CharismaQ
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
CharismaQ was a coaching and communication platform startup based in Germantown, Wisconsin, founded on April 1, 2020 by Katrina Cravy — a Milwaukee Emmy Award-winning TV broadcast journalist and former WITI-TV Fox 6 anchor — and Terri Herrmann, former marketing vice president at Modern Hire. Its video-based platform blended technology, science and expert coaching to evaluate, coach and create charisma in sales teams and customer-facing employees — typically people engaged in 'high trust transactions' where customers buy into the person as much as the complex insurance policy or financial service being sold. Its first customers came within 17 days of launch; in July 2021 it raised a $1 million seed round led by its first customer, West Bend Mutual Insurance, which used the platform to coach and evaluate charisma among its executives and planned to extend it to independent agents. The company closed its doors in January 2024.
02 / CharismaQ FAILURE REASONS
Failure factors supported by the current evidence
Co-founder/CEO Terri Herrmann wrote on 18 Jan 2024 that in 2023 deals stalled, clients churned, investors stayed skeptical, and her co-founder exited before August; a subsequent pivot was not enough because time and cash flow were not on her side to sustain the business.
Deals stalled and clients churned in 2023.
Founder said time and cash flow were not enough to sustain the business long-term after a pivot.
Co-founder exited before August 2023.
03 / EVENT HISTORY
Events in the structured record
- Operations ended
On 18 Jan 2024 founder Terri Herrmann posted that CharismaQ operations were winding down at the end of January and that the business had failed. Milwaukee Business Journal (23 Jan 2024) reported the startup was closing its doors amid business headwinds.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
April 1, 2020: CharismaQ was founded in Germantown, Wisconsin by Katrina Cravy and Terri Herrmann as an online executive coaching and communications platform for the virtual-sales era; within 17 days it had its first customers and in its first nine months helped 13 customers sell and communicate more effectively virtually.
- 02
July 2021: raised a $1 million seed round led by its first customer, West Bend Mutual Insurance, and launched the MVP of its coaching platform; the founders planned a next raise for early 2023.
- 03
January 23, 2024: reported that CharismaQ, the startup co-founded by Katrina Cravy and backed by West Bend Mutual, was closing its doors.