Entrepreneur Ventures is an early-stage enterprise capital agency partnered with Entrepreneur Media that’s devoted to backing passionate and modern founders as early as day one. On this sequence, we’re profiling the wonderful 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 title 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 clear meals and food-as-medicine motion. And so seeing these two issues, I needed to create the proper product for the instances. Spicewell is superfood seasonings — with our salt, you get 10 p.c of your every day nutritional vitamins from twelve natural greens in a pink Himalayan salt that’s low in sodium. Our black floor pepper mix is blended with turmeric and 12 natural greens to offer you 10 p.c of your every day nutritional vitamins.
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Each have been clinically studied for anti-inflammatory diets and are superb for digestion. These are Ayurvedic, a conventional Indian drugs 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 at all times in tech and I used to be investing out of a small fund I helped run in L.A. I noticed I needed to be a founder once more, so for about eight years, I used to be actively searching for concepts however I did not discover something I favored. After which throughout the pandemic, my husband had knee surgical procedure and I used to be getting ready to do every little thing he wanted as a result of he could not get off the bed for 2 weeks. Properly, about seven hours after bringing him dwelling, my five-year-old daughter broke her collarbone in a motorcycle accident. It was fully bananas! So I began to faucet into Ayurveda, which helped me heal rapidly after I had damaged my elbow in a motorcycle 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 p.c 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 learning meals and well being and discovered that 94 p.c of People have a nutrient deficiency of some type. That nutrient deficiency is the gateway to power sickness. After which I began studying labels after which grew to become this label hawk. I used to be so indignant about issues I had been routinely feeding my kids and trusting the advertising and marketing that mentioned “It is so good for you!” However in actuality, these items was filled with crap. Folks do not know what they’re consuming. There are 4 additional components in most desk salts — certainly one of them causes gastro issues, rashes, and allergic responses. And I can not inform you how a lot pepper that’s within the grocery store at present is filled with poisonous heavy metals. so I took a course at Cornell and acquired a certificates in plant drugs. From there I started growing Spicewell’s salt and pepper.
Credit score: Spicewell
How did you get your product on retailer cabinets?
That was the large studying for me. Retail is a very tousled trade — the patrons have a variety 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 onerous enterprise that can 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 Community was enormous. In my case, it was Naturally Los Angeles. It’s a nonprofit group that has a bunch of sources for brand spanking new folks within the meals trade. As a result of this is the factor: new individuals are what the meals trade wants. It wants new concepts, it wants new merchandise that aren’t coming from Huge Meals. In order that they’re kind of a help system they usually arrange this pitch day with Gelson’s Markers. I gave my pitch, the customer cherished it, put an order in and that was achieved. The chance solely got here due to the Naturally Community.
Moreover the plain issues about understanding your numbers back and forth, what’s one thing that folks pitching buyers ought to know?
It’s important to actually perceive psychology. If you’re not creating urgency and FOMO and making anybody you discuss to know that this can be a very restricted particular time to be concerned on this firm, I do not assume it is easy to achieve success. An investor would possibly say they’re , however it’s on the particular person pitching to pressure that relationship to maneuver ahead — let’s get this achieved. As a result of if not, it may go on endlessly.
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You could have raised some huge cash over your profession. What’s one factor that’s necessary to you in an investor moreover their {dollars}?
There is no “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 form 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 primarily 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. And so they’ll both do it extra poorly or they’ll do nice and I’ll get actually pissed off as a result of I did not do it!
Entrepreneurship has no ensures for fulfillment. How do you address uncertainty?
There are lots of people who’re true entrepreneurs however they’re held again by worry. I believe you need to take a look at that worry and analyze it. Is that this worry of lacking out on earnings? Is that this worry of failing? All tremendous legitimate issues, however then you need to take a look at that worry and you need 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 like the quote “Every part is a section.” And it’s truly from some parenting e book I learn. Throughout the early days of being a father or mother, there are occasions if you’re like, “What’s going on?!” However these instances will move. 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 enterprise will proceed to maneuver ahead. And I’ve discovered that if you put a product out on the earth, it takes on a lifetime of its personal. And daily it form of comes dwelling from college and says, “Hey, I did this at present!” Each single day there may be one other alternative that I by no means noticed coming.
