Awaken* newsletter

September 5, 2024

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Fifty thousand dollars. That’s the average cost of in-vitro fertilization (IVF) treatment in the US. Although the number of employers covering fertility treatment has risen significantly over the past few years, the percentage of employers that provide fertility benefits is still around 40%. This has left many hopeful parents stranded, unable to afford the hefty price tags out-of-pocket.

The good news is that we have many talented people working on this issue. Tammy Sun is the CEO and co-founder of Carrot Fertility, a startup that has raised more than $115 million to help employers, health plans, and health systems provide comprehensive fertility care benefits to people globally. We sat down with Tammy to chat about her work with Carrot and reflections on her founder journey.

TLDR; Key Takeaways

If you only have a few minutes, here are a few golden nuggets from our conversation with Tammy:

  • Storytelling is a core component of innovation. Whether you’re pitching investors, engaging with potential hires, launching a new product, or closing new customers, it’s critical that you can clearly articulate and curate the value proposition to each of your stakeholders. Practicing this skill will naturally lead to new conversations about how your product/service could be improved. 
  • The best way to build something people want is to listen to your customers’ problems. When talking to potential customers, give them the breathing room to talk generally about problems they are facing. This can provide valuable insight into the meaningful problems that need solving.
  • Choose a problem you want to work on where you have a personal connection to the issue, especially in healthcare. If your startup succeeds, you will be working on the same problem for 10+ years. Choosing a problem that you will have a lifetime of curiosity about will keep you motivated.
  • In the early stages of fundraising, focus on discovering your early believers instead of convincing people to care. Your early backers should be people who are as visionary as you are about your problem. Don’t waste time convincing investors who can’t be convinced, move on quickly.
  • Different stages of company building can require different employees. It’s important to remember that very few people can support your company from day 1 to an exit because most don’t have that prior experience. As a founder, you want to assess if the team you have is able to help you reach your next few milestones and reassess the next key growth stage of your company.  
  • The CEO acts as a culture’s pacesetter. As simple as it may be, you need to reflect on the behavior and aura you would like to see within your company. Alignment around company culture starts with you. 

What made you decide that starting a company was the right answer to the lack of access to fertility care?

Before starting Carrot, I spent some time in government, policy, and political work. There’s definitely a huge opportunity through policy to make large-scale improvements and changes to healthcare and other areas that can impact millions of people, particularly around regulatory issues related to fertility care, pregnancy care, and menopause care. But, I think the private sector and companies have a unique sharpness that can impact people in direct ways that nonprofits, legislative efforts, or even judicial efforts can’t.

In this country, whether you like it or not, people get most of their healthcare through their jobs. Employers, health plans, and the partners within the healthcare ecosystem that work with them are very much the primary delivery and distribution mechanisms for healthcare. I really believe that lifelong fertility care–from preconception all the way through menopause, low testosterone, and midlife care–is a vital and fundamental part of human healthcare. In order to bring fertility care to the table as a first-class citizen within the healthcare stack of work, we committed ourselves to making it easy for employers of any size, anywhere in the US and around the world, to customize their products and deliver fertility benefits to their employees in a way that is easy and seamless, and really elevates the experience for those employees.

There’s a place for all different types of work and activity that can impact this space, including nonprofits and public sector work at the federal and state levels. For us, we felt that the private sector and the company vehicle specifically were going to be the most impactful for the change we wanted to see in the world.

What valuable skills did you learn during your time in the public sector that are transferable to what you’re doing now?

In both the public and private sectors, as well as the nonprofit sector, the ability to clearly articulate your ideas with strong and compelling stories is really important. Whether you are in the public sector arguing for a piece of legislation or a specific law, or you’re in the private sector raising capital, launching products, or even recruiting talent and hiring people, it really depends on how good you are at telling your story and articulating an idea about the future. That’s something I was really able to bring with me in that transition.

We know that you played around with a few other ideas including some D2C ideas before committing to your current idea. How did you land on your current business?

