Tanya Van Court: A Journey from Financial Setback to Empowering Future Generations
Tanya Van Court, the CEO of Goalsetter, embodies resilience and a commitment to financial education that stems from her own life experiences. Her journey is not just a personal narrative; it’s a mission to transform how children and families approach money management in a world where financial literacy is often overlooked.
Early Life and Education
Growing up in East Oakland, California, Van Court was raised in a family that valued education. Her mother, an elementary school teacher, instilled in her the importance of learning, but financial literacy was not part of the curriculum. This gap would later shape Van Court’s understanding of the critical need for financial education, especially for young people.
Van Court pursued her education with vigor, ultimately earning a master’s degree in industrial engineering from Stanford University. This academic foundation laid the groundwork for her future career in the tech and communications sectors.
The Dot-Com Boom and Bust
Van Court’s professional journey took a significant turn when she joined Covad Communications, a high-speed internet provider that went public in January 2000. The initial public offering (IPO) was a success, raising over $140 million and making Van Court a millionaire through stock options. However, her experience during this time serves as a cautionary tale about the importance of diversification in investment.
Initially, Van Court held onto her Covad shares as their value rose, peaking at nearly $21 shortly after the IPO. Yet, the company soon faced internal control issues, leading to a drastic decline in stock value. By July 2001, Covad shares plummeted to 33 cents, and the company filed for bankruptcy shortly thereafter. This financial disaster wiped out Van Court’s nest egg, teaching her a painful lesson about the necessity of diversifying investments.
A New Mission: Financial Education for Children
Despite this setback, Van Court’s resilience shone through. Over the next 13 years, she held executive positions at major companies like Cablevision, ESPN, Nickelodeon, and Discovery. During this time, she became determined to ensure her children received a robust financial education—one she felt she had missed. Her commitment was validated when her daughter, Gabrielle, requested money for an investment account as a birthday gift, signaling a shift in the family’s financial mindset.
This personal experience inspired Van Court to expand her vision beyond her family. In 2016, she founded Goalsetter, a platform designed to teach children and families about saving, investing, and money management. Goalsetter combines financial services with educational tools, offering a savings account and debit card for young users while emphasizing financial literacy.
Innovative Features of Goalsetter
Goalsetter is not just another financial app; it’s a comprehensive educational platform. It features hundreds of financial literacy quizzes that parents can assign to their children. One unique aspect is the "learn before you burn" rule, which temporarily freezes the debit card on Sunday mornings if children haven’t completed their financial literacy assignments. This innovative approach encourages kids to engage with financial concepts actively.
Van Court believes that instilling good financial habits early can lead to long-term benefits. "Children who save regularly are more likely to attend college and invest in stocks as young adults," she explains. By fostering a relationship with money from a young age, Goalsetter aims to empower the next generation to make informed financial decisions.
Partnerships and Community Impact
Goalsetter has garnered attention from various financial institutions eager to support its mission. In 2021, Sterling Bancorp partnered with Goalsetter to seed savings accounts for 1,000 students, providing them with a $40 deposit to kickstart their financial journeys. Similarly, a pilot program conducted by U.S. Bancorp in 2022 saw over 200 employees enroll their families in Goalsetter, with nearly three-quarters expressing a desire to continue using the platform after the pilot ended.
These partnerships not only enhance Goalsetter’s offerings but also demonstrate a growing recognition of the importance of financial literacy in communities across the country.
Navigating the Venture Capital Landscape
While Van Court’s efforts to secure funding for Goalsetter have been met with success—raising $19 million from two oversubscribed investor rounds in 2021—she has faced challenges unique to her identity as a Black female entrepreneur in the fintech space. "It was a woman-led venture capital fund that afforded me my seed round and a Black-led fund that made my Series A round possible," she shares. Despite these successes, she notes that the funding landscape remains challenging, with highly qualified female entrepreneurs often facing significant barriers to investment.
Van Court’s experiences highlight the persistent biases in venture capital, where women and minority founders frequently encounter higher rates of rejection. Yet, her determination to overcome these obstacles reflects her broader mission: to create a more equitable financial landscape for future generations.
A Vision for the Future
Tanya Van Court’s journey from financial loss to empowerment through education is a testament to the transformative power of financial literacy. Through Goalsetter, she is not only reshaping her own narrative but also paving the way for countless children and families to build a better relationship with money. By prioritizing education and accessibility, Van Court is helping to ensure that the next generation is equipped with the tools they need to navigate the complexities of personal finance.