Stories

December 6, 2022

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Founding a business startup and starting a family simultaneously was proved possible by the CEO and co-founder Hanna Wu of Amplify Life Insurance, a life insurance platform focused on helping people build wealth.

Wu first realized the importance of insurance policy when her 20-year-long best friend lost his father and financial backbone at the same time after the latter’s father died of cancer.

Upon knowing more than a year ago that she was pregnant, it gave her mixed emotions as a 16-hour working woman who travels from here and there.

Trying to sort out the situation, she researched articles on early-stage founders as moms but failed to find ones that fit.

As a BIPOC member, she sought a community from the same race who are also women founders only to find out that barely 7% of the global fintech community are women and that they only receive 2.4% of the total capital invested for startups.

Finding no one, Wu felt alone and wondered how others balanced the various startup stages while starting a family.

The journey was never easy for Wu but truly, hard work, goal orientation, and perseverance make everything achievable.

Wu started to plan everything before and after her delivery and how she would be able to raise funds for her business considering the time when the market dropped so low.

While thinking about getting a nanny and how the set-up would be after her delivery, Wu engaged in lower-stakes conversations to test investor sentiments, and fortunately, she was able to secure a large reinsurer’s venture arm.

Wu also woke up early in the morning daily to study for her investment adviser exam and everything else she did with her impending delivery as motivation.

Three days before finally giving birth, they signed the term sheet for the company.

In the 9-month time of pregnancy and struggle towards establishing the business, Wu raised over $25 million in investments and thereafter hired a full leadership team, kicked off their RIA status, signed several significant partnership contracts, and grew their revenue four times: everything planned in her to-do list.

With her success, she shares in Quartz 5 work strategies to prepare for parenthood:

Sort your parental leave plan. It’s harder for early-stage founders to take leave, but preparing your care plan and naming what’s important to you.

Consider your travel schedule. Prioritize travel by business needs, and don’t be afraid to break from the way it “should be” done.

Become an expert on roles and responsibilities at home. You, your co-parents, and caregivers must become experts on the roles and responsibilities at home. Stay connected to the right people and in the right ways. 

Plan for everything and expect failure. Be easy on yourself when mistakes happen, or roadblocks pop up.

You don’t have to choose. We don’t have to choose between our careers and families. It’s not easy, it will be far from perfect, and undoubtedly you’ll need a lot of support, but you can have it all if that’s what you want.

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A Millennial’s Gamble Pays Off As Her New Beauty Product Line Has Just Raised Over $225M

When the pandemic struck, all Chrisanti Indiana wanted to do was help her family and create jobs in her community.

Nonetheless, as the pandemic worsened, each day appeared to be a gamble. She gambled on her dreams, created her employment opportunity, and risked everything for her family because she had no safety or security options.

The Indonesian co-founder, and chief marketing officer of Social Bella, surprised everyone by taking her successful online store offline. In 2019, her online beauty and personal care store, Sociolla, already had two physical locations in Indonesia. It currently operates 47 outlets in Indonesia and 16 in Vietnam, making its earnings multiplied by ten by the end of 2021.

It started after Indiana had finished her studies in Australia in 2015 when she moved back to Jakarta, where she conceived the idea for Sociolla.

Chrisanti found that Australia was a great place to stock up on her favorite cosmetics because of the abundance of international brands. There couldn’t have been a bigger contrast with Indonesia.

With a combined $13,000, Indiana, her brother, and a close friend founded Social Bella to provide customers with access to legitimate goods and services.

“Since we started, we ensure that we only work with authorized distributors or brand owners,” Indiana said. 

The three founders of Sociolla had bigger plans than just building an online store. They have expanded beyond offline stores to become a global beauty and personal care product distributor. In Indonesia, they also became an associate partner for numerous international brands.

‘We want to ensure that we are scaling up and reaching more and more consumers. If Social Bella becomes a unicorn, it’s a bonus.” – Chrisanti Indiana shared with CNBC.

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What Separates DoorDash Founder Tony Xu From The Rest Of The Tech Billionaire

Learn more about Tony Xu, the co-founder, and CEO of DoorDash, the most extensive service in the US for delivering food. Xu is a Chinese-American tech billionaire who has worked for eBay and PayPal in the past, but he attributes his current success to the experience he gained working as a dishwasher.

