- 7 months ago
Powered by Pull Up for Change's Impact Fund and New Voices Foundation to watch up-and-coming Black women-owned beauty brands make their pitch to change the beauty business game! During this pitch competition, eight Black women founders will compete for cash prizes ranging from $10,000 to $100,000 plus valuable business coaching to launch & execute, or grow & scale their beautiful entrepreneurial dreams.
Category
🛠️
LifestyleTranscript
00:00:00The 2021 Essence Festival of Culture presented by Coca-Cola features performances by Jasmine Sullivan, DJ Khaled and Friends, Davido, Lucky Day, Neo, Tank, and more.
00:00:11Our Get Lifted Gospel Experience with Kirk Franklin, the Coca-Cola juke joint curated by D-Nice, and just added a special presentation of Dear Black Men and an Essence Fest edition of Versus, streaming online two consecutive weekends, June 25th to the 27th and July 2nd to the 4th.
00:00:27Go to EssenceFestival.com to reserve your free passes now.
00:00:40Hey, how you doing today? My name is Melissa Bradley, and I'm founder and managing partner of 1863 Ventures, but most importantly, a proud advisor to the New Voices Foundation.
00:00:51Are you ready to hear some great pitches today?
00:00:53I am honored to serve as the host of Pitch Please, and this is the Launch and Execute Pitch Competition.
00:01:01The women you will hear today are anywhere between pre-revenue to $50,000, and it's important that we note that this pitch competition is designed to help women of color, particularly Black women.
00:01:12Now, you know, Black women entrepreneurs are the fastest growing segment in this country of people starting businesses.
00:01:17But of course, as you can expect, they are often the least funded and most overlooked and underserved when it comes to capital.
00:01:25So today's pitch competition is even more important for these women to begin to grow and scale their businesses as they're just getting started.
00:01:32Now, today we're going to have four winners.
00:01:35So that's exciting, right?
00:01:36This is not a place where you only recognize one.
00:01:38We recognize four people for what they're doing.
00:01:41We will have two winners at $25,000 and two winners at $10,000.
00:01:45So buckle up and get ready for some amazing presentations.
00:01:50Now, of course, I don't get to decide, and unfortunately, you don't get to decide.
00:01:55But I'm proud to say that we have three amazing judges who, with amazing sense of experience and understanding of what it takes to grow a business, are going to help us decide who wins today.
00:02:05So first, I'd like to introduce you to Ida Henrys.
00:02:08She is founder and principal of Henrys & Co.
00:02:10She is a financial advisory firm that serves small and emerging privately held companies.
00:02:16What's most important for this competition is Ida has done this before, so I'm excited to work with her again.
00:02:21And she has over 15 years of entrepreneurial advisory and investment experience in the United States, not to speak to all the other international experience she has.
00:02:30Ida, it's great to have you.
00:02:31Hi, Ida Henrys.
00:02:32I'm a judge today, and I'm pretty excited to see everybody.
00:02:35Awesome.
00:02:35I think we're in for a good show today.
00:02:37Next up, we have Angel Beasley, the merchandise director at Walmart.
00:02:42How many of you have been to a Walmart lately?
00:02:44Like, it's summertime.
00:02:45You've got to get all your stuff.
00:02:46She is a self-declaimed retail enthusiast and is the senior buyer of multicultural hair care for the number one Fortune 500 company, Walmart.
00:02:55She gets to flex her innovative and analytic muscles to deliver business results in an ever-changing retail environment.
00:03:02And dare I say, post-COVID, we all had a hair-changing moment.
00:03:06So, Angel, it's great to have you with us.
00:03:08It's so exciting to be here.
00:03:10I can't wait.
00:03:11Awesome.
00:03:12And last but certainly not least, I want to introduce you to Sharon Shooter.
00:03:16She is the founder of Pull Up for Change and the founder, CEO, and creative director of Oma Beauty.
00:03:23Listed by WWD as one of the 50 most forward-thinking executives shaping the future of the beauty industry.
00:03:30She is Nigerian board, and she is a rebel with a cause.
00:03:34Sharon is so happy to have you here today.
00:03:37Wow, what an intro.
00:03:40We're going to pass it to you to share some stuff before we get kicked off.
00:03:44Yes, no, thank you so much.
00:03:46I think for me, I'm so excited to be here and to be bringing this competition live.
00:03:50So, I'm very excited about this, and I can't wait to see all of the contestants today.
00:03:54Awesome.
00:03:55Well, thank you all.
00:03:56Get ready.
00:03:57Buckle up.
00:03:58Be listening intently because I know those women are going to be amazing.
00:04:02And to get us started, I'm proud to introduce our first entrepreneur.
00:04:05Her name is Kimberly Hill with Curl IQ.
00:04:08It is an artificial intelligence company specializing in hair recognition.
00:04:13Kimberly, we're glad to have you and ready to hear your pitch.
00:04:17Hello, everyone.
00:04:17My name is Kimberly Hill, and I'm the co-founder of Curl IQ.
00:04:20And I was also an hour and a half late to my first date with my boyfriend.
00:04:25True story.
00:04:26You may be asking, why?
00:04:28Simply, my hair.
00:04:30I was trying to figure out how to recreate and style my voluptuous yet rebellious set of curls.
00:04:36When I realized, you see, dating and hairstyle are more similar than you think.
00:04:39Because both are things people typically want to get right on the first try.
00:04:45Let me frame it like this.
00:04:47I don't know what I want, but I'll know it when I see it.
00:04:52People often say this when they're looking for potential romantic partners as well as new hairstyles.
00:05:00You see, the problem with dating, it's time-consuming, expensive, and when done incorrectly, can often lead to disappointment.
00:05:08The same is true for Black women trying to find the right hairstyles as well as products.
00:05:15There are hundreds of hairstyles, just as many techniques, and triple the amount of products at our disposal that one could use to recreate the iconic look that we so desire.
00:05:26You see, according to Nielsen's, Black women spend nine times more on hair care products, yet having such a significant buying power and demonstrated need, we have very few tools to support and personalize hair care at our disposal.
00:05:40And as a result, we're wasting a ridiculous amount of time searching for and applying unqualified, inaccurate information.
00:05:47And it's costing us almost eight hours a week and having to go to three different platforms.
00:05:51Yet 65% of Americans have textured curly hair and are struggling, a number that will only continue to grow as this country becomes more diverse and multicultural.
00:06:02At Curl IQ, we see this as an opportunity.
00:06:05We want to harness the power of creativity and the do-it-yourself approach to hairstyling that was necessitated by the pandemic.
00:06:12As we emerge and transition into the workplace, the Crown Act will empower more women to reimagine what is professional and shaping and reshaping their curls.
00:06:24Lastly, just like AI, computer vision has historically had a difficult time recognizing people of color and our attributes.
00:06:32In many cases, the algorithms are biased and non-inclusive.
00:06:36While it becomes the trend of the future, it's going to be important to structure this technology so it won't forget about people who look like my team and I,
00:06:44three kick-ass black and brown women engineers who are working to ensure Curl IQ was making the camera smarter by enabling it to see and recognize the world of hair care, just like the human eye.
00:06:55We have two primary products, a consumer-facing application and a RESTful API for businesses.
00:07:01Our app lets a person identify hairstyles around them, and upon identification, the service returns detailed information about the hairstyle, such as name, curl type, longevity, styling time, and a list of recipes on how to recreate the style, including products, tutorials, and step-by-step instructions.
00:07:20In addition, they can also compare hair care brands, check ingredients, and find product substitutions.
00:07:26I often say we're the Shazam for hair care.
00:07:28Users can get access to basic set of features and have the opportunity to purchase upgrades to their accounts for more advanced functionality at any time.
00:07:37In addition, our software is modular and can be a white-label solution to hair care brands, retailers, and salons, helping us secure a piece of that big old $13 billion.
00:07:47I said billion would it be, y'all, in this hair care market, okay?
00:07:51So we're looking to raise a pre-seed round of our initial user base, which requires some marketing and one-to-do developers to help us accelerate our product roadmap.
00:08:01So we may not be able to uncomplicate love, but will help you foster a healthy and loving relationship with your hair, kinks and all.
00:08:09So I ask you to empower us, to help us to empower women to be big, bold, and beautiful, just like their hair.
00:08:19So I love, love, love your pitch.
00:08:23It was awesome.
00:08:24The analogy between the boyfriend and the hair, like I understood the whole journey because clearly I have curly hair.
