Entrepreneur Ventures is an early-stage enterprise capital agency partnered with Entrepreneur Media that’s devoted to backing passionate and revolutionary founders as early as day one. On this sequence, we’re profiling the superb entrepreneurs that Entrepreneur Ventures is working with to share their insights on constructing and rising a thriving enterprise.
What is the elevator pitch of your organization?
My identify is Raina Kumra and I’m the founding father of Spicewell. Salt and pepper have not been upgraded in over 100 years and we’re on the very starting of a clean food and food-as-medicine motion. And so seeing these two issues, I wished to create the right product for the instances. Spicewell is superfood seasonings — with our salt, you get 10 % of your day by day nutritional vitamins from twelve natural greens in a pink Himalayan salt that’s low in sodium. Our black floor pepper mix is combined with turmeric and 12 natural greens to present you 10 % of your day by day nutritional vitamins.
Each have been clinically studied for anti-inflammatory diets and are excellent for digestion. These are Ayurvedic, a standard Indian medication system, so there are about 5,000 years of research backing up why and the way we use these combos.
What impressed you to create it?
I used to be all the time in tech and I used to be investing out of a small fund I helped run in L.A. I spotted I wished to be a founder once more, so for about eight years, I used to be actively in search of concepts however I did not discover something I appreciated. After which in the course of the pandemic, my husband had knee surgical procedure and I used to be making ready to do every little thing he wanted as a result of he could not get away from bed for 2 weeks. Properly, about seven hours after bringing him residence, my five-year-old daughter broke her collarbone in a motorbike accident. It was utterly bananas! So I began to faucet into Ayurveda, which helped me heal shortly after I had damaged my elbow in a motorbike accident. I healed three weeks quicker than my orthopedic surgeon anticipated, and I had simply eaten a lot kale, spinach and turmeric and ginger. So for my household, I went slightly overboard. I went into the backyard, chopped kale and broccoli, dehydrated it. My husband and daughter additionally acquired higher superfast, about 50 % quicker than their docs anticipated. So not solely did I’ve 5,000 years of research, I had my private experiences that confirmed me that this works.
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The place did you go from there?
I started finding out food and health and discovered that 94 % of Individuals have a nutrient deficiency of some type. That nutrient deficiency is the gateway to power sickness. After which I began studying labels after which turned this label hawk. I used to be so offended about issues I had been routinely feeding my youngsters and trusting the advertising that mentioned “It is so good for you!” However in actuality, these things was filled with crap. Individuals do not know what they’re consuming. There are 4 further elements in most desk salts — one in every of them causes gastro issues, rashes, and allergic responses. And I can not let you know how a lot pepper that’s within the grocery store as we speak is stuffed with poisonous heavy metals. so I took a course at Cornell and acquired a certificates in plant medication. From there I started creating Spicewell’s salt and pepper.
Credit score: Spicewell
How did you get your product on retailer cabinets?
That was the massive studying for me. Retail is a extremely tousled business — the consumers have lots of energy to make or break you. And in the event that they do take you, it is like a blessing and a curse as a result of your margins are simply slashed as a result of there is a dealer charge, a distributor charge, after which the retailer wants their 40% to 50% margin. So it is a actually exhausting enterprise that may solely work in quantity. We acquired fortunate pitching our first retailer, then we acquired into Erewhon Markets, after which we acquired into The Recent Market, that are in over twenty-five states with 161 shops.
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How did you get that first assembly?
Becoming a member of the Naturally Network was big. In my case, it was Naturally Los Angeles. It’s a nonprofit group that has a bunch of assets for brand spanking new individuals within the meals business. As a result of here is the factor: new individuals are what the meals business wants. It wants new concepts, it wants new merchandise that aren’t coming from Huge Meals. So that they’re form of a assist system they usually arrange this pitch day with Gelson’s Markers. I gave my pitch, the client liked it, put an order in and that was executed. The chance solely got here due to the Naturally Community.
Apart from the apparent issues about understanding your numbers from side to side, what’s one thing that individuals pitching buyers ought to know?
It’s important to actually perceive psychology. In case you are not creating urgency and FOMO and making anybody you discuss to know that it is a very restricted particular time to be concerned on this firm, I do not suppose it is simple to achieve success. An investor would possibly say they’re , however it’s on the particular person pitching to drive that relationship to maneuver ahead — let’s get this executed. As a result of if not, it might probably go on perpetually.
You’ve gotten raised some huge cash over your profession. What’s one factor that’s necessary to you in an investor in addition to their {dollars}?
There is not any “dumb cash” on my cap desk. Since my first startup, I’ve raised about seven and a half million {dollars}. I would not say we had dumb cash, however we had type of unengaged buyers who gave cash — which is nice — however they actually did not give their time, curiosity or connections. You need buyers who’re basically saying, “Allow us to be a part of your staff.”
What does being an entrepreneur imply to you?
Being a real entrepreneur means you simply can not cease your self from constructing. I have to create one thing that does not exist that the world wants that solely I see. And if I do not do it, another person goes to. They usually’ll both do it extra poorly or they will do nice and I will get actually pissed off as a result of I did not do it!
Entrepreneurship has no ensures for achievement. How do you deal with uncertainty?
There are lots of people who’re true entrepreneurs however they’re held again by worry. I feel it’s a must to take a look at that worry and analyze it. Is that this worry of lacking out on revenue? Is that this worry of failing? All tremendous legitimate considerations, however then it’s a must to take a look at that worry and it’s a must to examine the chance that lies forward and ask your self, “If I do not do that, it might be a lot worse than me giving into my fears proper now?”
What’s a quote that motivates or evokes you?
I really like the quote “Every part is a part.” And it’s truly from some parenting e book I learn. In the course of the early days of being a father or mother, there are occasions once you’re like, “What’s going on?!” However these instances will cross. Identical factor with a enterprise. Proper now, this enterprise is 2 years previous, so it is a toddler. There will be some tantrums and complicated moments, however this is not going to be the everlasting state. Entrepreneurs must know that point and your online business will proceed to maneuver ahead. And I’ve discovered that once you put a product out on this planet, it takes on a lifetime of its personal. And daily it type of comes residence from faculty and says, “Hey, I did this as we speak!” Each single day there may be one other alternative that I by no means noticed coming.
