How to Bet On Yourself with Amira Rasool of the Folklore Group

Summary

Balanced Black Girl Podcast Summary
Episode: "How to Bet On Yourself with Amira Rasool of the Folklore Group"
Release Date: October 1, 2024

In this compelling episode of the Balanced Black Girl podcast, host Les engages in an insightful conversation with Amira Rasool, the dynamic founder and CEO of the Folklore Group. Recognized as a Forbes 30 Under 30 honoree, Amira shares her inspiring journey from a media professional to a visionary entrepreneur aiming to bridge the gap between African brands and global consumers.

1. Introduction to Amira Rasool and Her Career Journey [02:24 - 07:08]

Amira begins by recounting her early aspirations in the media industry. Starting with internships at prestigious publications such as Women's Wear Daily, V Magazine, Marie Claire, and The Fader, her initial goal was to become the editor-in-chief of Vogue. However, her academic pursuit in African American Studies at Rutgers University sparked a transformative shift in her career trajectory.

Amira reflects, “I started feeling a little bit disenchanted... because I'm not going to be able to make the type of impact that I want on my community working for predominantly white publications” (04:07). This realization propelled her to explore opportunities beyond traditional media, leading her to a pivotal trip to South Africa that ignited her passion for African culture, fashion, and entrepreneurship.

2. Launching the Folklore Group: From Vision to Reality [07:17 - 10:25]

Determined to create a platform that empowers African and diaspora brands, Amira decided to launch the Folklore Group. She pursued a master’s degree at the University of Cape Town to immerse herself in the local landscape and understand the unique challenges and opportunities. Amira shares a humorous yet telling anecdote about the logistical hurdles of shipping inventory from Africa to the U.S., saying, “I just flew and came home with like five suitcases and I have a bunch of hats on top of my head” (10:25).

Despite the initial challenges, Amira successfully launched a multi-brand, direct-to-consumer e-commerce platform, eventually pivoting in 2022 to focus on a B2B model driven by demand from retailers wanting to stock the brands she represented. She emphasizes the importance of adaptability, stating, “We sent out a survey to all of our brands... 100% of them said wholesale. And we were just like, okay, look, they're telling us what they want” (13:13).

3. Fundraising Experiences and Strategies [30:45 - 37:10]

One of the most enlightening segments of the podcast delves into Amira’s experiences with fundraising. Initially facing setbacks, Amira candidly shares, “I tried to fundraise at the beginning and failed... everybody was like, you don't know what you're doing” (30:58). Her perseverance paid off when she joined Techstars in 2021, where mentorship transformed her approach to raising capital.

Amira explains her strategic alignment with mentors, including white male investors, to adopt their assertive fundraising techniques. “I wanted to go in with the attitude of a white man raising capital,” she reveals (36:22). This methodical and audacious approach enabled her to secure significant investment rounds, highlighting the critical role of mentorship and adaptability in overcoming systemic barriers.

4. Building Confidence and Leadership [22:11 - 25:26]

Confidence emerges as a recurring theme in Amira’s narrative. She attributes her self-assuredness to her upbringing and supportive father, who encouraged her independence from a young age. Amira recounts, “When I went to get my first apartment... my dad was like, all right, tell me where to wire the money” (24:29). Participation in competitive sports further fortified her leadership skills and resilience.

Amira emphasizes the importance of preparation and accountability in building confidence. “When you are prepared for the meeting, if you know what you're going to say... build confidence” (22:11). Her proactive stance on owning mistakes and learning from them underscores a pragmatic approach to leadership.

5. Navigating Challenges as a Black Woman Entrepreneur [42:24 - 48:29]

The conversation takes a poignant turn as Amira discusses the unique challenges faced by Black women entrepreneurs. She touches upon the backlash encountered when brands undergo changes, such as MIELLE’s partial sale to Procter & Gamble, and the broader misconceptions about fundraising being perceived as "selling out." Amira reflects, “We can still do that while taking in additional fund. That's really what it is” (43:20).

Amira advocates for education and open conversations within the community to demystify fundraising and investment. “It's a business transaction and treating it that way... playing the game” (37:10). She underscores the necessity of scaling businesses through strategic investments to enhance accessibility and economic empowerment within the Black community.

6. Future Plans and Global Shopping Initiatives [51:14 - 57:50]

Looking ahead, Amira shares exciting plans for the Folklore Group's expansion, focusing on global shopping and conscious commerce. She outlines the platform's four key pillars: globalization, diversity, sustainability, and innovation. Amira states, “We're really coming in to fill that void of like conscious commerce where people can go in and shop with a purpose” (52:00).

The Folklore Group is set to host pop-up shops in major cities like Los Angeles, New York, and Accra, providing brands with enhanced visibility and consumers with curated, purpose-driven shopping experiences. Amira highlights the importance of supporting diverse and innovative brands, enabling shoppers to cultivate a global closet that reflects their unique styles and values.

7. Building Community and Relationships [50:17 - 51:51]

Amira emphasizes the significance of building genuine relationships with brands and fostering a supportive community. “I actually do want to hear, I am interested in their stories... I also care about their success” (50:25). Her hands-on approach in engaging with brands through direct communication and feedback loops ensures that the Folklore Group remains attuned to the needs and aspirations of its partners.

8. Conclusion and Call to Action [57:54 - End]

As the podcast concludes, Amira encourages brands interested in joining the Folklore Group to visit folklore.com and apply through the platform. She reiterates the mission of empowering underrepresented brands and expanding their reach through strategic partnerships and global initiatives.

Les wraps up the episode by expressing gratitude to Amira for sharing her invaluable insights and urging listeners to support the Folklore Group in their mission to create a more inclusive and empowered global marketplace.

Notable Quotes:

• Amira Rasool [04:07]: “I started feeling a little bit disenchanted... because I'm not going to be able to make the type of impact that I want on my community working for predominantly white publications.”
• Amira Rasool [10:25]: “I just flew and came home with like five suitcases and I have a bunch of hats on top of my head.”
• Amira Rasool [13:13]: “If they're telling us what they want, then we listen and pivot accordingly.”
• Amira Rasool [36:22]: “I wanted to go in with the attitude of a white man raising capital.”
• Amira Rasool [43:20]: “We can still do that while taking in additional fund.”