00:08:32My question to you is how do you scale this in your mind?
00:08:37How do you make this bigger and how do you make the app make money for you?
00:08:41That's a great question.
00:08:42So our North Star vision is to make hairstyle, like automate hairstyling.
00:08:49So that can look like a couple of things.
00:08:52Robotics.
00:08:53So being able to produce a consumer-facing robotics that can either wash or style or take down braids is like our 10-year vision.
00:09:02But kind of in the middle, it's about understanding that there's a perception engine that we have to build that can feel that.
00:09:08So in the middle, it's being able to take an app, build an API business, embed our technology into the variety of different companies, and then move on to being tech-enabled hardware, like putting ourselves in cameras.
00:09:23Any company that has a camera that recognizes and takes pictures, we can pretty much, that could use our technologies.
00:09:30But great question.
00:09:31That was a great question.
00:09:32Edith, what do you have for Kimberly?
00:09:34So what does success, great job, before I get into the questions, great job on the presentation.
00:09:40So what does success look like with this initial, you know, go-to-market, this initial launch?
00:09:46Our business model is based off of having a continuous amount of traction and traffic.
00:09:52So success would look like for us having two to three key distribution partners.
00:09:57As us being, like, two to three distribution partners, I'm thinking anyone that has search, Google, Snapchat, and rebecome, partnering with them to have become their default hair recognition search engine.
00:10:12And so that way we have partners.
00:10:14We already, we can co-brand with them.
00:10:16People kind of already understand what we're doing.
00:10:18And it's, it's, it gets people used to the behavior and we're meeting our customers where they are.
00:10:25So that's kind of what success looks like before we go to market.
00:10:28I'm going to jump in here with one quick question before we pass it to Sharon.
00:10:31It sounds like there's a B2B play and a B2C play.
00:10:33So can you tell us how you make money?
00:10:36Okay.
00:10:36So great question.
00:10:37So how we're making money on the B2C side is through subscription.
00:10:41We're, we're, we're doing a lot of testing around it, but we recognize there are three primary features that the consumer is interested in.
00:10:49And we are going to pay, create a paywall and we can charge based on the features and the accessibility.
00:10:56We're still playing around it to understand.
00:10:58But on the B2B side, it's understanding that we can, people can use our technology.
00:11:02We can white label it.
00:11:03We can, we can put it into hair care brands.
00:11:06We can put it into salons as a consulting license, our technology and hair care brands and hair care retailers.
00:11:12And then being able to get access to that data that our technology is collecting that can either be a scale up or scale down similar to how AWS does it.
00:11:22So we see ourselves at the B2C side because we've already went and talked to brands.
00:11:27And one of the first questions we got was, do customers really want this?
00:11:32What, like we have to prove ourselves.
00:11:34So that's part of the reason why we're going to consumers.
00:11:37Our strategy is if we can capture the consumer that they're trying to already reach, it'll have, it'll help us speed up those conversations with brands.
00:11:46So.
00:11:47That's a perfect segue for Sharon to ask you.
00:11:49I'm sure it's going to be a hard and interesting question.
00:11:52No, that was actually one of the questions I was going to ask.
00:11:54Yeah, we started to, so the, the follow-up question to that is in your first year, who exactly talk about that?
00:12:01You were trying to deploy marketing money, right?
00:12:04In your first year, who exactly are you going to focus this on?
00:12:07And when we look at, okay, an investment coming to your business, what is your projection?
00:12:12How many subscribers do you actually need in your one to make this actually viable for you to take to your B2B customers?
00:12:19Awesome.
00:12:20Great question.
00:12:20So realistically, our B2B customers, there's only about five enterprise clients that we can actually target.
00:12:26So our ideal B2B person would be those small independent brands.
00:12:32Tech, in the past, anyone who has revenue between like $10,000 and $20,000 in revenue annually, monthly.
00:12:41So that's our target B2B sales.
00:12:44But in terms of what we need on the consumer side to be successful, we need about, when I did the projections, I think it was around 2,000 to 5,000 people coming back at a monthly, steady, having unique visitors.
00:12:59Right now, we're at 2,000.
00:13:01So realistically, what we need to do is add features, see what works, what doesn't, what lands with the user.
00:13:10So that way, we can go back and say, hey, we've tested these new features.
00:13:13This is what works, what doesn't work.
00:13:14And we also have this continuous stream of users.
00:13:17So that way, we can go to these brands and say, hey, we have this consumer, we know what they like, and this is what we can do for you.
00:13:26And so just quickly following up that, are you currently charging your users today?
00:13:29Or are you giving them for free?
00:13:31Is the idea to just keep giving them for free to build the base to be able to sell to B2B?
00:13:36Yep, that's exactly.
00:13:38Because we believe that our primary strategic advantage here is our data set.
00:13:43And computer vision here is neglected.
00:13:45There's not a lot of data sets that exist.
00:13:47So we actually have to do the legwork to build this data set on top.
00:13:50And we're actually offsetting that cost with the customers.
00:13:54We see the customer acquisition cost as a data acquisition cost.
00:13:58So the more people we've tested in the past, when we charge right up the front, it doesn't really work.
00:14:04So it's understanding that if we can build trust with our consumers, get as much data as possible, there might be a possibility later down the line to actually charge the consumer.
00:14:13But if not, we have the B2B play.
00:14:16Well, Kimberly, thank you so much.
00:14:18We wish you much success.
00:14:19And thank you for joining us today.
00:14:21Great questions.
00:14:23I appreciate the opportunity.
00:14:24Well, that was a heck of a first presentation.
00:14:27I'm pleased to introduce the second presenter.
00:14:30Her name is Paula Ilanze, and she is with Chilone Industries, LLC.
00:14:37And very quickly, they are the con air for textured hair.
00:14:41Paula, we welcome you to the stage and look forward to your presentation.
00:14:44Having natural hair is beautiful, but it's hard.
00:14:49When it comes to washing and styling our hair, for many of us, it takes countless products and countless hours to get the job done.
00:14:57One day, back in 2016, when I first went natural, I was painfully brushing through my hair.
00:15:02And then I realized how much easier and less painful it would be if the brush that I was using could dispense a conditioner or detangling lotion onto my hair while I was brushing through.
00:15:13The key to a good curly hair day is making sure you drench each strand and product to ensure curl definition, moisture, and as little frizzes as possible.
00:15:22The worst feeling after hours spent working on your hair is for it to become flaky or frizzy because you couldn't smooth the products and well enough.
00:15:29You see, curly hair requires a different level of finesse to achieve the desired look, whatever that look may be for you.
00:15:37I'm Paula Ilonze, and I'm the creator of the Curlies Brush, a hair tool that will revolutionize the natural hair industry.
00:15:44The hairbrush market size is $1.2 billion.
00:15:48The black hair care market is $2.5 billion.
00:15:51And the overall hair care industry is $87.9 billion.
00:15:54So I've tapped into an enormous market that is exponentially growing.
00:15:58The Curlies Brush solves the problem of detangling textured hair and achieving even product distribution all in one easy swoop.
00:16:07As the name of the brush implies, it makes styling your curls easy.
00:16:11I'm in the prototyping phase as we speak, so I unfortunately don't have a sample on hands to help you envision the greatness,
00:16:17but bear with me as I describe how simple the Curlies Brush is to use.
00:16:21All you have to do is flip open the front latch of the brush to load in your favorite product, whether that's a conditioner, a detangling lotion, a style cream, or a hair gel.
00:16:31Then you twist the dial on the back of the brush at varying degrees, depending on how much product you want to come out.
00:16:37The twisting activates an internal plunger.
00:16:40You position the brush at the root of a section of your hair, and then you brush downwards to distribute the product of choice evenly throughout the hair shot.
00:16:47When creating this brush design, I wanted to make it as simple as possible without all the complicated mechanics that require more parts, more tooling work, and could also cause product malfunctions and make it harder to clean.
00:17:03I also kept the consumer in mind because I wanted to eliminate the amount of work they'd have to do in the styling process.
00:17:09I chose the bristle size and shape that work best for thicker textures.
00:17:13I worked with several mechanical and industrial engineers to create the most optimal design and ensure that it's functional.
00:17:20So after two and a half years of testing different design concepts, I've landed on one that I'm confident will best serve my customers.
00:17:28And as of 2021, I'm proud to say that I have a utility patent application on file with the USPTM.