It’s a great question. I’m an avid consumer of B2C-type healthcare products. I wear all the wearables and things like that. But as I said, if you’re really talking about healthcare with a capital H, you have to figure out a way to integrate with plans, payers, and employers. We tried many different ideas in the first year and a half of the company. Some of them were direct-to-consumer. We tried to make it really easy for people to access loans and financing. Ultimately, we shut that part down because we didn’t really want to be in the business of financing as the single solution. Medical debt is the number one reason that Americans file for bankruptcy, and we didn’t want to contribute to that. It’s great for some people, but at scale, it’s not a worthwhile solution. We tried all sorts of direct-to-consumer things. I didn’t know anything about benefits, employers, or the many acronyms in the space like ERISA, HIPAA, HRA, or HSA. But what I knew in the early days was that when I started talking to potential customers, all they wanted to do was talk about their problems and what kind of product they would be interested in if we were to build it. The enthusiasm and desire for a product that would make it easy for HR leaders and benefit leaders to meet their needs within their employee population was striking from day one. As soon as we pursued that avenue, we never stopped.

Within the fertility care industry, what do you think founders and other innovators should be focusing on?

I feel like the right match between the founder and the problem is as important as the match between the product and the market. What you want to do if you’re a founder thinking about starting a company is to make sure you have an almost never-ending well of curiosity about the problem you’re trying to solve. You don’t really need to have a clear solution in the early days, but you must have unending curiosity and empathy, particularly in healthcare. You need to understand who is impacted by the problem, who is hurt by it, and who feels pain as a result. Spend a lot of time understanding what that looks like even before you think about trying different MVPs and ways to solve it. If you have a personal connection to the issue, especially in healthcare, it contributes to a lifelong curiosity about how people experience the problem you’re trying to solve. This continuous curiosity allows you to keep innovating even two, three, five, or ten years later, building products and services that add value to people’s lives.

Given that fertility care has only recently seen an influx of venture capital, what do you think are potential exit options for fertility companies?

There are lots of ways along the journey to create liquidity for investors, shareholders, early employees, etc. As the category matures, those opportunities will increase, and we’ll see a lot more diverse outcomes across the category. That’s a good thing; it’s a sign of progress and market maturity. I’m excited about that because I think it’s coming. For early-stage founders, it’s less important to spend time mapping corporate strategy and how you are going to get to an exit. Instead, be maniacal about serving customers and the rest will generally sort itself out. But to your point, this category has been ignored for a long time, so it’s exciting to see how this area of healthcare is getting attention and being prioritized as an area of opportunity for investment.

When you were choosing an idea, was the total addressable market something that you thought about? 

Certainly, in the earlier days, it’s almost a conversation that doesn’t really need to be had. Generally, you want to try to solve a very specific thing really well out of the gate and then use that as a wedge and leverage to expand from there. But I did spend a lot of time evangelizing and educating different people, particularly investors, to address questions about how big the TAM would be. I had to explain why egg freezing was not a niche problem and all the things that, in retrospect, I’m sure you could appreciate as well. It’s very clear now and it’s part of the mainstream conventional wisdom that this is a very large area of healthcare. It affects almost every human being—people who are pregnant, and people who are not pregnant. We were the first to launch a menopause product into the employer market a few years ago, and we really think about that as both reproductive and post-reproductive fertility care. If we were to talk about menopause care five years ago, the category hadn’t matured enough where people would even take that seriously. 

If you’re new to fundraising, it’s a little bit jarring in the early days to get so many rejections, particularly if you’re generally a high-achieving person. I wouldn’t think about fundraising as convincing. I would think about it more as discovering, especially in the early days. It’s less about trying to convince a lot of people about your TAM and more about moving on quickly from people who you sense can’t be convinced and finding people who are as visionary and evangelical about your problem set as you are. 

How did you think about making your first few hires? Why did you hire them, and what lessons did you learn from those first few hires?

The first few hires generally are partially a function of who’s around you. What’s your current community like, whether it’s college or whether you’re in New York or Silicon Valley? What is your immediate vicinity, and who’s in your personal network? An important thing about your first few hires is understanding how to discern when the first few hires have hit their ceiling. You’ll have your first few hires, and then you’ll have your first few fires. The latter is probably as important as the former. 

Very few people can scale a company from zero to 100 million and be able to excel for that entire journey. More people will be particularly excellent at a particular stage of the company, whether it’s zero to a million, a million to 10, or 10 to 30. As a founder, you want to be able to hire and understand what the business needs, not just in this moment, but in the next few moments that are coming. And then, regardless of your personal relationships, you have to be able to shake your team up if needed and build it for the next phase. Sometimes that means you stick with some folks from your founding team. Sometimes that means you separate, and that’s okay. They’ll always be part of the story, but hiring and firing is probably one of the most challenging aspects of early-stage company building.