Key Takeaways:

• Adaptability: Amira’s ability to pivot from media to entrepreneurship illustrates the importance of flexibility in achieving long-term goals.
• Confidence and Preparation: Building confidence through preparation, accountability, and mentorship is crucial for leadership and success.
• Community Empowerment: Strategic investments and scaling businesses are essential for economic empowerment within the Black community.
• Global Conscious Commerce: Expanding globally with a focus on diversity, sustainability, and innovation fosters a more inclusive marketplace.

Amira Rasool’s journey is a testament to the power of self-belief, strategic thinking, and community-focused entrepreneurship. Her insights offer valuable lessons for aspiring Black women entrepreneurs aiming to make a meaningful impact while navigating the complexities of the business world.

Transcript

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[Podcast Host]

The following podcast is a Dear Media.

[Les]

Production hey Bestie, what are you doing on October 21st if you don't have plans yet? I have an amazing idea. I think you should come to Balance Black Girl Live on October 21st in New York City. We're going to be doing a live show at City Winery in New York. It's going to be an amazing girl's night out. So bring your bestie and come join us if you have enjoyed all the content I've done this year about your successful era, about about leveling up, about stepping into the highest version of yourself. You are going to love the live show where we really get into all of your questions about how to become the best version of yourself. Tickets are available now. You can get them in the show notes. You can get them at my link in bio on all my social media profiles and make sure you get your ticket soon because you don't want to miss it. Welcome to Balance Black Girl. My name is Les. I am your host and I appreciate appreciate you tapping in. I am so excited for today's episode because I am joined by an amazing guest who is perhaps the most impressive human I've met to date, Amira rasool, founder and CEO of the Folklore, as well as a Forbes 30 under 30 this year. Congratulations.

[Podcast Host]

Thank you. Welcome, Blush. Okay.

[Les]

That's what I'm here to do. That's what I'm here to do.

[Podcast Host]

Yes.

[Les]

Welcome to Balance Black Girl.

[Podcast Host]

Thank you for having me. I'm excited to be here.

[Les]

I am so excited.

[Podcast Host]

Hopefully I'll get some balancing tips because I'm not the best at balancing. So hopefully I can walk away with some good stuff.

[Amira Rasool]

We're all trying to figure it out.

[Les]

We're all trying to figure it out. So first thing that I would love to get into is to talk a bit more about your career journey to date, because you are still so young and you've already had some really interesting pivots and shifts in your career so far. So can you walk us through what some of those have been?

[Podcast Host]

Yes. So I started out in media. So all throughout my time, I was at. I'm a Jersey Girl, I went to Rutgers, I interned at different publications. So I think my first magazine was Women's Wear Daily. Then I did V magazine, after that, did Mary Claire and then did the Fader. So my whole journey was, I'm going to be like the editor in chief of Vogue. That was what I wanted. You know, Anne Hathaway, she's from Montclair, the next. No, Milburn, the next town over for me. So I already loved her and I loved the Devil Wears Prada. So I was like, okay. Like, this is just gonna be my life. I like. I guess I like pain. Cause it's like you watch that movie and it's like, it's not really, like, the most glamorous.

[Les]

I just watched it again last week and I'm like, we all wanted this. And it was a kind of a cautionary tale.

[Podcast Host]

It was. But we just ignored all the red flags.

[Les]

It was the clothes we wanted.

[Podcast Host]

It was the clothes and the lifestyle. And so I would. That was just like, my focus. And I actually ended up majoring in African American studies while I was at Rutgers. And I think that kind of changed a lot about, like, what I thought was valuable or what I wanted to be able to do with my life and the impact I wanted to make. Just being able to read about, like, these amazing, like, you know, people, you know, James Baldwin and, like, Assata Shakur. And just like all of these amazing people made me feel like I want to do something that has, like, a long lasting impact on my community. And so at the time, I felt like magazines, you. It Wasn't. This was, like, back 2016 when I graduated, it wasn't like what it is today, where there's, like, you know, so many opportunities, like, so many more opportunities for, like, black journalists and stylists and editors. And so I did feel like, you know, I started feeling a little bit disenchanted with that because I'm like, I'm not going to be able to make the type of impact that I want on my community working for predominantly white publications that focus predominantly on predominantly white brands and, you know, celebrities. And so at that same time, I had taken a trip to South Africa my senior year of college, and I. It was my first time in Africa, and I just fell in love with, like, you know, the culture, with the music, the food, and then, of course, like, the fashion and, like, the design, even, like, the home beauty. And I started doing some research. When I got back from Africa, I was living in New York just to see, like, you know, where can I get some of these brands for, like, I hadn't heard of any of those brands, even though I'd been, you know, interning at all amazing places. I knew all the brands that were in showing in Milan and in London and New York, but just, like, not any brand outside of that, like, atmosphere or that universe. And so I realized they didn't have any, like, international, like, presence, whether in a retail store. Many of them couldn't ship internationally because the cost or just like, even Shopify just wasn't even set up to do that back then. And so that's what I started realizing, like, there is a way for me to do what I love, which is like, being in the fashion industry, shopping, and still be able to make an impact by actually bridging the gap between, you know, these brands in Africa and global consumers. So I'd started working at V magazine a little bit after I got back from that trip in South Africa. Worked there for about a year. But in behind the scenes was, like, coming up with, like, ideas of, like, how I could start a business that would empower not just African brands, but brands in the diaspora, so black people in general. And, you know, seeing that it's about lack of access from a geographic standpoint, but also from a racial standpoint, for even black people were right in New York, but still couldn't get access to, you know, these customers or visibility. So that's. That's how I went from magazines to, you know, then getting into this folklore era of my life.

[Les]

I'm excited to dig into the folklore era because also with the folklore. There have been some pivots and some shifts and how you started it. So can we get into the launch story of the business?