00:17:34With the Curly's brush, there will be no more having frizzy and tangled hair and no more getting pruning fingers from hours of globbing products over with your hands.
00:17:44The Curly's brush is here to save your watch day.
00:17:46Coming to a local salon or big box retailer near you.
00:17:50But that's only if I'm able to continue raising money to bring it to market.
00:17:55Developing a product from scratch is extremely expensive, which I didn't know when I first started.
00:17:59Tooling and molding costs are upwards of $20,000, and that's not including the rapid prototyping phase or placing my first minimum order quantity.
00:18:09My goal is to raise $150,000 in seed funding to successfully launch to market by the end of Q1, 2022.
00:18:16The $150,000 would help round out the rapid prototyping phase, pay for mold and tooling costs, place the first minimum order quantity, pay for branding and marketing and preparation for launch, and hire a supply chain and operations part-time staff to help manage fulfillment.
00:18:32We plan to sell through four distribution channels, direct-to-consumer, big box retailers, hair salons, and in monthly beauty subscription boxes via partnerships.
00:18:41I look forward to you joining me in my journey.
00:18:43Thank you so much.
00:18:44Awesome job.
00:18:46I work in this world every day, working with brands like Conair, as you mentioned earlier, to bring hair accessories to mass retail.
00:18:58And I honestly haven't seen anybody do what you're trying to do successfully.
00:19:02So my question to you, as you're talking about all the costs just to get your prototype and ramp up,
00:19:09have you talked to any major retailers at this point to pitch, or are you planning on doing most of your initial launch direct-to-consumer?
00:19:18Yes, so I have.
00:19:20I plan on launching immediately direct-to-consumer because I have spoken to different buyers and representatives from Target.
00:19:29And I have actually, one of my advisors was a former Disney merchandising executive.
00:19:34So I am very familiar with, and that's actually my plans as well, like selling licensing and stuff like that, partnering with Disney,
00:19:41because one of my target markets are parents of young children.
00:19:44But as of now, I'm direct-to-consumer just because everyone is always harping.
00:19:49When I speak to these people, they harp on the importance of being retail-ready, being able to have a steady, steady supply chain.
00:19:56And I know that it's hard to have that early on unless I have like a crazy amount of budgeting, which it's possible.
00:20:02But as of now, you know, I'm just planning on launching direct-to-consumer.
00:20:05I am a mother of six, so when you say Disney and kids, I'm excited.
00:20:10Can you talk to me a little bit about, you know, I've seen a lot of different tools coming to the market, and I have four girls, so this is a big issue.
00:20:16So what is your competitive advantage, and give me a sense of price range of where you think it's going to land?
00:20:22Yes, so the competitive advantage is that I'm trying to merge.
00:20:27I'm trying to basically combine my value proposition as helping empower black women and women of color,
00:20:36because I always say our hair is spiritual for us.
00:20:40Like, we, it's a part of our self-esteem, our confidence, how we go about, like, whether it determines whether we go to an event or not, if our hair is done, or, you know, all that stuff.
00:20:52So I want to definitely, it's really about the branding, because I recognize that it's easy for anyone to rip off a product.
00:21:01Once it's on market, you know, someone can just say, hey, I'm going to come out with my own product dispensing brush.
00:21:05But I think that it's the edge of me being my target market.
00:21:09I am a black young woman, and that's the one of my main demographics that I'm reaching.
00:21:14And then also knowing our problems, being open with my customers, always seeking feedback from my customers to see what they would want from me as the creator and as the founder,
00:21:26and then as the larger company, as we continue to expand.
00:21:29And then, I'm sorry, there was a second part of your question, and I can't.
00:21:33Do you have a sense of price point yet?
00:21:34Yeah, so I was, I'm looking at $25 for the brush.
00:21:39And I'm open to exploring it.
00:21:40I know there's the two-bill theory that I've heard.
00:21:43It's kind of an old-school theory where they're like, you don't want to charge more than $20, because then they round up, and it's closer to $30, and then it'll mind the rationalization.
00:21:52So, I'm just really trying to get my cogs down, and then it'll help determine, but as of now, I think $25 is a good price point.
00:21:59At $25, who are your competitors, and where are they priced?
00:22:02Where does that price in the market?
00:22:04Does that make you a luxury product, a prestigious or an affordable product?
00:22:09It's actually right in the crosshairs between luxury and affordable.
00:22:12So, I do have indirect competitors, because there's not a product dispensing brush on the mainstream market.
00:22:18But, for instance, the Tangled, like the Denman brush is like $18 to $20, depending on the retailer.
00:22:24The Easy Detangler, there are some, it's between $12 to $17.
00:22:28And then the Felicia Leatherwood, which is on like a higher price point a bit, is about $22, I believe, off the top of my head.
00:22:37So, I priced mine within that range, but higher than like the most, like the Tangled Teaser, for instance, is like $11 to $14.
00:22:44But, I kept in mind that mine has an added functionality, which allowed me to add a premium that I think that users would find reasonable.
00:22:54And, Angel, I'm going to let you get the last question, since you're representing Walmart, and I would imagine this is one place that Paula may want to be.
00:23:01Absolutely.
00:23:02Yes, as you talk about scaling into Walmart, I would consider a $25 brush more of a prestige dot-com play.
00:23:10When you scale and are able to get those cogs down, would you consider more of the $12 to $15 price point so it makes sense to go into a Walmart or a large match retailer?
00:23:23Absolutely.
00:23:24And that's so funny that you say that point, because that is what I heard from someone who was trying to connect me with a representative at Walmart as well.
00:23:32It's that they're like, Walmart specifically likes to have their retail products under a certain price point, it's supposed to be accessible for everyone.
00:23:40And so, I definitely want to be on the shelves of Walmart, and I definitely, and also there's a big Made in America push.
00:23:46So, I'm trying to, you know, do a bunch of things, but that's in my line of vision, just not at my current point.
00:23:55But yes, I do plan on reassessing as we scale.
00:23:59Awesome.
00:23:59We have some more time.
00:24:00Sharon, do you have another question?
00:24:01I'm going to take away your great questions.
00:24:04Yeah.
00:24:04I think, you know, one more question I have for you, and it's something to keep in mind.
00:24:07Have you already worked out how many units you need to make before you hit that breaking point?
00:24:12And also, the second question to tap to that as well is, going to market with a certain price point, if you then have to drop the price point, have you thought about how consumers might perceive that, especially for your early customers who have already paid this amount of money for it?
00:24:26That is a difficult question, and I know it's something that's hard to navigate as a first-time founder and as just, you know, figuring out as we go along.
00:24:39But I definitely, I have really good advisors that I seek as I hit the different milestones.
00:24:47So, and I actually do have, I'm not a numbers person, but I actually do have a financial advisor who helped me with my projections, and I unfortunately don't have them in front of me right now.
00:24:55So, I don't know the exact number that I break even, but I know that it's within the first six to eight months.
00:25:02I remember that being.
00:25:04That's impressive.
00:25:04It all goes well.
00:25:06Of course, projections are only so accurate, as we all know, but it definitely has the potential to break even, at least with the machining and tooling costs, the initial machining and tooling costs.
00:25:18So, I just want to say, as a finance major, we want you to get comfortable with those numbers, right?
00:25:23We know American history changes, but two plus two is always four, and three times three is always nine.
00:25:29So, just hang in there and get ready with those financials.
00:25:32But thank you so much for joining us, and wish you much success.
00:25:35Thank you very much, everyone.
00:25:38Another great presentation.
00:25:40We have two more to go, so sit tight.
00:25:42Next up, I'm thrilled to introduce you to Brianna Arps, and she is with a company called Mudo.
00:25:48And they are the link between feeling good, smelling good, and looking good.
00:25:53Brianna, welcome.
00:25:53We look forward to your presentation.
00:25:55In the four minutes it'll take me to finish this pitch, thousands of prestige women's perfumes will have been bought and off to their new homes.
00:26:03However, given the lack of diversity on shelves and mass visibility online, statistics show it's likely only a small percentage of those bottles will have been created and sold by black-owned companies.
00:26:12My name is Brianna Arps, founder of Mudo, a clean luxury fragrance label that blends scents with skincare to flaunt how you feel.
00:26:19And I'm here today offering an explanation on how we seek to change this narrative, all while solving three of the most frustrating problems consumers face with today's products.
00:26:28As an established journalist and former Refinery29 editor, I've had my finger on the pulse of the beauty world for almost a decade now,
00:26:34which has included investigating, sampling, and greenlighting hundreds of goods, including my absolute favorite thing to collect, perfume.
