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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 collection, 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 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 clear meals and food-as-medicine motion. And so seeing these two issues, I needed 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 blended 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 excellent 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 all the time 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 on the lookout for concepts however I did not discover something I preferred. 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 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 just a little overboard. I went into the backyard, chopped kale and broccoli, dehydrated it. My husband and daughter additionally received 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 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 turned this label hawk. I used to be so indignant about issues I had been routinely feeding my youngsters and trusting the advertising and marketing that mentioned “It is so good for you!” However in actuality, these items was filled with crap. Individuals don’t know what they’re consuming. There are 4 further elements in most desk salts — considered 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 the moment is filled with poisonous heavy metals. so I took a course at Cornell and received a certificates in plant drugs. 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 trade — the consumers have plenty 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 arduous enterprise that may solely work in quantity. We received fortunate pitching our first retailer, then we received into Erewhon Markets, after which we received 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 large. In my case, it was Naturally Los Angeles. It’s a nonprofit group that has a bunch of sources for brand new individuals within the meals trade. As a result of here is the factor: new persons 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 type of a help 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 achieved. The chance solely got here due to the Naturally Community.
Moreover the plain issues about understanding your numbers from side to side, what’s one thing that folks pitching buyers ought to know?
You must 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 assume it is simple to achieve success. An investor may say they’re , however it’s on the particular person pitching to drive that relationship to maneuver ahead — let’s get this achieved. As a result of if not, it could actually go on without end.
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You will have raised some huge cash over your profession. What’s one factor that’s vital to you in an investor apart from 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 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 staff.”
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. And so they’ll both do it extra poorly or they’ll do nice and I will 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 feel you must take a look at that concern and analyze it. Is that this concern of lacking out on revenue? Is that this concern of failing? All tremendous legitimate issues, however then you must take a look at that concern and you must evaluate 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 evokes you?
I like the quote “Every little thing is a section.” And it’s really from some parenting e book I learn. Throughout the early days of being a guardian, there are occasions if you’re like, “What’s going on?!” However these occasions will go. 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 enterprise will proceed to maneuver ahead. And I’ve discovered that if you put a product out on the planet, it takes on a lifetime of its personal. And each day it sort of comes residence from college and says, “Hey, I did this at the moment!” Each single day there may be one other alternative that I by no means noticed coming.
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