[Podcast Host]

Yes. So once I decided I was going to like launch it for sure, I had applied to the University of Cape Town to do my master's over there because that gave me a two year visa and so. And I felt like it was really important if I'm going to launch something that is for people on the continent, that I actually get to know the people there and get to know the landscape and the problems, the things that are great, come up with those solutions. And so got into a University of Cape Town, left my job and then moved to Cape Town and I lived out there for two years. So that was only my second time being in South Africa, where I was now moving in. Like, I don't think I knew what to expect when I first went to South Africa because, you know, the vision that people have of Africa is like some like archaic kind of like, it was not like that at all. So my lifestyle didn't necessarily change. I do think I slowed down though, because it was definitely a place where it's like the whole like, you know, hustle culture, like the capitalistic society that we live in in the US does not translate in South Africa. I remember getting like super frustrate it because I would go out at like 4pm to like go to the pharmacy and it'd be closed like for the day. And I'm like, what do you mean? I used to literally be outside, like, does no one want any money? And it's like, no. People want to go home to their families. People are going and taking their hikes. People are doing what they call sundowners, where they'll go and watch the sunset and like have drinks with their friend. And I was just like, oh. And so I did start adjusting my life a little bit because I was just like, oh. I started hiking. I'd never hiked before. I would like go hike with my friends all the time just to catch up. So instead of us going, oh, let's go to dinner, my friends would be like, oh, let's go for a hike. Or like, you know, I just started. I started doing more stuff outside, also being right by the beach. I would go to the beach all the time. So it definitely had me slowing down and chilling a little bit. But at the same time, like, I was still building a business and doing a master's program at the same time. So that's what I basically, when I moved out there, I Started my master's program and then I started like a list of like a hundred questions that I needed to answer before I could launch. And this is everything from like, who's our customer? To how do we get paid? When do we get paid? Like, just a long list of questions. And then I was like, once I have all the answers, I will just launch it. Because my friend's mother, actually, I kept telling her, I was like, yeah, I'm thinking maybe in like a year or two years. And she's like, you're. It's never going to be perfect. Just launch. And that really like, that like really like sparked something in me. It was so good so. Because I was like, yeah, there's a hundred questions, but there's going to be like 500 more that come up that I'm never going to be prepared for. So it was a hundred questions. I was like, if that's what I can at least get down to, like those really core ones, then I'll have enough to, you know, at least start out. So that's what. After about a few months of like traveling, I went to Nigeria, I went to like Ghana, went to Kenya, like really wanting to learn more about, you know, the brands that I would be there to support. Just launched it as a multi brand direct to consumer e commerce platform where we sold men's and women's apparel, accessories, homeware and beauty products from brands in Africa as well as the diaspora. So we actually warehoused all the stuff at my mom's house in Jersey.

[Amira Rasool]

Oh wow.

[Podcast Host]

And I actually, we got all of that initial inventory from me flying from, picking up stuff from Cape Town, then flying from Cape Town to Joburg to pick up more inventory, then fly from Joburg to Nigeria to pick up more inventory, then to jfk because I didn't have enough money to ship the stuff from Africa to the US because it was very expensive. So I just flew and I came home with like five suitcases and I have a bunch of hats on top of my head too that I didn't want to get squished. And I had a few jackets that didn't fit in the back. So I had like three jackets on, like five hats on the top. And my dad's like picking me up from jfk. Like, what is going on? Like, we still sent you out here to go to school, but yeah, so this was, that was like really the start of it. And you know, we just focused on mostly was like U.S. customers. But we, you know, we ended up shipping to Asia, we shipped to Europe A bunch of times Canada. And most of the brands, we. We ended up with about 50 brands for the four years that we ran that business. And I would say about 80% of them at the time, we were the only people stocking them. So it was like, we'd really, like, figured out, like, a great way to curate, like, these really amazing brands and then make it super easy for US customers and just international customers to access them in the way that they're used to accessing them, which is, like, quick delivery, fulfillment. Right. You know, good customer service. So that's how we started. And then we. I would say 2022 is when we started pivoting more into the direction of being a B2B business. And so that's when, you know, really we started seeing a lot of demand from retailers that wanted to start stocking the brands that we were working with already. And the whole vision for the folklore is to be able to economically empower, like, people of color, black people in particular. So I said, you know, we shouldn't be trying to compete against them and saying, oh, no, don't stock with that retailer, because then that'll take business away from us. Let's see how we can actually help you get into more retailers. And being a small business, it's. You never want to try to do too much at one time, especially when you have limited resources. So we, you know, made the decision of, okay, if we're going to really lean into getting these brands into more retail stores, we need to press pause on the consumer and put our all into that. Because it's also the thing that the brand said that they wanted the most. We sent out a survey to all of our brands that we were working with on the consumer side, like, hey, what are the things that you want to grow the most in your business? And pretty much 100% of them said wholesale. And we were just like, okay, look, they're telling us what they want. And that's one thing that I've always been really focused on is, like, not being afraid to, like, fail fast and then switch to what. What the new thing is based on what the market is saying.

[Amira Rasool]

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[Les]

Put on our skin.

[Amira Rasool]

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[Les]

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[Amira Rasool]

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[Les]

There'S so many things in your story that you just said that I love that I want to, like, reiterate for people. It actually reminds me, I was reading this book this morning. What was it called? The maybe. Was it the Dopamine Detox, a book about dopamine. And one of the things that the author said in the book was that, you know, for people who are able to reach a certain level of success, it requires the ability to step back and look at the bigger picture. And that is exactly what I was thinking as you were telling that story with the different pivots that you've made with the folklore is the ability to take a step back and say, okay, what is the broader picture here that we're trying to support? We're trying to provide economic support to these brands that are either underrepresented, don't have the resources, don't have the reach. How can we help build this so that they can get broader reach to circulate more money in their community? Community is like that ability to take a step back and say, what is the big picture that we're working on here? As opposed to just saying, we want to be the retailer that makes a bunch of sales and, you know, ships all the things.

[Podcast Host]

Exactly.