00:26:42Pivoting careers in 2018, I decided to mesh my love of storytelling with my passion for building brands as a trusted consultant turned senior marketing manager, and I haven't looked back since.
00:26:52Each role, alongside training at the School of Aromatic Studies, has prepared me for achieving my dream, launching Mudo direct-to-consumer and enhancing the way women think about and ultimately practice self-care.
00:27:02Millennials like myself, alongside older Gen Zs, are the driving force in the fragrance industry, with about 44% of them saying that they wear perfume daily.
00:27:12Individual reasons may vary, of course, but nearly 33% buy perfume because it's seen as a pick-me-up to enhance their mood.
00:27:19Even more telling, they often prefer crafty, more niche varieties with earth-friendly formulas and smaller-sized options that allow for greater personalization with experimentation.
00:27:29Despite these emerging trends, there's a general consensus that today's scents are too familiar, problem number one,
00:27:34fade too quickly, problem number two, and leave too much unsaid about their development from lab to market, problem number three,
00:27:41let alone the well-researched link between feeling good, smelling good, and looking good.
00:27:45All key priorities among purchasers.
00:27:48After nearly three years of lab-supported research and development, we're gearing up to introduce a better alternative,
00:27:52a better longer-lasting alternative utilizing audience feedback.
00:27:56Meet our supercharged skin set.
00:27:58A cross-categorical item offering a fresh perspective, unique accords, and natural ingredients,
00:28:04including a proprietary mix of moisturizing, plant-based oils, and other non-toxic sensory enhancers
00:28:09that make it more meaningful than ever to accessorize your mood and nurture your skin all at once.
00:28:15While initially available and only one scent worthy, in a two-milliliter sampler and a 10-milliliter travel set,
00:28:21each supercharged skin scent will remain sustainably made with waste-less packaging
00:28:25and without perfumers' alcohol or water, extending their longevity at less of a cost to the environment.
00:28:32Fragrance has one of the highest profit margins of any global industry.
00:28:35For the average $100 bottle of perfume that's available right now, the oils used to create those scents are reportedly valued at $2 or less.
00:28:43Consumer loyalty is also extremely high.
00:28:4634% of one-service participants stated that their most recent fragrance purchase was to replenish their supply.
00:28:53Madot's supercharged skin scents are priced competitively, sized appropriately, and will be available on subscription,
00:29:01allowing for a 60% to 80% repeat profit margin, depending on the SKU, to set us up financially.
00:29:07Great success financially will lead us to ideating more scents, plus more ways to experience Madot through other scented body formulations
00:29:13and eventually scented home goods and collabs.
00:29:16Mid-2020, we deployed our current landing page to capture leads and now maintain a growing organic subscriber list in the hundreds
00:29:22with goals to ramp up soon and swiftly with your support.
00:29:26I've outsourced a super talented team that has a demonstrated ability to drive results across paid media,
00:29:33through aggressive retargeting, and other strategies inclusive of social and email.
00:29:37Winning $25,000 will help foot that ongoing bill, as well as allocate funds towards greater legal protection,
00:29:43graphic design, community management, and the purchase of retailer-ready packaging,
00:29:47given our plans to expand and to select brick-and-morting spaces come 2022-2023.
00:29:53My time's up. Thank you so much for listening.
00:29:56So I'm just very curious, to start off, you're launching this summer.
00:30:00How has the lead generation process been?
00:30:03You know, what are you learning about your customer pre-launch?
00:30:06Definitely. Right now, it's all organic.
00:30:08I've recently hired that team, and they're a Black-led team of about four or five,
00:30:14and we'll be gearing up to actually start those ads.
00:30:17We have about three or five ads that we'll be targeting our ideal consumer
00:30:22to kind of listen and learn more about them.
00:30:24As of now, we haven't really spoken to our direct consumer,
00:30:29except from, like, emails to them, one-off emails after they subscribe.
00:30:33So we haven't really started that process of getting to know them,
00:30:37but we are ramping that up very soon.
00:30:40Awesome. Great job, Brianna.
00:30:42I'm excited.
00:30:42I love fragrances.
00:30:45You flashed a bottle really quickly, and I would just love to see the packaging
00:30:50and how you're bringing that to market.
00:30:53Of course.
00:30:54So here's our two-milliliter guy, branded Mado.
00:30:58This is worthy.
00:30:59It's my favorite thing ever.
00:31:01And then I have a 10-milliliter variant, Mado, with supercharged skin set on the bottom.
00:31:05It's a little hard to see with the screen.
00:31:07But we created this custom bag, and it was very important for me to create this custom bag
00:31:11because fragrance and gift sets and all of that jazz,
00:31:14that is one of the most trending items around holiday time, just, you know, shopping for others.
00:31:20Gift sets are, like, huge.
00:31:21So I wanted to create something, and I call it with waste-less packaging.
00:31:25So you can take this with you.
00:31:26You can throw it.
00:31:27I don't have a bag with me, a purse with me, but you can throw it in your purse.
00:31:30You can carry about, I would say, about five or six other items in here, and it's branded Mado.
00:31:36So these are what we'll be launching with the two-milliliter variant and the 10-milliliter variant with the gift bag.
00:31:43So right away, you won't be able to purchase this outright.
00:31:46You have to purchase it with the gift set, which I think also, you know, helps us with our financing up front.
00:31:53You have less options, but great options.
00:31:56So from a scalability or just looking at the competitive landscape, most of the time,
00:32:04I love that you were thinking about, first, the ecosystem and how to reduce packaging sizes, less glass,
00:32:13but that's going to be a shift for the consumer.
00:32:15How will you communicate to her, hey, you're not going to have this bottle that sits on the counter pretty.
00:32:21It's going to be small, and you're going to pack it away.
00:32:23Well, our particular consumer, that's a really great question.
00:32:26Our particular consumer loves experimenting, and they actually experiment first with smaller sizes.
00:32:32So they're someone who starts with those travel size pens.
00:32:35You can see them at Sephora, Ulta, et cetera.
00:32:37They love to try them out before they invest in the larger variety.
00:32:42So we thought by starting with this smaller entry point, we can meet them where they're at
00:32:46and then upsell them down the line in six months or so when we launch 50 milliliters and eventually 100 milliliters,
00:32:52depending on how well the 50 does, and help just pretty much finding our sweet spot.
00:32:56But this customer really likes to travel and really loves to experiment,
00:33:00and I think this is a great entry point for them, given that it's in such a small kind of amount.
00:33:05Hi, I mean, thank you so much, Brianna, for this great presentation.
00:33:10Really amazing.
00:33:11I think I had a few questions.
00:33:13One, what is the actual price of this product, is the first one?
00:33:17Pardon?
00:33:17I'm sorry.
00:33:18I cut out a little bit.
00:33:20Sorry.
00:33:20What is the actual price point of this product?
00:33:22You talked about it being affordable.
00:33:23Yeah, so the actual price point, $92 with the bag and the travel size pin,
00:33:32and then I'm selling the sampler with a sampler pack, and this sampler pack is $10,
00:33:37but on the back of the pack, there's a marketing card where you can receive 10% off a full-size purchase,
00:33:42which would be to start this travel duo.
00:33:46Yep.
00:33:48Yep, cool.
00:33:48And then my last question for you is, how do you intend to sort of cut through this clutter
00:33:53and bring this unique voice?
00:33:55Obviously, you're asking this woman or man to pay $92 for this item.
00:34:00How do you intend to actually recruit this customer?
00:34:03And what kind of customer do you believe is going to want to pay $92
00:34:06to buy something brand new versus buying something with a name that's attached to it
00:34:12in a very competitive category?
00:34:14Definitely.
00:34:14Prior to getting to this point in our journey, we've done a lot of social listening,
00:34:20and we've done a lot of surveying on our end within our networks as well as doing some blind surveys.
00:34:26And a lot of the consensus was, I can't find anything that's a little bit different.
00:34:31So our notes in Worthy, which is our debut scent, we have some funky notes in there.
00:34:35We have some traditional notes, some warm notes.
00:34:37We also have some weird kind of notes in there that kind of raise your eyebrows like, what is this?
00:34:42And I think that's what the consumer, at least our consumer, is craving right now.
00:34:47They're craving a little bit something different.
00:34:49They're steering away from the celebrity-backed sense.
