Founder Stories - Gearing up for Launch
Founder Stories: Gearing up for Launch
Kelly Ifill is gearing up to launch Guava, a platform designed to meet the needs of Black small business owners who have often been systematically under-served by our existing financial institutions. "We are working to create truly equitable financial products to tackle the racial wealth gap head-on by facilitating the development, growth, and resilience of our small businesses, the backbone of our communities". Hear from Kelli how she decided to start her business, what she is hearing from other small business owners, what it's like to get your product ready for launch, and what she wishes she knew a year ago.
To learn more visit: https://www.joinguava.com/
Key Takeaways
Don’t Discount Your Past Experience!
You have transferable skills to help you on your entrepreneurial journey.
There are things that will have to learn but that’s any job. to dismiss the years of experience that you had in your former [pre-founder] life and say that nothing has prepared you for this moment isn’t true. I think there are definitely tools that you learned. There are things she learned from being an HS math teacher that she brings into Guava.
Be Comfortable with the Unknown
“The thing that all of my professional experiences is that there was an unclear path. Nothing is known. being comfortable with the unknown and I have taken that with me throughout my career.”
Be Open
The idea for Guava came to Kelly while she was working on a nonprofit she co-founded
By being open during the fundraising process for this venture, she discovered that very few funders looked like her and her team
Learn How to Say “I Don’t Know”
You don’t have to have it all figured out - no one really does! Learn how to be okay with saying that you don't know yet and you will figure it out. Your resourcefulness and creative problem solving will help you get there.
Tips fro Rani & Kelly
“I don’t know, let’s make it a discussion” or “that's a really great question/I am not quite sure yet but I will get back to you.” “I put someone more thought to what you asked and here is what I came up with.”
Be Curious
By talking to Black-owned small businesses and asking questions, Kelly learned that they need something to bridge the gap between them and funding.
Our Current Funding Options are Inequitable
Black-owned small businesses face countless hurdles - getting a checking account, loans, etc
She is actively working to close this gap - meeting with range investors and VC
A large % of Black-owned small businesses are solopreneurs due to a lack of capital
80% of Black-owned small businesses don't have a commercial business account - Guava is seeking to change this and get money into the hands of those that need it.
What is Guava
Guava is a digital bank designed to support Black-owned small businesses. They not only provide a business bank account & financial help but, they have created a platform for folks to connect, meet mentors, partners, and support other businesses. Guava is creating a real pathway for entrepreneurs to connect so that they can all grow together
Quotes
"Nobody knows what they're doing. You don't have to have it all figured out - knowing the next 2-3 steps right in front of you is all you need. Get comfortable with saying that you don't know yet because you will figure it out. You are intelligent and smart!"
- Kelly Ifill
“You don't need to have directions, you just need to know the destination. This is where conviction, confidence, and trust come in.” - Rani Mavram
Action Step
This week, ask for something that makes you uncomfortable.