[Les]

We want to be a version of, I don't know, Amazon or whatever. That's not necessarily looking at the big picture. And getting back to that. Why. And that big picture sounds like a really big part of how you make those decisions in your business.

[Podcast Host]

Yeah, no, absolutely. I'm always asking for feedback. I always ask very, very direct questions also to people, like, I'll talk to anybody about my business and then just ask them a bunch of questions of what they think. And it doesn't have to be some. Anybody who's in the industry or anything like that, I will respect. Everybody's like, I'm not going to agree with everybody. So I might even push back a little bit. But I think one thing about me is, like, I will go and think about it later, though. There have been a lot of times where I've argued back and forth with somebody about, like, no, that's not right. That's not right. And then I've done it. And then I text them like, you were right, I did it. Yeah.

[Les]

Can we talk a little bit more about the importance and power of asking questions?

[Podcast Host]

Yes.

[Amira Rasool]

Do you.

[Les]

Have you always been someone who has been really inquisitive and asked a lot of questions. Is it your journalistic background that you think helped you hone in the ability to ask questions?

[Podcast Host]

Yeah, I definitely think it's me getting into more into journalism because I don't remember asking a lot of questions as a kid. Children aren't especially little black girls aren't really given the license to question other people and talk about it. Yeah. And so I think that that was part of it where it was like, it wasn't something that was encouraged. And then when I did. When I did ask, it would always be like, because I said so or because, like, what am I? I'm not going to keep asking questions if that's going to be what it is. And I think me being a great writer has been, like, invaluable to our company because, like, anything from, like, we've been able to do so much because of all the press that we get. So everything from press releases, I was writing those in 2018. Knowing that I'm writing it like, I would have written it as if I was featuring this company. So most people just copied and pasted my press release and just published it. And I knew that that's how a lot of writers work. So same thing of just being able to tell the story and the vision. And that's why we named it the Folklore. From the beginning, we want to allow these people to tell their stor through design, you know, through audio, when we had a podcast, through, like, visuals, like, being able to pass those stories down through, like, different creative mediums. And so I definitely feel like being a strong writer helped so much in being able to translate, you know, what it is, what our vision is, and make people buy into it.

[Les]

Oh, absolutely. Writing is one of those core foundational skills that I feel like if you can write, if you can tell a story, if you can tell it in a compelling way, you can do almost anything.

[Podcast Host]

Oh, actually, almost anything. So. And I was. I'm. I've always been a pretty big reader, so I think that's actually, like, where that came from too. Was like, I always loved reading when I was younger.

[Les]

This is music to my ears.

[Podcast Host]

Yeah.

[Les]

People who listen to the podcast a lot know that I'm always talking about reading fiction and the importance of fiction and just giving your brain a break. If you want to read, like, the business self help, that's great.

[Podcast Host]

Yeah.

[Les]

I usually like to have two books going at a time where I'll have one book like that that I'll maybe read for a few minutes in the morning and Then I'll have a fiction book that I read, you know, at.

[Podcast Host]

Night on the way, thinking about doing, like, to start doing. Because I do have a book right now that people are like, you have to read it if you're a founder. And I was actually considering doing it just the way that you just mentioned. Like, just maybe like 10 minutes in the morning. And then do my, like, good fiction book. And because I, to me, I look at it like a drama on tv, like, reading it. So. Oh, my gosh. And this happened. There are times where I would be on the train gasping at something that in a Toni Morrison book, people would look at. And I'm like, y'all don't understand.

[Les]

Exactly. We're in it. No. I highly recommend having a routine like that. Cause it does kind of give you the best of both worlds. And it makes reading not feel like a chore. Because reading those types of books all the time, it can feel like a chore. It feels like homework. It feels like work. When sometimes you wanna read as self care.

[Podcast Host]

When the fiction comes in, especially on vacation, that's like my biggest thing. I always will finish at least one or two books whenever I go on vacation.

[Les]

Yeah, absolutely. Now, there's also something else that you talked about that I wanna come back to when we were talking about the importance of asking questions. And that was preparation. I think that when it comes to building confidence, preparation and practice are two of the best things that we can do to feel more confident. We feel so much more confident walking into a room to lead a meeting. If we're prepared for the meeting, if we know what we're going to say, if we anticipate the questions people are going to ask of us. Things like that build confidence. And it sounds like for you that has also been the case. Have there been other things that you've done that you think have aided in your confidence and your ability to lead now?

[Podcast Host]

Yeah, I've. I've been pretty confident. Like, I was always a little confident kid, too. Like, no one could tell me anything good, you know, like. And I think it was definitely, like, my dad was one of the people who, like, really instilled that confidence in me, where it was like, I can literally do whatever I want to do. I mean, that wasn't the best thing. I think. I think I could have reined it in a little bit. But, like, even just like thinking about, like. Like when I went to get my first apartment, like, it was like maybe like my sophomore year of college or something like that. And I, like, just like, called up the realtor and was just like, hey, I want to get this spot. And, like, and when I found it, I called my dad, like, hey, found the spot. And he was like, all right, tell me where to wire the money. Like, he's always let me be very independent, so I feel like being very independent has led to that confidence, because it's like, he trusts me to be able to go out and do these things on my own. And even if I'm afraid and maybe not confident, you know, going into it, at the end, by the end of it, I will be confident because I've now. And knowing that if I do run into trouble, like, you know, he was always like, okay, like, I got you. Let's figure it out. So I do feel like it's part of, like, being confident. Definitely, like, was really, like, pushed all the time when I was younger. I also think that, like, when you are good at things, like, especially, like, innately good at things, there's always a sense of confidence from there, too. Like, I was a really good athlete, and so, like, I think being a part of a team, you know, being able to, like, be a leader in most of my team, like, when I was a cheerleader, I was, you know, head cheerleader. Like, when I was, like, doing really well in track and always on the relay teams and stuff like that. Soccer, same thing. So I think that also, when you are consistently winning, I think that that also lets you feel like I can do whatever I put my mind to. Every single thing that I accomplish, every single thing I said I wanted to do, I did it. And I think seeing that pattern from such a young age, too, and that's why I always encourage people. I'm like, even if it's not sports, like, getting kids into something where they can be competitive, because I don't believe in that whole, like, everybody won. No, I won.

