When it comes to raising money, here's how the right networking connections can speed up the process:
Jessi Baker founded Provenance in 2013, as a side project to her Ph.D. in computer science. If consumers knew how the foods they eat, the beverages they drink, the clothing and shoes they wear, and the other consumer products they use were made, they would choose those made ethically and with a less negative impact on the environment, she thought. Blockchain technology enables this.
When Baker started Provenance, few investors believed that for-profit companies could make money and have a social purpose. Impact investing was in its infancy. It’s still an emerging field, but more and more investors are recognizing the potential of social enterprises to do good and well at the same time.
Initial funding was grant dollars provided by the British government and foundations. Raising the first equity round of seed money was messy and chaotic, said Baker. She didn’t have a network. Female founders are 13 times more likely to reach the investment committee of a VC if they have a warm introduction, according to. “I was lucky to meet a few entrepreneurs and angels who helped guide my process,” said Baker. It took seven or eight months.
When the company started, not much interest was shown in how companies produced their products. Baker had to do a lot of education. She built thought-leadership by speaking at conferences and publishing white papers based on her pilot programs. However, it was the media that created momentum in the movement around supply chain transparency. “We had several scandals in the press,” said Baker. “That focused consumers attention on the need for our service.
Provenance was one of the first companies to use blockchain technology to verify the integrity of the supply chain and enable companies to make that information available to the public online in an easy-to-understand format. “Luckily we’ve managed to always stay one step ahead of the competition in the application of blockchain tech to supply chain transparency,” said Baker. The reality is as the adage says, “Luck is what happens when preparation meets opportunity.
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