Naivety is a superpower
Giving up a high-flying corporate career to become the founder of a wellness startup is not a move you make lightly. I bailed out of a decade-long position as a corporate lawyer to launch gut health brand JERMS in 2023. And I don’t regret a thing.
In our first year, JERMS won listings in retailers such as Selfridges, Whole Foods, Daylesford, and Planet Organic. We’ve raised capital from angel investors and venture capital partners, and we are looking to expand into more outlets.
My passion for gut health is borne from experience. I developed chronic stress-induced gut issues while working as a competition lawyer in Brussels and New York. As I searched for a remedy, I came to understand the vital role that gut bacteria play in our overall health, including our mental wellbeing.
That experience helped me identify a gap in the market for an affordable product that contained more than just a probiotic, combining prebiotics, digestive enzymes and superfoods alongside the probiotic to offer a more complete solution. During the COVID lockdown, when many people were re-evaluating their careers, I decided that the time was right to take the plunge. I left my job and embarked on the most incredible adventure of my life.
Starting a business has many challenges, and some are hard to foresee. It is often said that entrepreneurs are blessed with the superpower of naivety. We confront the challenges head-on without thinking twice, driven by passion.
My advice to anyone thinking about founding a startup would be to decide whether you want to raise investment or grow organically. That depends on your vision for the business. Do you want to be number one in your category and have a higher valuation or a lower market share? You need clarity on these questions because to attract investors, you need to offer them an exit strategy so they can realise their investment in the future.
Finding funding for a startup is notoriously difficult, and it’s especially challenging for female founders and women of colour.
For me, the key to raising investment was growing a network, attending industry events and engaging on LinkedIn. It took time, but through persistent networking, I eventually received investment from my first angel investor in 2022.
The difficulties shouldn’t put off women entrepreneurs. Yes, finding funding is tough, but there’s a huge amount of help available. One group that has been inspirational is Buy Women Built, which was invaluable to me. There are various schemes that help you prepare for fundraising, as well as several networking groups and other support groups for female founders, which I have found very helpful. I won a competition for entrepreneurs, and the prize was six weeks of mentoring with the amazing Olivia Ferdi, founder of Trip Drinks. That was a pivotal experience. Mentors are so important because there is no playbook for entrepreneurs – I currently have three mentors for different areas.
Another helpful tool has been the Government’s Seed Enterprise Investment Scheme, which gives tax breaks to UK-based investors. That has been instrumental in helping us raise our first round of investment.
Finding investors who are a good match with your needs is also important. Investors need to truly understand and believe in your vision and your growth strategy because some investors demand unrealistic growth that might not be sustainable. JERMS is backed by venture capital company VGC Partners, which is in it for the long term and puts a huge value on building companies into self-sustaining stand-alone businesses before seeking an exit.
One thing founders often need to remember is how they will fund themselves. You may not go into it for the money, but you have to support yourself. I’m paying myself peanuts and tapping into some savings from my previous job.
I feel like I had a head start in this field as I suffered for years with my gut health and as a result feel very connected to our customers and extremely passionate about improving their quality of life.
I work harder than I did in my corporate role, earning a fraction of what I was taking home, but I love this life. It is so satisfying when customers tell you how JERMS has helped improve their lives. We’ve had loads of great coverage in the media and won industry awards, which motivates me to keep going.
Of course, becoming an expert on gut health and learning how to manage my stress effectively has been a bonus, too!