00:34:52They're looking for something that's a little bit more cleaner and obviously longer lasting.
00:34:55So within our social listening and our reporting and really understanding who we're seeking to target,
00:35:02we pretty much wrote down everything that they wanted and gave it to them in a way that feels a little bit fresher.
00:35:09Our branding is very millennial and like Gen Z.
00:35:12It's frosted, it's bold, it's bright.
00:35:14It takes up space on the shelf and on the product itself.
00:35:18So we're really hoping to come out as someone who looks different,
00:35:22but also giving them what they told us that they really want,
00:35:25which I think sometimes big box retailers and big box brands aren't listening as much.
00:35:30So we really take that to heart.
00:35:32I have a follow-up question.
00:35:39So I'm a bit of a numbers girl.
00:35:41So with your launch this summer, what do you, you know, how much capital do you need?
00:35:47Like what's your budget for that launch?
00:35:49What are your goals in terms of units sold, right?
00:35:53What are you expecting in terms of margin?
00:35:57If you can just walk us through just the numbers of the initial launch.
00:36:00Yes, of course.
00:36:01So we're actually launching with a very curated, limited assortment.
00:36:07So we're launching small to not only learn a little bit more about what our customer wants,
00:36:12but to just allow us greater testing down the line.
00:36:15And so we're launching with very limited SKUs and our gross profit margin is expected to be around $108,000 by year end,
00:36:23given the bag and the 10 milliliter item, eventually selling that by itself.
00:36:29We have some branded merch.
00:36:32We have a few items that will get us to that $108,000 mark by year end.
00:36:38That I think, I think that answers your question a little bit.
00:36:41Am I, is there another point that I might've missed?
00:36:43I'm so sorry.
00:36:43Yeah, so in terms of units sold, so $108,000, that's your margin, right?
00:36:48So what does that imply in terms of like how many units of the larger size, the smaller size, the package, are you aiming to sell?
00:36:55We're looking to do $250,000 in each category.
00:36:58So very small, but very intentional.
00:37:02$250,000 packs of the 10 milliliter with the bag.
00:37:06We'll likely have like $500,000 or so of these.
00:37:09So we'll have more because we'll be gifting them as well as influencer marketing, et cetera.
00:37:13We'll have like 500 of these, selling 250 of them though.
00:37:17We have a pin set, which is a, I also launched a collective blackened fragrance.
00:37:21We have a blackened fragrance and a Madot pin set.
00:37:24So if you're not quite sure, but you really support us and you really want to see more black people in fragrance,
00:37:29you have this pin set that's priced at $25 with 50% of proceeds going to blackened fragrance,
00:37:35which pours more money into our community.
00:37:37So we have a lot of different entry points into convincing our consumer to shop with us to get us to these larger figures by year end.
00:37:47I have one more follow-up question, and this is around your background in editorial.
00:37:52How are you going to utilize that in your community there to really blow this up and get it out there?
00:37:59Of course.
00:38:00So I am fortunate to still have a lot of great connections in the editorial field.
00:38:05A lot of which, a lot of people who are still at my previous Employee Refinery29.
00:38:11So leveraging those relationships as well.
00:38:13But I think the biggest thing for me is I have a wealth of experience in storytelling and marketing and PR.
00:38:21I've worn a lot of different hats.
00:38:22So for me, I think being able to do such a great job with other people and now harnessing the results and the experience that I've been able to kind of put forth for others into something that is my baby, I think is going to be the most beneficial.
00:38:38I've worked at a lot of places editorial-wise, a lot of big brands that I'm sure you all know of that I won't mention during this pitch.
00:38:47But I've worked in a lot of different places, a lot of different sectors, and I think now is a time to really capitalize on that experience, as well as those relationships, as you mentioned, in editorial and outside of editorial, too.
00:38:58What a great pitch.
00:39:00Okay, we got one more.
00:39:01Are you ready?
00:39:02I'm not sure you're ready.
00:39:03This next young lady is a cosmetic chemist.
00:39:07I have to admit, I didn't even know it existed.
00:39:09But I am proud to introduce you to Eunice Kofi-Obang, and her company's name is Noweki.
00:39:15Welcome, Eunice.
00:39:15Hi, I am Eunice Kofi-Obang, the founder and chief cosmetic chemist of Noweki.
00:39:22Noweki is an innovative skincare brand for people of color.
00:39:27For many women and men of color, they have to deal with hyperpigmentation, or what we call dark spots.
00:39:34And it's quite challenging.
00:39:37Me, personally, I spent many years trying to address this issue.
00:39:40And I have finally, I'm finally able to create a solution that is suitable for men and women of color.
00:39:47So, we have created the Noweki Skin Care Kit, which is comprised of four products that actually treat hyperpigmentation.
00:39:57So, what is hyperpigmentation?
00:40:00Hyperpigmentation is basically the dark spots and marks that you get on your face or skin, and anywhere on your skin,
00:40:06whenever you have any type of inflammatory response, such as acne, cuts, or wounds to the skin.
00:40:13For many people of color, it is quite challenging.
00:40:18So, for African Americans, over 65% of African Americans deal with hyperpigmentation, and over 45% of Hispanics deal with hyperpigmentation.
00:40:27What makes our kit very unique is that we combine traditional African medicine with modern science to be able to address this common skin disorder and skin of color.
00:40:40Our formula, which is proprietary, actually is able to even out the skin tone without causing any irritation to the skin.
00:40:50Our kits are comprised of four products, which includes a cleanser, toner, treatment, and treatment serum.
00:40:58But another unique part of our kit is that we also provide digital education for our consumers,
00:41:06because we realize that understanding the skin that you're in is very important to compliance and getting the results that you want for even toned skin.
00:41:16We also include a digital platform where our customers can upload their photos,
00:41:23and we can follow them on their skin health journey and see their progress and provide tips on how they can improve the usage of our products.
00:41:33Now, our products will be sold through DDC, through our e-commerce website,
00:41:40but we also will distribute our products through estheticians.
00:41:44We believe that estheticians have a knowledge base that is beneficial to the consumer.
00:41:50And we found that there's a huge gap in the spa and aesthetic industry for products that are tailored to skin of color.
00:41:58And we pride ourselves in education.
00:42:01So we've built a lot of traction in being able to educate our consumer online and offline,
00:42:07where we provide education that is science-based for the consumer,
00:42:12where we help them to understand the skin that they're in.
00:42:16We also train our estheticians through our Skin of Color Academy and Skin of Color Conference,
00:42:22where they're able to learn what they weren't able to learn about skin of color in their aesthetics program.
00:42:29Now, with our kit, we believe that we can reach about 2,000 people this year.
00:42:35We hope to reach our revenue goal of at least 300,000 persons.
00:42:40And we are excited about the many things that are to come for NWECI.
00:42:45We believe that we are poised to and positioned to be able to address other skin health issues
00:42:51found in people of color, such as hydronitis suppurteva and other skin disorders,
00:42:57such as eczema and keloidus nukai that is commonly found in Black men.
00:43:02We are also excited about the fact that we recently won Women's Health Award for the Best Moisturizer.
00:43:11And so we look forward to be able to fulfill our mission,
00:43:15which is improving the skin health of people of color.
00:43:19Thank you for having me.
00:43:22I'll start kind of where we are now.
00:43:25You mentioned that you have a goal by the end of the year of 2,000 units sold.
00:43:30So I'd love to hear what has testing been like?
00:43:34You know, how do you see your ramp from where you are now in terms of numbers
00:43:37to reaching the 2,000 goal at the end of the year?
00:43:40So you can just kind of take us through the progression.
00:43:43So I have spent I have been doing this since undergrad.
00:43:47So about 17 years.
00:43:49So I have spent a lot of time working with consumers and understanding what their needs are.
00:43:55And then also we also, you know, do surveys.
00:43:58And then we also have consumers actually try out our product.
00:44:02So we do testing, not just, you know, your basic stability testing, lab testing,
00:44:07but we also test the products out of consumers to get their feedback.
00:44:12And then what we are looking at as far as our launch and being able to reach those consumers
00:44:17is through digital media and utilizing, you know, marketing through Facebook and Instagram,
00:44:25which we already do.
00:44:26But I also like to look at offline and marketing to consumers offline,
00:44:31because I always have this thought in my mind, what were businesses doing prior to social media?
00:44:37And a lot of those mediums are not being used, such as TV, radio, and doing events.
00:44:44And so those are areas that we're going to really push and touch on that many other skincare brands
00:44:50are not really looking at.