How did you think about culture-building? 

The thing that was most important for me was that the people in the early team were as obsessed as I was with customers, users, the product, and the problem. We knew very early on that the product would change and it would change very quickly. You want to be surrounded by people who are just as curious as you are about all the things that really matter. I was very lucky that I had a lot of people around me in those early days where our curiosity matched each other. Our level of intensity and our level of passion were all well-calibrated with each other.

Where you find problems, especially in early-stage company culture, is if that calibration is off and some people are running at different speeds. You want your initial team to be extremely aligned, running at the same speed. Everyone should be equally passionate, curious, and taking advantage of the fact that you are early and minimal; so information, knowledge, and insights can travel very fast within the team. As a CEO, you are generally the pacesetter when it comes to progress and culture. I would encourage early-stage founders to think of themselves as pacesetters and examples so that others can see what kind of behavior comprises the culture of a company.

How has your identity as an Asian impacted your founder journey?

The area where it has impacted me is representation, meaning I didn’t have that many Asian role models coming up. That absence has really emphasized the need for empathy, not just for other founders, but also for users and members. For example, considering where our users come from. Where do they feel like there are no role models? Where do they feel like there is no precedent? Where do they feel like it’s lonely? I think my own experience has enlarged and augmented my sense of empathy in all directions with other founders, but also within my customer base and my membership base as well.

Can you share more about the policy-related work Carrot has been doing or that you’ve personally been doing in Alabama to expand and protect access to IVF and other fertility benefits?

What happened in Alabama was bad. We anticipated it and moved very quickly to make sure that our members who were impacted in Alabama were supported. While the change didn’t affect a huge number of members, it was significant from a cultural and media perspective. We made sure that members were communicated with, that customers who were impacted felt supported, and that we were able to answer lots of questions from our partners within our ecosystem.

A silver lining of the Alabama situation is that a strong bipartisan consensus emerged in favor of access to IVF. You saw Democrats, Republicans, and independents all speak up in favor of IVF and fertility care as a fundamental part of healthcare. This is medical care. I saw almost no voices trying to restrict access to it from a political or policy perspective. That is a significant silver lining and an area where we’ve tried to center ourselves and expand the consensus in favor of support. We believe that anything that prohibits or decelerates access to care is bad, and the Alabama event was certainly in that category.

Lastly, is there anything that you’d like to shout out or promote?

My friend April Koh. She’s the founder and CEO of Spring Health, which is a mental health company. She and I have known each other for a long time. She’s done such a phenomenal job in the mental health space with Spring, so I’d like to shout out April.

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Empowering the Future: Jason Chan on Uplifting Communities

“Hustle is more than just work, it is a movement that can change the world,” Jason Chan, Chief of Staff to AT&T President of the West Region and Director of External Affairs. 

Inspired by the hustle, sacrifice, and unwavering determination of his family and the first generation of Asian American immigrants, Jason felt a profound calling to make a difference for his community. This passion led him to a career in government affairs and advocacy, where he focuses on fostering collaboration between government entities, corporations, and organizations to create policies that truly support and uplift the communities they serve.

A Tale of Challenge and Inspiration

“I’ve been inspired by the countless stories of resilience and perseverance within our community,” states Jason. As a member of the Asian American, Native Hawaiian, and Pacific Islander (AANHPI) community, he is driven by a deep sense of responsibility to honor the legacy of those who paved the way before him—laying the groundwork for future generations.

Jason emphasizes that success is rarely a linear journey, and challenges are an inevitable part of the process. One of the most significant obstacles in his career has been navigating roles where AANHPIs are underrepresented, particularly in decision-making positions. This lack of representation has required Jason to work even harder to demonstrate his value, advocate for diversity, and ensure that the AANHPI community receives the recognition it deserves. 

What helped Jason overcome these challenges was leaning on a strong network of allies and mentors who believed in his vision and capabilities. He came to see setbacks not as failures but as opportunities for learning, growth, and redefining what’s possible. Jason firmly believes that the key to overcoming hardships lies in surrounding yourself with people who inspire, uplift, and challenge you to reach your fullest potential.