[Les]

I am dying to know. You're astral. I don't know if you're an astrology girly. I'm like, I'm a Virgo. Dying to know. Okay, I see it.

[Amira Rasool]

I see it.

[Les]

All of this is making sense. Okay?

[Podcast Host]

So that's, like. That's my thing. I feel like confidence was built because I was also winning, and it wasn't like, I was just winning because, like, I just woke up and said, I just woke up and just started doing it. I tried really hard, and I even said, I am going to do it. And then I would just, like, work my butt off to follow through and do that. And so I think yeah, it was like, really came from, like, me being young and just being an arrogant child and being like, if I. If I said it, I can't embarrass myself now, so I gotta go. I gotta see through now.

[Les]

Yeah, but you also did talk about failing fast.

[Podcast Host]

Yeah.

[Les]

And that I also think is really important because I think when people are so afraid of mistakes or so afraid of any misstep, that also can hinder your confidence in how you show up versus I don't think confidence is like knowing I'll never make a mistake. It's knowing if I do, I know I can come back from it.

[Podcast Host]

Oh, absolutely. That's really what it is. I always just tell people I have failures, but I don't fail.

[Amira Rasool]

Yes.

[Podcast Host]

So it's like, I'll do little small things where it's like, dang, that really I'm really messed that up. But, like, also one thing I'm good at is acknowledging it and being able to be like, I own that I messed that up and this is how I mess it up. I'm going to analyze it and this is how I'm going to be able to move forward from it. And I think that's one. That's a big disconnect that I think a lot of people have is being able to just, like, take accountability for, like, when something isn't working or recognize when something's not working and not waiting until it's too late. Because that's the big. The biggest thing I was told as a founder is your job is to make sure you don't run out of money. And I took that personally, you know, saying, like, I got a mortgage, so I also want to make sure I don't run out of money. So, like, I also think it's important, like, when you are a founder to actually know, like, what are your. What your actual job is. Because it's like when somebody told me that, I was like, okay, so it's hiring, making sure I don't run out of money, and then being able to raise money. Cool. So that's what I just focus on. And so if it has any. If it has anything to do with that, that's what I focus on. If it's not going to do with that, I don't even focus on it. So I would definitely say, yeah, that was. That's been a big thing for me. It's just like, oh, don't run out of money. Okay.

[Les]

Yeah, well, like, knowing where to spend your energy is super important.

[Podcast Host]

Yeah, Yeah.

[Amira Rasool]

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[Les]

To see me coming because now that.

[Amira Rasool]

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[Les]

I.

[Amira Rasool]

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[Les]

I am also glad that you did just mention fundraising, though, because I want to talk a little bit about your experiences with fundraising.

[Podcast Host]

Yes.

[Les]

When you first started, you had bootstrapped in the very beginning, right? So what made you then decide to start fundraising?

[Podcast Host]

So I tried to fundraise at the beginning and failed. So I had to bootstrap.

[Les]

Okay.

[Podcast Host]

Because I just didn't know what I was doing. I didn't know, like, I was just randomly put together like a little deck and just sent it to some people even before we launched. And I think I got maybe one or two calls and everybody was like, you don't know what you're doing. I'm like, you're right. And so. But you don't know what you don't know. So I was just like, okay, I'll bootstrap it and eventually, like, I'll raise. And so I basically tried and failed, like, sporadically throughout the time until we raised our first round, which was 2021. So from like 2018 to 2020, I would just like, you know, go out there and try to pitch, but I didn't really have any, like, much guidance and know how to how I was doing it. But then in 2020, I ended up meeting Isaac and he's the. He was the previous manager of techstars Seattle. And he had done like, there was a whole list of, like, people who were opening office hours to black founders post George Floyd. And he was one of the people who had opened up office hours to talk to black founders. And so I just told him about my business and all that stuff. And he was like, oh, this was really great. And I was like, yeah, I've tried to raise money. It's not working. Da, da, da, da. He's like, oh, you should join techstars. And I was like, I've Tried to do the whole accelerator. He wasted my time, flew me all the way out there to tell me I need a co founder. You knew I didn't have a co founder when I came out there. I was like, I don't know if that's, like, for me or whatever. And he ended up, like, really encouraging me to apply, end up getting in there. And basically, he had told me, once I got in, he goes, stop fundraising. He goes, because what you're doing is not working. I'm going to teach you how to actually do it. And that's what happened. Like, basically, to me, it was like startup boot camp where, like, forgot it was a few months. The program back in 2021, where, like, they actually said, this is what you do. And that's all I needed at the end of the day. Like, I'm like, a pretty quick study. It's like you telling me what I need to do, and then you're giving me additional people who've done it before for me to ask those questions. And so part of, like, that techstars mentor madness thing that we did, they let us pick our mentors based off of the conversations we had. And I picked four, or we were supposed to do, like, around five of them. Four of them or three of them I picked were white guys who have raised capital before. And I did that on purpose because I said, I want to come in with the type of energy and arrogance y'all come in. I said, yes, I want you to tell me what you say, because I do feel like, you know, oftentimes as, like, black women, we're a little bit, like, afraid or apprehensive about. And even, like, women in general about our language and like, even what we're asking for. And, you know, like, they say, like, part of the reason why there's a wage gap is because women also aren't asking for raises in the same way that men are. It's like, we've kind of been a little bit more, like, reserved and not taught to, like, ask for what we really want or what we deserve. And so I was like, I want to go in with, like, the attitude of a white man raising capital. And so I was like. Like, I literally would do role playing with them, like, where they would be like, okay, I would say this D. And I'm like, bet. I'm saying that, like, you know, some of the greatest things were like, look, if you. You know, we're closing around at this. At this date, so you're in or out, and, like, that's A risk. Most of the time, you're not going to say that, because if they say they're out, they're out, and now look at you. But, like, that's how I was able to raise my rounds, where I literally went into it. I had, like, complete notes of, like, if they say this, say this in return. If they say this, say this in return. And I definitely feel like that's what set me apart from, like, there's only a few black women who have raised, you know, a million dollars. Even less people who've done it in this industry or, like, have been able to, you know, do subsequent rounds. And I do feel like it's because, you know, I really. I played the game the way that the white men who are raising money played the game. And of course, I still didn't get the same results because at the end of the day, like, I'm still a black woman. But, you know, and just purely from like, a. They just aren't looking at us the same way. But when I got into the rooms to be able to pitch and do what I needed to do, that was kind of the approach that I took. I was very organized in what I did, too. Like, I very much only focused on people that I've seen invested in a similar type of company, invested at the sim at a similar stage. If I would see that they've never invested in a woman in their portfolio or never invest in a black person, I don't believe that this fashion company is going to be the one that changes the tie for them. Like, so I was also, like, very intentional, very organized. Like, I'd had, like, you know, a list of, okay, these are my tier one, tier two, tier three. I reach out to this. Here are all my materials. Like, my investors ask me to send them my air table for how I run my process. Because I would say we're launching our fundraising at this. This month, and we're closing it here. And, like, each time, it's like, keeping everybody on the cadence. That. And, like, again, it's like, the audacity for you to be asking for money, but you telling me what I need to, like, do and by the deadline, and it's like, no, that's what I needed. I needed to have that audacity. Right? And also think about it as, this is an investment that's going to make you money in the long.