00:44:52And so that is how we believe that we're going to reach our goal this year.
00:44:59Awesome.
00:45:00Angel, you're up next.
00:45:02Love it.
00:45:03And I love when I'm in a room with black women scientists or chemists,
00:45:08because I know that they're going to bring the heat and have the great formulas in the product.
00:45:14My question is more around your funding.
00:45:17If you were to win the competition, you get $20,000, how would you use it?
00:45:23Great question.
00:45:24So 35% of it will be used for marketing, and 20% will be used for operations.
00:45:31And we will also use another 45% towards manufacturing.
00:45:36We recently are in a position to sign a deal with the city of Hampton,
00:45:43a manufacturing grant, which they will match for every dollar that we put in, $2.
00:45:48And so by the end of this year, we will have our set up a laboratory space where we can do some
00:45:55manufacturing.
00:45:56And then as we grow, of course, we will branch out into contract manufacturing.
00:46:01I love it.
00:46:05I love the leverage.
00:46:06I love that 2-1 advantage.
00:46:08That's for sure.
00:46:09Sharon, we'll pass it over to you.
00:46:11Hi.
00:46:12Eunice, this is fantastic.
00:46:14Thank you so much for this, especially talking to hyperpigmentation, which is the bane of my existence.
00:46:19So if you pass up, you've got a customer right here.
00:46:22So I'm very excited about your product.
00:46:26My obvious question, obviously, what's the price of the product?
00:46:28Because when I hear $300,000, 2K units, I'm guessing $150 for this product.
00:46:33Is that correct?
00:46:34That's correct, yes.
00:46:35Okay.
00:46:36And then I love the fact that you're trying to go to estheticians directly because obviously
00:46:40with the price of the product, that's a great strategy as well as DTC.
00:46:43I heard a strategy for how you were going to market in DTC, which was traditional marketing
00:46:47and you wanted to combine some traditional media.
00:46:50How are you going to win with estheticians in terms of taking your products to them, especially
00:46:54in the world where most estheticians have their own brands and their own products that
00:46:58they're selling in their spars?
00:46:59Great question.
00:47:00I'm also a licensed esthetician.
00:47:02So I have built a network of estheticians over the past several years by teaching at
00:47:08many of the aesthetic conferences and events.
00:47:11And I've actually created my own event called the Skin of Color Conference.
00:47:15And that event is targeted towards Black estheticians where we teach them about the science and the
00:47:21business of skin of color.
00:47:23And so we've created our own ecosystem where we're bridging the gap of the educational needs.
00:47:30And that in turn creates a situation where many of the estheticians want to actually carry
00:47:35the products because we have positioned ourselves as the experts in the field when it comes to
00:47:41skin of color.
00:47:42Other ways that we plan to promote our products to estheticians is that I have a database of
00:47:49over 20,000 to 30,000 estheticians.
00:47:52So email marketing is going to be very critical as well as, you know, using the online.
00:47:59Again, we have a private group for estheticians where we provide this education, answer questions.
00:48:06So that also builds community and camaraderie amongst themselves and is as well built trust
00:48:12amongst them.
00:48:13And so we also look at, you know, direct mail because we also have that data of their mailing
00:48:20addresses to be able to send them information about our products through mail as well.
00:48:28Love the database.
00:48:29Eda, any more questions?
00:48:31I mean, I'm just loving everything.
00:48:35I'm just loving everything.
00:48:36Um, I did have one question around, uh, so coming back to the estheticians, huh?
00:48:48How do you intend to, what do you see as, just to give us a sense of the size of that base,
00:48:54right?
00:48:55And how do you grow that base?
00:48:57Because one of the things you can do with businesses like this that are, you know, highly
00:49:00scalable, you have a base, but then how do you continue to grow that base?
00:49:04So again, I believe in the way that you grow that base is through education because, um,
00:49:11skin of color is not taught in aesthetic school and they are hungry for it.
00:49:16And so seeding them with that education, uh, it helps to grow that base because they tell
00:49:22one friend, they tell another esthetician, they tell another esthetician, and that's how
00:49:26I've been able to grow our base.
00:49:29And then also teaching at many of these, um, industry conferences has been a tremendous
00:49:34help as well.
00:49:35So we're going to continue to do those, do those things.
00:49:38And then also, you know, providing some buy-in for the estheticians with our, our brand.
00:49:44There are opportunities for me to bring on estheticians to be educators and they can educate
00:49:50each one, teach one.
00:49:52So it really creates a sense of community.
00:49:54And then it also creates, you know, an opportunity for us to grow.
00:50:00Awesome.
00:50:00Thank you so much, Eunice.
00:50:02That is amazing.
00:50:02And I love when businesses can also create community.
00:50:04Thank you so much for joining us and good luck.
00:50:07Your one-stop destination for all things beauty, helping you glow from the inside out with tips,
00:50:16trends, and demos from industry mavens.
00:50:19Whether it's help with skincare, body confidence, hair, or finding a new look, we got you covered.
00:50:25Purchase the VIP beauty experience and receive a limited edition beauty tote bag with select
00:50:31full-size products, customized Essence merch, one-year Essence magazine subscription, and
00:50:37an exclusive masterclass on essencestudios.com.
00:50:41Essence Beauty Carnival.
00:50:43Each Friday during this summer's Essence Festival of Culture presented by Coca-Cola.
00:50:48Streaming online June 25th and July 2nd.
00:50:52Reserve your free passes now at EssenceFestival.com.
00:50:56So we saw some amazing presentations.
00:51:00We had hair care, face care, smell good care.
00:51:04We're going to be looking good as black men when this is over.
00:51:06And black men too.
00:51:07Don't let me keep you out.
00:51:08So we've got four prizes to decide.
00:51:12$225,000 and $210,000.
00:51:14Why don't we just go through and talk about each of them?
00:51:16And why don't we go in reverse order?
00:51:18So let's talk about Eunice first.
00:51:20What do we think about Eunice?
00:51:22And Eda, we'll start with you.
00:51:24Sure.
00:51:25I mean, I was pretty blown away.
00:51:27I think, you know, she brings the credentials.
00:51:30Haven't done this for so long.
00:51:32She brings the technical credentials.
00:51:33She understands the market.
00:51:35She herself has been an esthetician.
00:51:37She has a really big and growable vision.
00:51:40So I was pretty impressed.
00:51:43And so I'm pretty excited to try the products just to see how it works.
00:51:47I too, you know, suffer from some of these things like hyperpigmentation.
00:51:50So I think she has a really big runway.
00:51:55Sherry, what about you?
00:51:56What did you think?
00:51:57I think I will agree.
00:51:58I mean, she was incredible.
00:52:00I think she understood her product and also market, which is sometimes a big challenge.
00:52:05I'm understanding that, yes, this is going to really rock, you know, in the esthetician space and B2C and the subscription.
00:52:11So I just felt like she was very rounded in terms of she had this speciality, but also understood her business enough to understand, not to say enough, understood her business and how to make it pop.
00:52:22So I really loved her and definitely like she was the highest score of my of my of my day.
00:52:28All right.
00:52:29What about you?
00:52:30We know you got a thing for chemists and scientists.
00:52:32So what do you think?
00:52:33Yes.
00:52:33I love when people have that specialty and can bring, you know, great ingredients story, but have the knowledge to back it up.
00:52:41It seems like she's really grounded, like you guys said, in the business, in the industry, and not only will have product, but on the back end, be able to do education and create a community, which is unlock.
00:52:54The only challenge I have is her scaling past the professionals and getting into mass retail.
00:53:01But I love the brand.
00:53:03And, yes, she was ranked extremely high on my list, too.
00:53:06OK, so we got two plus 10,025.
00:53:08I think Sharon said she'd put her in 25.
00:53:11Eda, where would you put her?
00:53:12She's 25 for me.
00:53:1325.
00:53:14Oh, right.
00:53:16All right.
00:53:16OK, this may be easier than I thought.
00:53:18Let's look at the next one.
00:53:19We then heard from Brianna and Mudo.
00:53:21I loved her packaging personally, but, you know, I'm not.
00:53:23I don't have your job, Angel.
00:53:25So we're going to start with you.
00:53:26What did you think of Mudo?
00:53:27So I love Mudo for several reasons.
00:53:31Packaging was clean and crisp and sharp, which can be disruptive in the fragrance market.
00:53:37If you looked at what's on shelf, she could really pop there.