“During my time as Appointments Secretary for then-Mayor Gavin Newsom, it wasn’t always easy to challenge existing systems and push for diverse appointments. But I stayed committed to my belief that representation matters, and over time, those efforts led to tangible changes in the city’s leadership.” Jason exclaims.

The experience further solidified Jason’s conviction in the power of creating spaces for diverse voices and perspectives. It served as a powerful reminder that meaningful change becomes achievable when people unite and collaborate. With this belief at heart, Jason remains dedicated to his mission of uplifting others and dismantling the barriers that hinder progress.

Jason believes that overcoming hardships lies in surrounding yourself with people who inspire, uplift, and challenge you to reach your fullest potential.

Jason believes that overcoming hardships lies in surrounding yourself with people who inspire, uplift, and challenge you to reach your fullest potential.

From Dreams to Success

Jason has achieved numerous milestones, including being named Chairman of both the Asian Pacific American Institute for Congressional Studies (APAICS) and the California Asian Pacific Islander Legislative Caucus Institute (CAPILCI). These prestigious positions highlight his dedication to advocating for the representation and equity of the AANHPI community. Through these roles, Jason has been able to directly influence policies at both the national and state levels while fostering leadership development for the next generation.

In his current role at AT&T, Jason has demonstrated his commitment to supporting the AANHPI and LGBTQ+ communities through strategic partnerships, building strong relationships with stakeholders, and advocating for initiatives and policies that promote diversity and inclusion. His efforts have resulted in stronger connections, increased visibility for underrepresented groups, and meaningful investments in fostering equity and inclusion. However, Jason’s proudest accomplishment lies in the mentorship and guidance he has provided to emerging leaders, helping to shape the next generation of changemakers.

Jason shares with Asian Hustle Network, “Never underestimate the power of your story and the impact you can make. Our journeys, no matter how humble or challenging, hold immense value. They shape who we are and inspire others to dream bigger and aim higher.”

For Jason, the most rewarding achievement of his journey is witnessing the leaders he has mentored make meaningful contributions to their communities and careers. To him, success is not measured by personal accolades but by the impact one has on others and the legacy of opportunities created for future generations.

Success and the Journey Ahead

Jason’s vision is to create pathways that empower individuals to reach their full potential and, in turn, give back to their communities. He is dedicated to uplifting the Asian community by ensuring policies and decisions reflect our stories, perspectives, and needs. Through his work, he hopes to inspire others to take bold steps toward achieving greater representation and making their voices heard.

Jason affirms, “Let’s continue to hustle—not just for our personal ambitions, but for the collective success of our community. Together, we can create a future where every voice is heard, every dream is supported, and every barrier is broken.”

Connect With Jason

Facebook: Jason Chan

Linkedin: Jason C.

Twitter: Jason Chan

Instagram: @jayson326

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News

Việt Nam Vô Địch: The Phenomenon of “Đi Bão”

“Đi bão! Đi bão!” “Việt Nam vô địch, Việt Nam vô địch!” Chanted the brewing crowd filling Vietnam’s streets after the nation won the AFF Cup.

As the world witnessed the triumph of Vietnam’s soccer team, foreigners and tourists coming to Vietnam were captivated by something else, đi bão. 

The term đi bão is an Internet term that the Vietnamese people coined to describe a parade-like occasion to express national pride, the latest example being the AFF Cup celebration. Through the victory, the term has risen into international popularity as a cultural phenomenon in Vietnam. 

On the surface level, foreigners would witness Vietnamese people flooding the street on their motorcycles, cheering, and raising flags. Yet, in a deeper investigation, the term đi bão defies translation. To a Vietnamese, the definition of the term is as foreign to any expat, yet it invokes a meaning, a feeling, a glorious aspect of Vietnamese culture that anyone on this earth can understand as if it were their mother tongue. Pride. 

People flooded the streets at 1 A.M. to celebrate Vietnam winning the AFF Cup (Image Source: Báo Phụ Nữ)

As the Vietnam soccer team won over Thailand in the AFF Cup, everyone knew what was going down. Silence. Then horns blared, motorbike engines revved, and metal clanged as thousands of flags were raised. Was it the spirit of football? Unlikely. What Vietnamese people love the most is a chance to gather and celebrate, cheering for their national flag. 

