keeps your business going and growing.
Ok super. Here is the main question of our interview. What are your “5 Things I Wish Someone Told Me Before I Started” and why? (Please share a story or example for each.)
1) Be Prepared to Pivot: I had the best business plan on the block, but just two months in we had to make some major changes to ensure we could continue our momentum. I knew that I’d need to be open to change, but ‘be prepared to pivot’ has become somewhat of a mantra for me as every day brings new challenges.
2) Fuel Your Passion: I mentioned earlier that the primary trait any founder shares is passion, but I view passion as a fire that needs to be stoked. So, I find ways to continue to fuel my passion to ensure that I stay excited and innovative about my business. For me, I fuel my passion through my network. I ask for meetings and informal chats with other founders I admire. I’ve been shocked by some of the people who’ve said ‘yes’ to a chat, as these are founders I’d have thought were too busy to spare any time. It’s been a pleasant surprise to learn from their stories and to hear their feedback about my journey as a founder.
3) Take Time for Gratitude: The path to becoming a founder starts with an idea. In my case, I took an idea and within one year, I’ve turned it into a physical space where I’m able to share my passion with those around me. If I have a rough day, or if I have a great day, I find the time to be grateful for where I’m at. I worked hard to get where I am now, and I’ll continue working hard to move towards my never-ending goals. If I don’t take the time to enjoy my successes, then what’s the point?
4) Become a Sponsor: I have employees on my team who have goals of opening their own restaurants. Rather than viewing that as negative, I aim to be a sponsor in supporting their goals. This means finding teachable moments, emphasizing professional development and being transparent about what it takes to launch a business. When I’ve spoken about this with other restaurant owners, I’ve been asked if I’m afraid that they’ll leave me someday because their aspirations are bigger than just a job at Kamp. I respond with ‘that’s why I hired them’. As a founder, I view my role as building a business and building up the people who make that happen. What my team decides to do with their learnings is up to them, and that doesn’t change if I do or don’t sponsor their goals. So, I seek to support versus stifle.
5) Maintain Mentorships: I mentioned that I ask for informal chats from founders I admire, and occasionally, I meet someone I want to continue learning from. So, I simply ask if they’re open to being a mentor. There’s a difference between a sponsor and a mentor, and at this stage in my journey, I need mentors. Asking for them can be an awkward conversation, but its one I’m find necessary if you want to have a community of support as your business grows.
How have you used your success to make the world a better place?
I live by the mantra ‘think globally, but act locally’, as I believe that making an impact in your sphere of influence is better than making no impact at all. I’m a doer, so when I see or hear about an injustice, I find a way to make a difference within my community and I level up from there.
You are a person of great influence. If you could inspire a movement that would bring the most amount of good for the greatest number of people, what would that be? You never know what your idea can trigger.
I think that business owners need to make decisions that impact people as much as they impact profit. Human capital is all we have in the restaurant business, so I ensure they’re my priority when I make a business decision. One small example of that is offering paid time off, or health insurance to employees to allow people too feel secure in their roles and lives. If a member of my team is distracted by an HR-type issue that I can influence, then I take action to alleviate their distraction. This isn’t always the best financial decision for the business, but finding peace at work is a line item I prioritize
We are very blessed that some very prominent names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch with, and why? He or she might just see this if we tag them.
I’d love to have lunch with Megan Rapinoe, Firstly, I’m a wild soccer fan so I’d love to talk soccer, but most importantly I’d like to learn more about her motivation. I appreciate that she doesn’t back down from doing what’s right and she puts values before profit, just like I do at Kamp.
Thank you for these fantastic insights. We greatly appreciate the time you spent on this.
Female Founders: Katy Knauff of Kamp Social House On The Five Things You Need To Thrive and Succeed… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.