Ruth Janssens
Ruth Janssens is Former founder (bankruptcy), now investor. ## Background
Insights & takeaways
Ruth Janssens speaks with the authority of someone who has been on both sides of the table, and that dual vantage point is the organizing idea behind everything she says. Her core conviction is that entrepreneurship demands courage in two opposite directions: the nerve to commit fully despite the odds, and the nerve to stop when it isn't working. She distills her own experience with Small Teaser into a simple, almost consoling logic: "Ik heb het geprobeerd en ja het is niet gelukt, maar als ik het niet had geprobeerd, dan had ik het nooit geweten." 2 That willingness to risk failure rather than wonder "what if" runs alongside a belief in scarcity of time that clearly shaped her decision-making — "Je beseften we dat je maar 18 zomers hebt" 2 — a reminder that she treats founding a company as something with a real, ticking cost, not an open-ended experiment.
The other half of her philosophy is about knowing when to quit, and quitting well. She is unusually blunt that waiting too long is the real danger, not failure itself: "Voor mij zeer precieze kies de marathon ontlopen ben, en als ik niet op tijd mij in oude, ja, dan wordt het een sprint en niemand houdt tafel" 2, meaning delay turns a manageable process into chaos that serves no one. This is not abstract for her — when Small Teaser's trajectory turned, particularly after her brother and co-founder left without a credible replacement to satisfy investors for the next round, she moved quickly to file for bankruptcy, deliberately limiting creditor exposure and making sure the team was paid through their last working day 2. She frames this as an ethical stance as much as a practical one: pull the plug early, get a trusted lawyer involved, and accept that having tried everything is itself a form of peace of mind 1. She is emphatic that the commercial court should not be feared — "there are people who help struggling founders turn things around" 2 — but only if entrepreneurs ask for help before the debts become unmanageable.
A second recurring theme is the importance of formalizing relationships before stress reveals people's true character. Her advice to put co-founder agreements on paper, "ook al kende met jaar heel goed" 2, is not boilerplate caution but something she clearly learned the hard way: illness, waning motivation, and irreconcilable disputes need to be addressed on paper while everyone still gets along, because pressure exposes traits partners have never shown each other before. This belief in structure and honesty over sentiment extends into how she now operates as an investor.
Having experienced the "hot breath in your neck" of investor pressure herself, she has built Morrow Ventures around the opposite instinct: staying in constant, informal dialogue with founders between board meetings, including through WhatsApp groups, so support doesn't collapse into surveillance 2. She is explicit that investors should be chosen for fit and added value, not just capital — sector expertise or customer access matters, and investors without something concrete to contribute "should stay on the sidelines" 2. This same skepticism toward people who claim authority without having earned it shows up in her dismissal of "expensive gurus who never built anything themselves" 2, a pointed preference for lived experience over consultancy theater.
Finally, she frames her fund's identity partly through gender, arguing that a fund led by two women brings a genuinely different lens to deal evaluation, with an explicit ambition to change outcomes for female founders in an investment ecosystem she implies has not served them well 2. Combined with her acknowledgment that VC-backed product companies fail at a rate above 80 percent, and that negative cash flow is simply the normal shape of the tech growth model once banks step back 2, her overall message reads as realistic rather than triumphalist: startups are a rollercoaster, "als ge daar wil blijven opzetten, ja, dan moeten gewoon het lef hebben" 2, and the real skill is having the courage both to ride it and to get off in time.
- Entrepreneurship requires courage in both directions: the guts to go for it despite setbacks, but also the guts to pull the plug on time — waiting too long creates deep financial holes and makes everyone unhappy.
- Always put co-founder agreements on paper, even with family or close friends — cover scenarios like illness, loss of motivation and unresolvable disputes while the relationship is still good, because under stress people show character traits you've never seen.
- When Small Teaser failed, she filed for bankruptcy quickly and deliberately to minimize creditors, and the team was paid until their last working day — a clean exit rather than clinging to a sliver of hope and enlarging the debt.
- The turning point for Small Teaser came when her brother/co-founder left; without a worthy replacement the company couldn't convince existing or new investors for the next funding round.
- For VC-backed product companies the failure rate is above 80%, and founders must accept negative cash flow as typical of the tech startup growth model — banks step back, so risk capital is the only route.
- Choose investors on personal fit and what they add beyond money (sector expertise, network to customers); investors without relevant value should stay on the sidelines — a 'hot breath in your neck' just adds stress.
- Morrow Ventures stays in constant dialogue with portfolio founders via WhatsApp groups between board meetings, positioning itself as founder-friendly because Ruth experienced the investor pressure from the other side.
- A fund led by two women looks at deals with a different lens than all-male funds, and there is a deliberate ambition to make a difference for female founders in the investment ecosystem.
- The commercial court is not the enemy: judges and staff genuinely want the best for entrepreneurs, and there are people who help struggling founders turn things around — but you must ask for help in time.
- Be skeptical of expensive gurus who never built anything themselves but tell others how to do it; real value comes from entrepreneurs who took the same path and hurdles before you.
- When a startup is failing, pull the plug early and properly: find a trusted lawyer, avoid deepening debts, and accept that being able to say you tried everything gives peace of mind.
Media & appearances
2- 1podcastConnexi · 19 Dec 2022
Connexi's 2022 year-in-review compiles the best moments from a year of Bert Vandebuerie's interviews with Belgian entrepreneurs — covering burnout, cofounder conflict, family succession, bankruptcy, company culture and work-life boundaries.
- 2podcastConnexi · 19 Sept 2022
Ruth Janssens (Morrow Ventures) shares how she left her corporate job, raised ~€800k for Small Teaser, pulled the plug in 2019 the same week she gave birth, and is now launching a Benelux early-stage SaaS fund with €400-500k tickets.