[Les]

Exactly.

[Podcast Host]

This is in charity. And I think a lot of times people also think about, you know, things when black people are doing things, especially when it's to support Their community, they think about it from a charitable lens or they don't think about it as like a scalable, like venture, backable, you know, business. And so it's, it's also like showing them that, the numbers and then showing them like, okay, no, this is a business that's going to be extremely big.

[Les]

Yeah.

[Podcast Host]

And you are gonna have the privilege of being able to make a lot of money with me. And so if you understand that and believe that this is what the terms are and this is where we're going, you enter. You. Right. And I think that that is something that a lot of black women, we don't have like the gall to do that. Like, I didn't when I was. Before I like learned how to raise, I would be like, it was kind of like me begging them for money. But I don't do that anymore. I'm giving them a proposition. I'm telling them why I think it would be good for them. And then I'm also interviewing them. What do you guys do for us? What can you guys help us with? How can we succeed? I mean, how can you help us succeed? So understanding that it's a two way street, it's a business transaction and treating it that way and yeah, just raising like a white man. That's kind of what I did.

[Amira Rasool]

I love it.

[Les]

I love it. I recently had an episode of the podcast where I had a little spiel about understanding what game you're playing, understanding what arena you're stepping to, kind of having that athlete's mentality with everything that we're currently trying to do, whether it's building a business, getting a new job, starting a venture, whatever it is. And it's that idea of like, you either play the game or you get played. So what game are you playing to win or are you getting played? Which is it?

[Podcast Host]

Yeah. And there's no in between.

[Les]

Play to win. Understand the game and play to win.

[Podcast Host]

And I think that also speaks to like me being so competitive as a child too, and being like an athlete is. I still hear my coaches, like my track coaches in my head sometimes. Like, they're like, I ran. Shout out to the Jaguar Track club. I ran from like time I was like maybe 8 or 7 to like 17. And one thing that they would always do, especially when we're doing like hills running up hills, dig, dig. Like that's. I still hear that in my head when it's like, it's getting down to a point where I'm like, okay, I really have to come out and figure this out myself or I really have to like I'm in a, you know, a down place and I usually will start working out around that time. So like pretty much every time I've raised capital, I've been on like a workout thing and I never work out. So it's like, so it's like funny to see. It's like I'm working out and I can like and I myself dig move.

[Les]

You're training move.

[Podcast Host]

Like yeah. And I can hear and I'm hearing that like from when I was seven when somebody was behind me and I hear my coach yelling, you gotta go. Like all of these things. I still carry that with me and I do think like, yeah, just like being competitive, even like our team when we do like our monthly team bonding and we play taboo like I'm like, so who's on my team? Who wants to win? Because everybody who's just playing for fun, step aside.

[Amira Rasool]

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[Les]

I do think that for black women founders and entrepreneurs, there are sometimes just really unique experiences that tend to happen throughout the different stages of business. Something that immediately comes to mind is a lot of the discourse around MIELLE right now, the hair products where there's, you know, controversy around. Some people are saying it's making their hair fall out. Some people are, you know, accusing since the brand partially sold to P and G. Oh well, they changed the ingredients, they changed this, they sold out. They did that.

[Podcast Host]

Yeah.

[Les]

And I think sometimes there are so many barriers to success for black businesses. Even once they get to the point where someone is buying in, where it's like if there's any sort of change from the perception of the consumer, it's almost seen as like a bad thing.

[Podcast Host]

Yeah.

[Les]

Selling part of the business is seen as like selling out. And really ultimately it's a good thing. Like that's what the business is supposed to do.

[Podcast Host]

Yeah.

[Les]

And so I think for black women entrepreneurs and founders as they learn things like how to fundraise and things like that. I also think learning how to navigate situations like that is also going to be really important as we have more businesses that continue to grow and be more successful.

[Podcast Host]

Oh no, absolutely. Like, I even saw that with like years ago with Shea Moisture and how.

[Les]

That happened and the Honey pot.