Pots and pans were used during ‘đi bão’ to support the cheering effort (Image source: Lao Động)
Thousands of Vietnamese rejoice as the match ends, signifying Vietnam’s triumph (Image Source: Hải Long, Dân Trí)

Đi bão is a one-night chance for the Vietnamese people to parade, to party, and to celebrate a collective victory of the nation. The people dressed in red with a smear of yellow makeup, the color of the Vietnamese flag, as bikers violated every traffic rule imagined. It didn’t matter, as everyone was in a sense of euphoria. Cheeky cardboard signs went up, shirts went off, and occasionally, a person too hyped for the occasion would lead the crowd’s chant.

The people of Hanoi raise their glasses and celebrate (Image source: Mạnh Quân, Dân Trí)
A son and dad celebrating Vietnam’s victory (Image source: Nam Anh, Dân Trí)
A man in a costume leads the crowd (Image source: VOV)

Đi bão beautifully reflects an element of Vietnam’s culture, the Vietnamese identity. The emotions and the experience transcend beyond any boundaries, borders, and football team. It was the loud sounds filled with excitement and pride that made the term đi bão so understandable and relatable. It was the collective joy that made even foreigners experience what it is like to be a Vietnamese for a night.

Tiến Linh [left], Duy Mạnh [middle], Xuân Son [right] in AFF Cup 2024 (Image source: Mạnh Quân, Dân Trí)

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Awaken* newsletter

Transforming Access to Credit: A Conversation with Kristy Kim, Founder & CEO of TomoCredit

In this month’s edition of the Awaken* Newsletter, we speak with Kristy Kim, Founder and CEO of TomoCredit, a fintech startup focused on improving access to credit for underserved consumers. By using AI to evaluate real-time cash flow data rather than traditional credit scores, TomoCredit connects consumers with lenders.

Kristy discusses her journey as an immigrant, an Asian female founder, and an entrepreneur working to transform the financial industry. Through her leadership, TomoCredit aims to provide more people with better access to capital and lending opportunities.

Can you start by giving us an overview of your company and what you’re trying to solve?

Kristy Kim: Sure! At TomoCredit, our mission is to bridge the gap between underserved consumers and lenders using AI technology. We are focused on serving individuals who have been left behind by traditional financial systems, especially those without credit scores or with limited credit history.

There are millions of people in the U.S. who are underbanked, and the financial institutions that could potentially help them either don’t have access to their data or don’t understand their risk profile. We leverage AI to evaluate consumers based on their cash flow instead of relying solely on traditional credit scores. This enables us to match these individuals with lenders who are willing to serve them without taking on additional risk. Our platform helps both consumers and lenders—consumers get access to capital, and lenders expand their market in a low-risk way.

What motivated you to start TomoCredit?

As a first-generation immigrant from South Korea, I moved to the U.S. at eleven. In my early twenties, I faced the challenges of building my own credit history. After graduating from UC Berkeley, I worked in investment banking.

Despite having a stable income, I was denied an auto loan five times because I lacked a credit score. This experience highlighted a significant gap in the financial system, where many immigrants, young adults and many other underserved communities are excluded due to the absence of a credit history. After being turned down multiple times, I knew something had to change. I saw that the traditional credit system wasn’t serving millions of people, particularly immigrants, who had the ability to repay but lacked a credit history to prove it.

That experience of being excluded from the financial system really motivated me to find a way to help people like myself access the credit they needed. Determined to address this issue, I founded TomoCredit to provide credit solutions for those who, like me, struggle to access traditional credit avenues.

I wanted to create a system that didn’t rely on traditional credit scores but instead used alternative data, like cash flow, to assess creditworthiness. The idea was to connect underserved consumers to lenders in a way that wouldn’t increase their risk. TomoCredit was born out of this desire to make the financial system more inclusive—so others wouldn’t face the same rejections I did, and would have the chance to access capital and thrive.

As an immigrant founder, have you faced any challenges or biases in fundraising or building relationships with big institutions?

Kristy Kim: Yes, there are definitely challenges that come with being an immigrant founder, and at times, it can feel like an uphill battle. But, interestingly, my background has also played to my advantage.