00:53:41And it's gender neutral, which is where the Gen Z consumer is moving to.
00:53:45So I love that.
00:53:47I also loved her stance about transparency, good ingredients, it being eco-friendly, all hits on that consumer that she's going after.
00:53:57And then lastly, her connections with editorial, like a big piece of disrupting is the storytelling.
00:54:07And she has that experience and background, and I think she will be able to really disrupt.
00:54:12She was my favorite.
00:54:14Carrie, what about you?
00:54:16Look, I did like the product.
00:54:18I thought the product was great.
00:54:19I thought she would be able to tell a really good story about the product.
00:54:23My big concern was a price point at $92.
00:54:25If you're aiming at Gen Z and you're going to charge $92, you cannot win that market at $92.
00:54:31So I really worry about her, the ability for that product to be commercial.
00:54:35And then also when you're doing something super radical like that, that is shifting things, you must either be prepared to be that radical face yourself or find that alternative.
00:54:46You know, when I think about what she's trying to do, I'm thinking around fashion, the Combe Garcon, you know, those brands that are really, the off-white with Virgin Abloh, who really are living on the edge, you know, Alexander Wang and those kind of people.
00:54:57And one of the makings of those people is really an in, in that space because they themselves almost have the cool factor to pull people in because people are actually no longer buying their product.
00:55:08They're actually buying them because of what they expect from the product.
00:55:11So those were the two things for me that were, I love the concept.
00:55:14Those are the two things that I thought that probably needs tweaking.
00:55:17I mean, definitely the price needs to be worked on.
00:55:19And number two, I'm thinking about how that cool factor, I mean, she's super cool, but how do you amplify that cool factor because she's going to be as much of what she's selling as the product.
00:55:29Yeah.
00:55:30Right.
00:55:30Because that's the only reason people spend all that money for off-white is because of Virgil.
00:55:34You are absolutely correct.
00:55:36What about you?
00:55:36What do you think?
00:55:37Yeah, I think I'm definitely in line with that.
00:55:41I thought, I thought, you know, packaging is great.
00:55:44I thought, you know, the fact that she's aiming at, you know, Gen Z markets, speaking directly to them, shaking off sort of the old, you know, celebrity inspired fragrance model.
00:55:55I thought that was really fresh, but, you know, and that's why I kept asking those questions around the launch.
00:56:00Right.
00:56:00So how are you really touching people?
00:56:02I think of like a guy like Telfar, right?
00:56:05Like he gets directly to the consumer.
00:56:08And so that's where I wish I would have heard a bit more or maybe she would have exposed a bit more from the learnings of the initial launch.
00:56:15But that's where I have a concern and for sure the price point.
00:56:18I think the price, you can do that price point if you can get that cool factor and you can really make people hungry for it.
00:56:23But, you know, at present it's hard to see that.
00:56:26It seems challenging.
00:56:28But I think she has, I think she has an ability because she understands, you know, what the need is, at least for the target consumer.
00:56:34So where would you put her, 25 or 10?
00:56:37But we're not yet, not yet sure.
00:56:38You can tell me.
00:56:39Sharon, where would you put her?
00:56:40I'm not sure yet.
00:56:42Okay.
00:56:42I'm not sure yet.
00:56:44Anybody sure yet?
00:56:45Because we can keep going.
00:56:47I would put her at 25 just because I think the branding that she has could get her there quickly with some tweets.
00:56:56Well, if she doesn't get it, we're going to tell her to call you because you may be ready to put her on.
00:57:00Well, $92 is not a Walmart price point.
00:57:05You can have a Walmart price point.
00:57:07Let me be clear.
00:57:08Let's talk about Paula.
00:57:10She had Chilone.
00:57:11Let's talk about her.
00:57:12Let me start with you, Edith.
00:57:13What did you think?
00:57:15Aside from the fact I was in it.
00:57:18I thought maybe you heard it.
00:57:20She had the product.
00:57:21Yes, exactly.
00:57:22Yeah, yeah.
00:57:22No, I thought it was really innovative.
00:57:24I thought it was really innovative.
00:57:26I thought the delivery, the ability to match product with utensil, I think, creates a lot of opportunity.
00:57:35And the fact that she can go from a brush, she can build on that with additional product development, I thought there's a little bit of runway there.
00:57:42I would like to have seen a bit more of, you know, call it feedback.
00:57:48And so that, for me, was a bit of a challenge.
00:57:50But I think she's starting from a good base and sort of understanding broadly how it can be both, you know, D to C as well as, you know, B to B when you start incorporating products into a tool.
00:58:03Yeah.
00:58:04Angel, what did you think?
00:58:07I thought that the product's idea was really smart.
00:58:11I see it as a gap in the hair accessories market.
00:58:15What I was missing was actually being able to see the product and really feel like, is it quality?
00:58:21Is it going to be worth that $25?
00:58:23Would love to see her go down more to the $12 to $15 to really be able to scale it because $25 for a brush can seem expensive to the consumer.
00:58:34Love her ideas.
00:58:36I thought it was expensive, the $150,000, just to launch the product.
00:58:41And Sharon probably can speak to this more.
00:58:43That's a lot of money before you even sell one item.
00:58:46So how long is it really going to take her to recoup those funds?
00:58:51So that's my feedback.
00:58:52But love the idea and concept.
00:58:54Definitely a gap in the market today.
00:58:56Got it.
00:58:57Sharon, what about you?
00:58:58This is your space.
00:58:59Yeah, look, I really, I think the idea is great.
00:59:01I think it's a fantastic idea.
00:59:03I think it's an innovative product, just like everybody said.
00:59:06I worry about the business strategy and the business plan behind it.
00:59:08I feel like she needs to still go back to the drawing board and rethink the business strategy.
00:59:14I worry about the pricing of the product because obviously starting up and starting at the highest level, it's really challenging because you have to ask yourself, why should a consumer pay the highest for something they don't know?
00:59:26There are some consumers who are going to do that, but it's extremely difficult to actually break through and now start increasing cost of marketing, cost of you communicating to them on why the product is good before you even get out of the gate.
00:59:36So I worry about that.
00:59:38I also worry about the strategy of hitting scale and then reducing the price.
00:59:41I mean, you never want to do that because all of a sudden you're actually playing with the brand and the messaging and you're diluting it instantaneously.
00:59:50Honestly, I agree that I think that the setup cost is really high, which is obviously was driving the cost of the brush up.
00:59:57So I would say there still needs to be some optimization work that needs to be done in terms of how do we get this cost down even from the initial phase.
01:00:05And if you can't do that, then the wise thing to do or the way to sort of manage this is really prototype in a very small and contained environment in order to gain some traction,
01:00:15in order to gain some data so that that gives you the confidence to go out there and shell out $150,000 to actually scale this and get it there.
01:00:23And what it tells me when I look at this model at $25 is that the actual cost to scale it is way more than $150,000 to get it to a point where you can actually price it properly.
01:00:33And as you know, with marketing, if you have the best product, the best purpose, if you do not price it correctly, you're going to lose.
01:00:40You're absolutely right.
01:00:41And I love that because you gave some feedback.
01:00:42Because remember, this is launch and execute.
01:00:44So these folks are really early.
01:00:45Awesome feedback.
01:00:46We've got one more we need to get through quickly, and that is Kimberly Hill and CurlIQ.
01:00:49She went first.
01:00:50So I give her two goals for going first.
01:00:52Feedback.
01:00:53Sharon, let's start with you.
01:00:57We're going to start with you, Sharon, on feedback about CurlIQ.
01:01:00Oh, sorry.
01:01:01Yeah, yeah.
01:01:02Oh, sorry.
01:01:02I thought you said Angel.
01:01:03I was just expecting you were going to go with Angel first.
01:01:06Look, I think it was super innovative.
01:01:08You know, like, I want to see the app.
01:01:10I want to see the technology behind it.
01:01:12But really, if you can pull that technology off, I think it's extremely innovative.
01:01:16And it could do a lot.
01:01:18I think, once again, the business model needs refining in terms of understanding, is it for consumers?
01:01:23Is it for B2B?
01:01:24And where is it going?
01:01:25So I think there is still a lot of work to be done on the business side and putting the business case together.
01:01:30But conceptually, I think it's a great idea.
01:01:34And I think if the tech can work, because the proof is always in the pudding, right?
01:01:38If the tech can work, it could work well.
01:01:40But then there has to be a lot of work done in understanding who is this going to appeal to?
