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 collection, 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 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 wished to create the proper product for the occasions. Spicewell is superfood seasonings — with our salt, you get 10 p.c 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 p.c of your day by 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 standard 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 wished to be a founder once more, so for about eight years, I used to be actively on the lookout for concepts however I did not discover something I preferred. After which through the pandemic, my husband had knee surgical procedure and I used to be making ready to do all the pieces he wanted as a result of he could not get away from bed for 2 weeks. Properly, about seven hours after bringing him house, my five-year-old daughter broke her collarbone in a motorcycle accident. It was utterly bananas! So I began to faucet into Ayurveda, which helped me heal rapidly once 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 just a little overboard. I went into the backyard, chopped kale and broccoli, dehydrated it. My husband and daughter additionally bought higher superfast, about 50 p.c quicker than their medical doctors 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 meals and well being and realized that 94 p.c of People have a nutrient deficiency of some sort. That nutrient deficiency is the gateway to continual 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 kids and trusting the advertising and marketing that stated “It is so good for you!” However in actuality, these items was stuffed with crap. Folks do not know what they’re consuming. There are 4 additional elements in most desk salts — certainly one of them causes gastro issues, rashes, and allergic responses. And I can’t let you know how a lot pepper that’s within the grocery store at this time is filled with poisonous heavy metals. so I took a course at Cornell and bought 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 business — the consumers have numerous 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 price, a distributor price, after which the retailer wants their 40% to 50% margin. So it is a actually onerous enterprise that can solely work in quantity. We bought fortunate pitching our first retailer, then we bought into Erewhon Markets, after which we bought 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 individuals within the meals business. As a result of here is the factor: new persons are what the meals business wants. It wants new concepts, it wants new merchandise that aren’t coming from Large Meals. So that they’re kind of a assist system they usually arrange this pitch day with Gelson’s Markers. I gave my pitch, the customer 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. If you’re not creating urgency and FOMO and making anybody you speak to grasp 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 , nevertheless it’s on the particular person pitching to power that relationship to maneuver ahead — let’s get this executed. As a result of if not, it will probably go on without end.
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You may 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 sort 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 group.”
What does being an entrepreneur imply to you?
Being a real entrepreneur means you simply can’t 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’ll get actually pissed off as a result of I did not do it!
Entrepreneurship has no ensures for achievement. How do you address uncertainty?
There are lots of people who’re true entrepreneurs however they’re held again by worry. I believe it’s a must to have 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 it’s a must to have 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 “All the things is a part.” And it’s truly from some parenting ebook I learn. In the course of the early days of being a father or mother, there are occasions if you’re like, “What’s going on?!” However these occasions will cross. Identical factor with a enterprise. Proper now, this enterprise is 2 years outdated, so it is a toddler. There will be some tantrums and complicated moments, however this is not going to be the everlasting state. Entrepreneurs have to know that point and your online business will proceed to maneuver ahead. And I’ve discovered that if you put a product out on this planet, it takes on a lifetime of its personal. And on daily basis it sort of comes house from faculty and says, “Hey, I did this at this time!” Each single day there may be one other alternative that I by no means noticed coming.