As an immigrant, I have a unique lens on the problems facing underserved communities. I know firsthand what it’s like to struggle with the traditional credit system. I’ve faced the same barriers that many of our customers face, and that gives me an edge when I’m speaking to financial institutions. I’m able to say, “Look, I know my customers better than anyone else. These people are creditworthy, but they’re being overlooked by the traditional system.”

There is some bias, of course, especially when you’re dealing with legacy institutions, but I think they also recognize that I bring something different to the table—an intimate understanding of the market and the customers they often don’t have access to. Lenders are willing to listen because they know that by partnering with us, they can expand their pool of potential customers without taking on additional risk.

You’ve been in this industry for over five years now. What keeps you motivated despite the challenges you’ve faced?

Kristy Kim: That’s a great question. Honestly, the progress we’ve made keeps me motivated. Every year, I see the interest in our approach growing, and it reinforces that we’re heading in the right direction.

When we first started, it felt like I was an outsider trying to convince traditional financial institutions to embrace an entirely new way of evaluating credit. But now, year after year, we see more and more mainstream players realizing that there’s a huge market for underserved consumers—and that these consumers are creditworthy if we just use the right tools to understand them. It’s exciting to be at the forefront of this change.

For me, it’s not just about building a business—it’s about creating lasting impact. The U.S. consumer credit industry is worth over $4 trillion, and the fact that we are focusing on a largely ignored segment of that market feels like we’re making a real difference. And, of course, as a founder, seeing our technology evolve and improve with time and data is incredibly motivating.

How does your solution differ from other competitors in the market who are also targeting underserved consumers?

Kristy Kim: The key differentiator is that we don’t just rely on traditional credit scores to assess risk.

Our AI model is powered by cash flow data—essentially, we evaluate consumers based on their spending and income patterns, which gives a far more accurate picture of their financial health. Over the past five years, we’ve accumulated a wealth of data that allows us to refine our model, and with every new data point, we get better at underwriting.

Unlike competitors who may be using generic data or building from scratch, we have a more granular understanding of how underserved consumers behave financially. Additionally, the beauty of our system is that we’re not just looking at data from one financial institution—we’re aggregating data from multiple sources. Our customers might have accounts with multiple banks, and that gives us a fuller picture of their financial habits. In comparison, other companies might only have access to data from one bank, which limits their ability to assess risk accurately.

As a founder, what has been the most rewarding part of your journey so far, and what has been the hardest?

Kristy Kim: The most rewarding part has been seeing the validation from both the industry and our customers. When leaders of financial institutions tell me that TomoCredit makes sense, it’s incredibly validating. It’s a feeling of affirmation that, yes, we’re on the right path. But it’s also rewarding to see the real-world impact we’re having on people’s lives. We’ve helped thousands of people access capital who otherwise wouldn’t have had the chance.

On the flip side, the hardest part has been dealing with the mental burden of being a startup founder. When things are going well, it feels like everything is moving at full speed, but when challenges arise—whether it’s fundraising hurdles, market uncertainty, or hiring struggles—the pressure is immense. Unlike larger companies with more resources, startups have less margin for error. It can feel like one wrong move could jeopardize everything, and that can be emotionally exhausting. But it’s in those moments that you really find your resilience, and you learn that, no matter how tough it gets, you have to push forward.

As a seasoned founder, what key lessons from your previous startup experience have you applied to building TomoCredit?

When I launched my first company, I was in my early twenties, full of energy but lacking experience. It was a trial-and-error journey, where I learned a lot, but I quickly realized that having a clear vision and understanding the real impact you want to make is crucial.

Starting TomoCredit was a completely different experience. This time, I approached it with a clear strategy, having learned the importance of tackling a problem that I was personally passionate about. My previous startup experience taught me how to make more strategic decisions, prioritize what matters most, and stay resilient through the inevitable ups and downs of entrepreneurship.

What advice would you give to aspiring founders, particularly those who may be feeling discouraged after a tough year?

Kristy Kim: My advice would be to stay grounded in your purpose and conviction. It’s easy to get distracted by the ups and downs of the startup world, but at the end of the day, your mission should drive you more than the fear of failure or the setbacks you face along the way.