01:01:45Is it a consumer-facing item?
01:01:48Or is it going to be purely a business-to-business item and using it to power other people's platforms like UCAM and Modiface and all of this other technology that we have in the beauty space to enable artificial intelligence?
01:02:01But I think a great idea is just that the devil is going to be in the detail and the execution of it.
01:02:07Yep.
01:02:07Angie, what about you?
01:02:09You know, I love this because it was coming from the tech space, which for textured hair today, there's nothing specifically geared to that consumer.
01:02:20And we know, she said, in AI, there is a lot of, I'll call it discrimination.
01:02:26Like, our faces won't even be recognized in a lot of things.
01:02:29So, I love the angle.
01:02:32I love that she really understood the problem.
01:02:35But my, I think there's some gaps of how we get there and how we scale it.
01:02:39I could see myself wanting to get this technology on Walmart.com in the future.
01:02:44But what is that future?
01:02:45Is that five years from now?
01:02:46Or is she ready next year?
01:02:49Eda, what about you?
01:02:50You get the last thoughts and then we're going to start ranking people so we can give away some money.
01:02:53I like it.
01:02:54Yeah, I think Sharon covered it pretty well in terms of if the tech can work, I think this is fantastic, period.
01:03:02And there are many different applications, right?
01:03:04So, you can start with hair.
01:03:05You can end up with, I mean, you can really go with it.
01:03:08So, I think that's, and it's binary.
01:03:10So, it makes it a bit tough, right?
01:03:11Either it works or it doesn't.
01:03:12But I, and I do agree.
01:03:15I don't think she knows yet, you know, I'll have a very fair firm sense yet as to what the business model is going to be.
01:03:21Because honestly, you're using consumers to gather the data.
01:03:24So, you're not going to charge them.
01:03:26But in reality, who is going to pay for this data in the back end is going to be likely corporations.
01:03:32And so, I think there's going to be some time and she's going to need some cash to invest in the product development and the tech.
01:03:38But if she can get there and she has the team around her to be able to get there, I think this can be pretty innovative.
01:03:43I love it.
01:03:44Yeah.
01:03:45So, she's high on my list, even though.
01:03:48We were there, she gets the cash.
01:03:50So, we have unanimous consent around Eunice for 25.
01:03:54Angel, who's the other 25?
01:03:56I'm going to start with you and go around the boxes.
01:03:57Who do you think is the other 25?
01:03:59Mine was Brianna with the fragrance.
01:04:02All right.
01:04:03What about you, Sharon?
01:04:04Same with me.
01:04:05As much as I love the Curl IQ, I think it still needs a bit more work.
01:04:08So, I think the fragrance is a bit more ready.
01:04:11All right.
01:04:12And, Aiden, you get the call.
01:04:13Are you going to go with it or are you going to cause a little ruckus here?
01:04:16I risk it off on Curl IQ.
01:04:18Oh, okay.
01:04:20Yeah, I liked it.
01:04:22I really like it.
01:04:22No, but I do think the fragrance is pretty strong.
01:04:25I think she will need a solid team around her in terms of, okay, how do you actually market this?
01:04:30How do you disrupt?
01:04:31And so, it seems like there's a clearer path to getting there.
01:04:35On the technology side, I think there's quite a bit of work.
01:04:39So, I can be swayed.
01:04:41I can be swayed.
01:04:42But if I had to risk it all, I would risk it off on Curl IQ.
01:04:45That was my thought exactly.
01:04:47Yeah.
01:04:47I think she needs an advisor like Sharon on that team.
01:04:51That's my thought.
01:04:51I was going to say, beauty is they're going to get all of the check.
01:04:53She can be guided.
01:04:54So, I think that would be really great.
01:04:56You guys gave – I'm sorry.
01:04:57You ladies gave amazing advice, and we'll make sure the entrepreneurs hear this.
01:05:01Next, let's tell us who won.
01:05:14Hi, Eunice.
01:05:15How are you?
01:05:16Well, I am so delighted to announce that you've won the $25,000.
01:05:24Wow.
01:05:26Yay.
01:05:27Well done.
01:05:28Well done.
01:05:29We're blown away by your cause.
01:05:31Incredibly exciting.
01:05:33Thank you all so much.
01:05:35I really, truly appreciate this opportunity.
01:05:37And you don't know how much this is going to help men and women across – men and women
01:05:42of color across the world.
01:05:44So, thank you.
01:05:46Well, we're pretty excited, and we want to know.
01:05:48So, what are you going to do with the money?
01:05:50So, we're going to infuse the money into marketing as well as inventory and manufacturing
01:05:57the product.
01:05:59Awesome.
01:06:01Awesome.
01:06:02Amazing.
01:06:03Thank you so much.
01:06:05We're very excited.
01:06:07All the best.
01:06:09Thank you so much.
01:06:11Well, welcome back, Brianna.
01:06:13We're excited to let you know that you've won $25,000.
01:06:16Yay!
01:06:17That's a good Monday!
01:06:18That's a good Monday.
01:06:21So, we're really excited about everything that we believe you're going to achieve.
01:06:24So, we're really happy to support.
01:06:26Oh, I'm so excited.
01:06:28I can't wait for y'all to smell.
01:06:30Worthy's been in the works for so long, and I really think y'all are going to be so proud
01:06:34of it.
01:06:35Yay.
01:06:35I can't wait to actually use it myself, but tell me, what are you going to do with this
01:06:39$25,000?
01:06:40Well, first, I have some invoices to pay from some potential team members.
01:06:46That ads team that I was talking about, I have a photo shoot coming up next week.
01:06:51So, this is, like, helpful.
01:06:52You know, I've been self-funding this business for three years, and it's nice to have a little
01:06:57bit of a personal break.
01:06:59You know, it's been, I'm like $15,000 in, and, you know, I know it's a drop in the bucket
01:07:04compared to a lot of other people, but it's really nice to have a little bit of breathing
01:07:08room to give Madal the love and support she really needs.
01:07:13So, I love it.
01:07:14And I'm sure it's going to be a huge success, but I'm going to give you two things for you
01:07:18to take away and work on for us as you bring this fantastic brand to the market.
01:07:23One of it, please work on the pricing and really look at the pricing strategy, because I believe
01:07:27it might be a bit too high for your target demographic, especially the brand who's debuting.
01:07:31And you want to put yourself in the best place forward so nobody can compete with.
01:07:35You always think about this.
01:07:37You're competing with brands that have more money than you have, more experience than you
01:07:40have, and they can do things so much bigger than you.
01:07:43So, you have to give the customer no reason to say no.
01:07:45And the other thing, you're so cool.
01:07:47Project that cool factor, because, girl, that's what they're going to be buying.
01:07:51You have to be the tribe leader.
01:07:52You have to be the leader of that path that everybody goes like, you know what?
01:07:56I want to be like her, and I want to be cool like her.
01:07:57So, I would tell you, put those two things together and go kill it out there.
01:08:01Yes, ma'am.
01:08:02Yes, ma'am.
01:08:03Thank you so much.
01:08:06Thank you so much for joining Pitch Please, powered by New Voices and Pull Up for Change.
01:08:11Of course, this would not be possible without our sponsors.
01:08:13So, I want to say a special thank you to Walmart, Beautiful All, Uma, Milk Makeup, Ulta, and Flower Beauty.
01:08:21I hope you enjoyed this pitch competition.
01:08:23What's important to note here is that these ladies will not just get the money, but they'll get access to New Voices business coaching
01:08:30and mentoring.
01:08:32We know that money is important, but having the right people to help you learn how to spend it is even more important.
01:08:37Make sure you check out these brands as they come to market, and thank you for joining.
01:08:40Pitch Please, launch and execute.
01:08:41The 2021 Essence Festival of Culture presented by Coca-Cola.
01:08:56Features performances by...
01:08:57Jasmine Sullivan, DJ Khaled and Friends, Davido, Lucky Day, Neo, Tank, and more.
01:09:04Our Get Lifted gospel experience with Kirk Franklin.
01:09:06The Coca-Cola juke joint curated by D-Nice.
01:09:09And just added a special presentation of Dear Black Men and an Essence Fest edition of Versus.
01:09:14Streaming online two consecutive weekends, June 25th to the 27th and July 2nd to the 4th.
01:09:19Go to EssenceFestival.com to reserve your free passes now.
01:09:22Go to EssenceFestival.com to reserve your free passes now.
Comments