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 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 needed to create the right product for the instances. Spicewell is superfood seasonings — with our salt, you get 10 % of your each 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 provide you 10 % of your each 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 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 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 in search of concepts however I did not discover something I favored. After which in the course of the pandemic, my husband had knee surgical procedure and I used to be getting ready to do every part he wanted as a result of he could not get off the bed for 2 weeks. Effectively, about seven hours after bringing him dwelling, 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 after I had damaged my elbow in a motorcycle accident. I healed three weeks sooner than my orthopedic surgeon anticipated, and I had simply eaten a lot kale, spinach and turmeric and ginger. So for my household, I went a little bit overboard. I went into the backyard, chopped kale and broccoli, dehydrated it. My husband and daughter additionally acquired higher superfast, about 50 % sooner 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 learning meals and well being and realized that 94 % of People have a nutrient deficiency of some variety. That nutrient deficiency is the gateway to continual 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 youngsters and trusting the advertising that stated “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 — one in all 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 right now 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 very tousled business — the patrons have a whole lot 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 price, a distributor price, after which the retailer wants their 40% to 50% margin. So it is a actually exhausting 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 Contemporary 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 large. In my case, it was Naturally Los Angeles. It’s a nonprofit group that has a bunch of assets for brand 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 Massive Meals. In order that they’re kind of a help system and so they arrange this pitch day with Gelson’s Markers. I gave my pitch, the customer beloved it, put an order in and that was performed. The chance solely got here due to the Naturally Community.
Apart from the plain issues about understanding your numbers from side to side, what’s one thing that folks pitching buyers ought to know?
You need to actually perceive psychology. In case you are not creating urgency and FOMO and making anybody you speak to know that it is a very restricted particular time to be concerned on this firm, I do not suppose it is easy to achieve success. An investor may say they’re , but it surely’s on the individual pitching to pressure that relationship to maneuver ahead — let’s get this performed. As a result of if not, it may possibly go on eternally.
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You may have raised some huge cash over your profession. What’s one factor that’s essential to you in an investor moreover their {dollars}?
There isn’t 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 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 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 are going to 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 deal with uncertainty?
There are lots of people who’re true entrepreneurs however they’re held again by concern. I believe it’s important to have a look at that concern and analyze it. Is that this concern of lacking out on earnings? Is that this concern of failing? All tremendous legitimate considerations, however then it’s important to have a look at that concern and it’s important to examine the chance that lies forward and ask your self, “If I do not do that, it could be a lot worse than me giving into my fears proper now?”
What’s a quote that motivates or conjures up you?
I like the quote “Every part is a section.” And it’s truly from some parenting guide I learn. In the course of the early days of being a guardian, there are occasions whenever you’re like, “What’s going on?!” However these instances will go. Similar 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 must know that point and your online business will proceed to maneuver ahead. And I’ve discovered that whenever you put a product out on the planet, it takes on a lifetime of its personal. And every single day it type of comes dwelling from college and says, “Hey, I did this right now!” Each single day there may be one other alternative that I by no means noticed coming.