When I first started my company, it wasn’t about just building a business—it was about solving a real problem that I deeply cared about. The passion for the idea needs to be stronger than the fear of failure. Even if things don’t work out the way you hope, you can still be proud knowing that you tried to create something that could have made a real impact.

The most successful founders I know are the ones who are able to maintain a strong sense of purpose, even when it feels like everything is falling apart. If you believe in what you’re doing and are committed to the long-term vision, that will carry you through the hard times.

What are some recent key achievements or milestones that you’re excited to share?

Kristy Kim: Thanks for asking. First, our AI-driven platform continues to help underserved consumers access credit by using cash flow data to connect them with lenders.

We’ve also made significant strides in improving our underwriting capabilities by leveraging years of data to assess creditworthiness more accurately. This year, we paused issuing new credit cards to focus on refining our AI and underwriting technology. While we haven’t issued new cards yet, we’re still accepting customers and offering other financial services. Additionally, our partnerships with larger financial institutions are also growing, with increasing interest from major players. These collaborations are essential to our mission of expanding access to lending for underserved communities.

And lastly, on the team front, we’ve made several key hires, including the former CTO at Experian and the former CEO of LegalZoom. Their expertise in open banking and scaling high-growth companies will help us continue to expand our offerings and further our mission.

Looking ahead, what’s next for TomoCredit?

Kristy Kim: We’re expanding our offering, bringing more lenders into the network, and continuing to refine our AI technology to provide better risk assessments.

We’ve been growing the B2B side of our business over the last year, and we’re seeing significant interest from bigger players in the financial sector. We’re also planning to expand our product offerings to include more types of loans, like auto loans and mortgages, to help more customers get the access they need.

We’re also actively hiring, which is very exciting for us. We’re looking for a talented marketing person to help us build our brand and spread the word about what we’re doing. Our mission is to make financial access easier for everyone, and we’re excited to continue growing and impacting even more lives.


Kristy Kim’s journey proves that determination, a clear vision, and a deep understanding of your market can break through even the toughest barriers. At TomoCredit, she’s not just building a company; she’s seeking to reshape how credit is accessed, especially for those often left behind by traditional systems. Stay tuned for more updates on TomoCredit’s journey, and learn how they’re challenging the status quo while creating new opportunities for underserved communities.

Author: Donna Yu

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News

Jilly Bing Brings Riley, the First Doll to Celebrate Mixed Asian Heritage and Diversity

Jilly Bing, the company known for the Jilly Doll and its mission to break down stereotypes about Asian American girls, is once again pushing boundaries for its community. Celebrating its heritage, Jilly Bing is expanding its collection with the Riley Doll, a new character designed to represent mixed Asian and Caucasian backgrounds.

A Founder’s Dream

Elenor Mak, the Chinese American founder of Jilly Bing, was inspired by her search for a doll that reflected her daughter’s heritage. This pursuit brought the Jilly Doll to life as a collection aimed at bringing representation to playtime, helping Asian children make sense of the world, their identities, and the roots of their traditions.

Elenor Mak, the Chinese American founder of Jilly Bing with the Riley Doll (Left) and the Jilly Doll (Right).(Image source: Jilly Bing)

Elenor Mak, the Chinese American founder of Jilly Bing with the Riley Doll (Left) and the Jilly Doll (Right).(Image source: Jilly Bing)

Mak stated to PR Newswire, “As the number of Americans identifying as mixed-race Asian grows, the Riley Doll offers children a reflection of their experiences, showing they can be 100% Asian, 100% Caucasian, and 100% themselves.”

From Dream To Reality

Riley is confident, loves snacks from her favorite Asian stores, and enjoys adventure. Mak continued, “The Riley Doll was created in response to strong consumer demand, as a mixed Asian doll was the top request from the Jilly Bing community. For so many of us, growing up meant feeling pressured to choose one side of our heritage. The Riley Doll is here to show kids they don’t have to choose—they can celebrate every part of who they are.”

The Riley Doll was created to help children celebrate their identity. (Image Souce: Jilly Bing)

The Riley Doll was created to help children celebrate their identity. (Image Souce: Jilly Bing)

The doll further propels Jilly Bing’s mission of bringing Asian American characters to life, representing the community’s diversity in backgrounds, appearances, interests, and personalities. Priced at $68, Riley is now available exclusively online at jillybing.com.

Featured Image Source: Jilly Bing