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Highlights
From Government to Startup: How Summer’s Founder is Tackling America’s $1.7T Student Debt Crisis
The transition from government to entrepreneurship isn’t a common path. But for Will Sealy, founder of Summer, his five years at the Consumer Financial Protection Bureau (CFPB) provided the perfect foundation for building a company that’s revolutionizing how employers help their workforce navigate student debt.
In a recent episode of Category Visionaries, Will shared how his experience as the first person examining student loans at the CFPB shaped his approach to building Summer. “I spent the next few years writing reports to members of Congress, briefing other bodies of government on the issues at hand, and writing white papers on potential solutions,” Will explains. This deep domain expertise became crucial when launching his company.
But the path wasn’t straightforward. Will’s entrepreneurial instincts first emerged during college when he spotted a critical safety issue on campus. As a newspaper reporter, he noticed increasing incidents of drunk driving and sexual assault linked to off-campus fraternity parties. Rather than just reporting on the problem, Will took action: “I ended up raising about $25,000 in college. We hired about 40 people as drivers. We created like a by students for students driving system with all kinds of training.”
This early venture taught Will valuable lessons about solving complex problems through entrepreneurship. But when tackling student debt years later, he realized the challenge was far more nuanced: “It wasn’t as simple as raising $25,000 and saying, okay, I can do this. It felt far more complicated.”
His go-to-market strategy focused on two key channels: employers and financial institutions. Summer partners with companies to provide their employees comprehensive support for managing education expenses – from college savings planning to loan repayment optimization. Will explains their distribution approach: “We work with a number of financial institutions – Intuit, Fidelity, and a host of others… there’s usually very bespoke models that work within their ecosystem.”
One of Will’s most powerful GTM tactics is prioritizing face-to-face meetings in an increasingly remote world. He recently landed three competitive sales hires by taking an unusually personal approach: “I took each one of them out to dinner and had a proper conversation with them about the business, why I’m passionate about it, where we’re heading, why I see them as valuable parts of our future growth.” For one candidate, he even “rerouted a trip back from California to New York and went to his hometown in Atlanta.”
This emphasis on human connection extends to Summer’s product strategy. While they’ve built sophisticated technology (“almost a TurboTax like product”) to navigate complex government programs, they recognize different user preferences: “You have young people who are like, I don’t even pick up the phone when my mom calls. I only text… all the way through to someone who’s like, I do not do finances through an app.”
Looking ahead, Will sees opportunities to expand Summer’s impact beyond student debt. He’s focused on adjacent financial challenges facing American workers, noting that “about 66% could not afford” a $1,000 unexpected expense. The vision is to help employers provide comprehensive financial wellness support, from emergency savings to family planning.
For founders, Will’s journey offers valuable lessons about leveraging deep domain expertise, building distribution partnerships, and maintaining human connection in a digital world. Most importantly, it demonstrates how understanding complex regulatory and consumer problems can lead to innovative business solutions that create genuine social impact.
Actionable
Takeaways
Leverage Your Expertise to Solve Complex Problems:
Will's deep dive into the student loan crisis during his tenure at the CFPB armed him with invaluable insights, emphasizing the advantage of building a startup in a domain where you possess profound knowledge. For founders, diving deep into a problem area can reveal unique opportunities for innovation and disruption.
Embrace a Mission-Driven Approach for Long-term Impact:
Will's passion for addressing the student debt crisis is a testament to the power of mission-driven entrepreneurship. Founders should identify causes they're genuinely passionate about, as this authentic commitment resonates with users, employees, and investors, driving sustained engagement and growth.
Take Charge on Educating Your Market:
Summer's focus on financial literacy underscores the importance of empowering consumers with knowledge to make informed decisions. B2B tech founders can explore opportunities to incorporate educational components into their solutions, enhancing user value and fostering trust.
Innovate in Distribution and Partnerships:
Summer's B2C model, utilizing partnerships with employers and financial institutions, highlights the importance of innovative distribution strategies. Founders should consider unconventional channels and partnerships to expand their reach and impact, tailoring approaches to fit the unique preferences of their target markets.
Value Face-to-Face Interactions for Key Negotiations:
Will's emphasis on the significance of in-person meetings, even in a predominantly remote work environment, illustrates the unmatched potential of direct interactions in building relationships and closing critical deals. Founders should not underestimate the power of personal engagement in pivotal moments, from fundraising to high-stakes negotiations.
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