[Podcast Host]

So many, so many different situations like that. But I'VE like, I've joked, I'm like, yeah, y'all can say what you want to say at the end of the day. Like, I, what if I, I can't explain anything to people who don't want to know anyway, like, because if the people who want to know will just go do the research. So that's, that's an interesting thing because I remember, you know, because at the time, like, I was running a company, so I knew how it works. If you take venture capital money, you're either going to IPO or you're going to sell. So it's like, if you are supporting a company that is venture backed, you should already know that this, there's, it's going to go one or two ways and it's. And it's like, why should we limit ourselves when this is the game that everybody else is playing? And again, it doesn't mean that. And you know, our community, especially when it comes to hair stuff, it is very, you know, important to make sure that we are still like, doing right by each other. But it's like, we can still do that while taking in additional fund. That's really what it is because most of these companies, when they sold their CEO and they're like, they still are running the company. Yes, it's just the ownership is less. But like a lot of them, like, they still are pretty much running the show. They just have more money behind and they're able to do more than what they were able to do before. But I do think it is a knowledge thing. It's like people just don't know how it works. And then the people who know how it works and they still don't think we should do it. It's just like, okay, so we should limit our weapons wealth. Because then there's only. There's a cap of what we can do without outside investment or without, you know, and so like, we're now limiting the wealth potential of our community by wanting to keep it real. We gonna keep it real broke. If we don't, if we don't start, you know, being able to acknowledge that, like, there are certain things that we're gonna have to do to be able to like even like, I feel like the perfect example was with the Shade Moisture situation sold and then bought Essence back. And now look at what Essence is doing. It's like, But I feel like the booze and all of the like, negative things that came out first, like the cheers of like Essence now being black owned again wasn't as, Wasn't as hot. But it's like that money from the Shea Moisture acquisition is what made Essence black again. Like, so it's like, you also never know what these people plan to do with their wealth. Like, there's so many other things that they can invest back in our community by, like you said before, playing the game.

[Les]

Absolutely. And I think sometimes, too, for the everyday person, the idea of, like, okay, well, this person is just getting richer. Sometimes it's like, okay, that feels almost like a disconnect where it's like, okay, they're getting richer, Great for them, and maybe the people immediately around them. But what does that mean for me? And I think sometimes, too, when people can think of it as, like, these brands either getting venture backing or selling a portion, that's also what keeps their products available and accessible. Like, we can go to Target and get Miel, because now they can distribute so much wider and it can be affordable versus if they were maybe doing everything themselves, it would be harder to get. It would take longer to get to you.

[Podcast Host]

Absolutely.

[Les]

It would be more expensive. So it's like, we can't have it both ways. We can't have product at the price we want it, when we want it always available, always immediate, without businesses taking help to make that possible.

[Podcast Host]

And then when it does a small business and we have limited resources and everybody complaining, talking about we don't want to support black businesses because they never do what they supposed to do. Okay, tell me how. Which. Which way you want.

[Les]

Yeah, because we need money to do that.

[Podcast Host]

We need money to do that. And, like, you know, so I. I do think it's. It's interesting. I'm hoping that people. I think one thing that is hard about being a black business owner is, though, is that we're not afforded a lot of grace. And, like, that's the root of the issue. Yeah, it's immediately like, if you do something that they dislike, it's like, oh, you're the worst. Like, and that's on both sides. It's not just like black people are doing. It's just like, on either side, we can't afford to do something that, you know, we can't afford to fail in the same way as other people. And so it's like, we expect that from others, but we shouldn't be giving that to each other. And I think that's been, like, a difficult thing to try to, like, navigate. Especially. Especially, like, with me, like, going through, like, pivots and stuff like that. It's like, they're like, oh, but why are you doing this or why are you doing that? And I'm like, do you not know? Twitter, Instagram, all of them went through 25 different pivots before they came. Who became who they were today, like, that's just a part of business, you know? But it's like, again, if people don't understand, they're kind of like, looking at it from the outside in and making judgments based off of that. And I mean, I feel like, honestly, people just can't let that get to them. I know when it gets to the point where it's going to cost you money, you got to address it. But I definitely think there's preventative things to do too ahead of time to make people understand so that the backlash won't be as harsh. Like, I do think, what are some.

[Les]

Examples of preventative things?

[Podcast Host]

I just think it's more conversations, like, with, like, their actual. Like, I talk to our brands all the time. Like, I probably did, like, 15 calls with different brands in our community just last week alone. Like, I'm consistently talking to them as the CEO and telling them, like, here's what we're doing next. Let me hear about your goals, X, Y and Z. Like, I'm in the WhatsApp group, too, asking questions or seeing what's going on. So I do feel like having a community that you're actually closely engaging with and running things by them. What do you think? We're about to announce this. What do you think? And they can tell you, look, this is what this person. This is what this group is going to say. This is what this. And not being afraid to ask the people who aren't necessarily, like, even fans of yours. Like, we've had brands that, like, cancel their subscription that I reach out to, to be like, hey, can you give me some feedback about, like, what didn't work for you? Like, so it's like, I don't want it to just be about the people who love us. I want it to also be about the people who are, like, didn't like this. So having those conversations so that you are basically crafting your messaging and, like, all of those things. When you're about to make a, you know, have a new announcement or acquisition, you're crafting it based off of what, what, you know, the 50 people that you spoke to, what their feedback was. Because at the end of the day, it's about, like, these are the people that you want to make sure that they're getting the messaging the way the people who hate you, the people who like you, like, Being able to get all of that holistic feedback. Yeah, the holistic feedback. And I think it needs to be coming straight from, like, don't just go send a bunch of, like, people to go do the interviews for you. You should be talking to your customers as the, like, I talk to them, our brands all the time, because I can't do strategy and think about where we go next. And just based off of hearsay from the rest of my team who's talking to them. I want to hear it directly from the source.

[Les]

So important. And also for building that connection and that relationship. I mean, relationship building sounds like a huge part of what you do.

[Podcast Host]

And I actually care. Yeah, like, I actually do want to hear, like, I am interested about their stories, and I'll ask more questions. I'm like, wait, what? Wait, you're doing. Wait, what was the technique? And they're doing. And it's like. And I think by me doing that, it also opens the door for when they are do have questions or do have things or ideas, even outside of the folklore, they'll, like, send me a message like, hey, I was thinking about doing this. Like, what do you think? I'm like, cool. I like it. Like, or hear some feedback. And, you know, so the thing is, at the end of the day, I actually do care about these brands, and I actually care about their success. And that's what I've really focused on, like, hiring people who are like that too, and then also building out a community of brands who are also like that and want to help with. Help each other.

[Les]

Yeah, absolutely. So for brands who may want to work with the folklore, how can they do that?