DoorDash went public in December 2020 after being co-founded in 2012 by a group of excellent Stanford University students, including Xu. Today, the platform has more than 6,000 employees and more than half the market share in the food ordering and delivery industry. Company earnings for 2021 were reported to be over US$4.8 billion.

Xu shared that he once felt discriminated against when surrounded by other entrepreneurs who were different from him. As the sole Asian-American cofounder of the company, he proudly and responsibly accepted the challenge. He is aware that there are not nearly as many Asian-American CEOs or other types of founders, so he remains a minority throughout this setting. He believes it serves as a gentle reminder always to recognize that and to maintain a lowly but humble attitude.

Not only has Xu found success with DoorDash, but he also serves on the board of directors for Meta, the parent company of Facebook, and was named to Fortune’s 40. He is also a huge NBA fan, leading to DoorDash becoming the league’s first official food delivery partner.

As of 2022, Xu’s net worth was estimated at US$1.3 billion, placing him at #2,190 on Forbes’ list of billionaires.

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Stories

Fifth-generation Entrepreneur Reimagines NYC Chinatown Landmark While Preserving Cultural Traditions

Even though times are tough and New York’s Chinatown is on the verge of dying, there is one place where things appear to be mostly the same as they have always been.

Since Mei Lum started volunteering as a child, Wing on Wo & Co has been run by her family. Brilliant and creative heritage enterprises have withstood generations of economic ups and downs. Mei represents her family’s legacy and New Yorkers and future generations of Chinatown residents.

The 32-year-old fifth-generation owner has bigger plans. Mei revived Wing on Wo’s late-19th-century ambiance. The store was a meeting place, credit union, and informal post office for low-income Chinese employees during the Chinese Exclusion Act.

She wants to run things because she has always wanted to expand the store’s conceptual boundaries. “A business doesn’t have to be so economically driven. There can still be genuine connections, which sustain a community,” she told The Guardian.

Wing on Wo is still primarily run by the original family for over a century. For 30 years, Mei’s father Gary has chatted with clients at the counter. Lorraine, her mother, handles the website and order processing. Her 105-year-old grandmother, Nancy, promotes the store’s hand-painted wine cups, fish-shaped glazed vases, and elegant dinner plates on Instagram.

In 2016, her grandmother intended to sell the family-owned porcelain specialty shop, which was worth close to $10 million. Mei took over the business to preserve it and create a community hub. She was planning to study international relations at Columbia University, but she now wants to run the family business. She wanted the store to be a hub for activists and artists to fight gentrification and displacement.

As a result of the pandemic, Mei decided to focus her efforts on online sales, digital advertising, and social media. To ensure that the business is preserving tradition and shaping the future of Chinatown, she has added several new initiatives, such as youth programs, an artist residency, and a ceramicist fair.

Image Source: Korina Sanchez Youtube Channel

Stories

This Street Vendor Selling “Magic Water” Proves That No One Is Too Small To Be Successful

Priscilla Cornejo, better known as Nanay Bebe to the local people (“Nanay” means mother in Filipino), has been selling her magical water to the community since 1980 in the Philippines. She is convinced that her drink’s distinctive flavor is why so many customers seek out her business.

Magic Water, or known to be its local term “Samalamig” is also recognized as a leading refreshing drink in the Philippines. Despite coming from modest means, Nanay Bebe makes it her mission each day to quench the thirst of those hungry for success.

She explained that her drink is not just ordinary cold water. It has clear agar, sugar, mineral water, and tons of ice. When the agar hits the ice, it tends to melt, creating the ‘magic water,’ that will surely quench your thirst. 

Her business may not look like much compared to big companies or restaurants, as she only sells on the street, but it has tremendous growth potential. Nanay Bebe sells her magic water for PHP5 or PHP10 ($0.08 or $0.17) in small plastic bags, cups or some customers even bring their own Aquaflask or tumblers. From what she described, weekly earnings for her business could reach PHP35,000 ($600).

An endless line of curious onlookers from the street awaits to sample Nanay Bebe’s magic water. Many online publications, including those dedicated to food and social news, have featured it. Even today, some people attempt to duplicate Nanay Bebe’s traditional drink formula.