[Podcast Host]

They can go to folklore.com and click join us.

[Les]

Is there, like a vetting process? What is the process that they go through?

[Podcast Host]

So they're able to go to the folklore.com and put an application and then we vet them on the back end, just making sure that they have, like, they're in the categories that, you know, we represent. We, you know, we look at a number of different factors, and then once they're accepted, they have access to all of our, you know, the technology, the education, the community tools instantly. So they can, once they create their account on the platform, all of the things are on the platform for them to be able to navigate that way.

[Les]

Great. Amazing. And what's next for you? What's next for the folklore you mentioned going back to consumers, selling to consumers. Can you tell us more?

[Podcast Host]

Yeah, I'm really excited about that. I always. It's funny, though, when we Stopped doing consumer. I was like, I never want to see close inventory in my life because it was, we were warehousing it before, but this time we're doing it on a drop shop basis.

[Les]

Amazing.

[Podcast Host]

But what's cool about it is that we're really coming in to fill that void of like conscious commerce where people can go in and shop with a purpose. So, you know, when you go onto our, the consumer platform, you know, our four key pillars are globalization. So finding like really great brands from all around the world that you know, you might have not been able to find like that's somewhere in India or somewhere in Colombia or somewhere in like Zimbabwe. Number two being diversity. So being able to, they can actually go in and filter by. I'm looking for a black owned brand or a woman owned brand or a Latinx brand or Asian owned, LGBTQI owned brand. So being able to also like put your money, you know, in the communities that you value. You're able to also shop by sustainability. So you can go by eco friendly or clean beauty or you know, things like water, you know, conservation. And then the fourth being, you know, being able to shop by innovation. Innovation. Like okay, these are the things, these are the innovative techniques that this, that these companies do. These are like, you know, futuristic styles. These are, you know, so we're really looking at like people being able to go in and find like these amazing independent brands that you know, they otherwise probably wouldn't have known about some, some being more popular than the others that might be stocked at like larger retailers, things like that. Courtesy of the Folklore. But then there are some that are like very small, no other, you know, retail presence and people being able to go in and be super intentional about supporting one small, small brands, but also being able to support them based on their identity, based on the values and then just being able to know that like you have a great curation of brands too. So you know, we're going to have so many, many, so many different edits too. So it's like, you know, day to night edit. So you'll still get the same thing that you'll get from another e commerce site. You'll get amazing products. But with this is like we've now curated a group of brands that you know you're doing good by supporting them. And if you're, even if you don't know that about the brand, you're definitely doing good by supporting folklore.

[Les]

Absolutely.

[Podcast Host]

Because it is a woman owned and black owned and all of that good stuff. So yeah, that's what we're really excited about. And we're doing Pop up shops for those. So like we're doing one in LA for two weeks, October 17th through the 30th. And that's going to be like a really exciting, a really exciting one for us. And we're going to be doing different events throughout the time. So you know, we'll do like different public sip in shops, we'll do private ones. We're doing it this place called Pop Up Home in la. Woman owned, POC owned space. Super amazing. I'm really excited to be collaborating with them for that. That. And then we're doing one in New York for a month in November. We're doing one in Accra that last week of December. So we're really like giving brands the opportunities to actually like have their products in front of people too. Because I do feel like that stores are still important.

[Les]

It's amazing. One last question for you. Why is it important to be a global shopper? Why do we, why should we want a global closet?

[Podcast Host]

Especially like for like fashion people? It's like people you want to stand out, you want to have something that's different. And I think, you know, oftentimes people are like, oh, where'd you get that from? Where'd you get that? It's always another country. I rarely shop in the US not because I don't think that there's a bunch of great brands and stuff. When I do find a cool brand, I will buy from them. But it's because like, I know, first of all, I really enjoy shopping. I always do one day of shopping wherever I go, where I'll go find whatever the local stores are. But I just think that if you, you want to set yourself apart and you're not, you don't want to wear the same thing everybody else is wearing. Shopping globally is just like the easiest way to do it because how many people came to this city or this boutique, you know? And then also I just feel like I have a style that I feel like there are certain cities and countries that I'm like, that aligns with my style where I'm not going to be able to find the same silhouettes here. And so it's like also knowing that like there's some people where like maybe this, the stuff that's here is not your actual style. It doesn't really. It doesn't. Or you're not able to find enough. So like, for instance, like I love going to like East Asia because that's very much like I have like, I love like the way that the pants are cut especially like for women where they have like more of a masculine feel, the long black pants and like so like so much of my stuff I've gotten when I'm in like Taiwan or China. But at the same time like when it comes to like more dress up items, like it's usually when I'm in Nigeria, that's where I'll get like all of like my really nice like things that I'll wear to like you know, galas or like really nice cocktail because it has like you know, really great bold sleeves or it has. So I think also because of how my style is like there are certain cities and places like my more casual stuff I'll get when I'm in Cape Town, like I'll wear like a cool like selfie jumpsuit. Selfie is available at Shopbop courtesy of the Folklore. But like I'll wear like a really cool like selfie jumpsuit, something linen. So I think yeah, it's, it's, it's also about like knowing what your style is and like the fact the matter is now you can go on, you know, shop the folklore and be able to be like, I've been looking for this type of style. This is my type of style. Who would have known that this brand in this country you might have not ever thought of going to has it and you don't actually have to go there to actually go and access it. So I'm like my whole closet is nothing besides maybe like Zara for basic and things from other countries.

[Les]

I love that. I love it. We're going to make sure we have all of the information linked in the show notes so that everyone can check out the Folklore become global shoppers.

[Podcast Host]

Yes.

[Les]

I think it's amazing what you're doing. So thank you so much for being here.

[Podcast Host]

Thank you so much. I really appreciate it.

[Les]

And thank you all so much for tuning in. So if you enjoyed this episode, please make sure that you leave us a rating and a review. Make sure you're subscribed across Spotify, Apple, YouTube, all of the places and I will see you next week. Please note that this episode may contain paid endorsements and advertisements for products and services. Individuals on the show may have a direct or indirect financial interest in products or services referred to in this episode.