Founders' Investment Guide

How to invest as an entrepreneur, when you feel like all of your focus is on your own venture

Meet Maya French, Co-founder at Koia, is a serial entrepreneur with 7+ years of experience in the Food and Beverage Industry. She previously co-founded Koia,? the plant-based beverages company, at the age of 23 alongside her partner Dustin Baker in 2013.? With no prior experience in food and beverage, the pair sought to fill a market gap with high protein, low sugar protein drinks after discovering she was lactose intolerant. Since then, the brand has sold nationwide in over 18,000 retailers with over 20m in sales annually. Through Koia, Maya saw the opportunity to improve the health of others through better-for-you foods, and in 2020 began investing, advising in other healthy snack brands, and starting her second venture. Maya strives to mentor other early-stage entrepreneurs in the industry so that they can avoid the many bumps she faced early on. Her overall mission is to deliver easy access to healthy, better-for-you food/beverages to the masses by creating category disruptors that pave the way for other natural foods in mass markets.

We dive into how you can think about creatively investing as an entrepreneur with limited time and capital, the power of networks and the opportunities with being a venture scout and advisor.

Eve #WealthWednesday Highlight #17: Maya French, Co-Founder - Koia

What was your first investment? How did you get started?

My first investment was in myself - in my first beverage company, Koia. I started Koia- a plant-based protein at the age of 23. Together with my partner, we grew that business for three years before we started raising money. I decided to quit school and my job to go full fledge into this business. Eventually a few customers became angel investors and we learnt from some very hard lessons. We were ended up raising a series A, hiring a CEO, and I exited to enable myself to invest in my new project - a second beverage company. With that exit, I was able to diversify and invest in a company that I believe in. I also took on an advisor role and invested in a fund as an LP.

My first official investment was an angel investment in a bar company called Mezcla. I am both a traditional capital investor, but also doubled down by also contributing my value-add in the plant-based consumer product space as an advisor for equity. Even if it’s a very small investment, capital in addition to advisory is an important statement that I believe in the company and its mission.

How/why did you get into your space?

I didn't know what I wanted to do in life when I was 23 but had a passion for food. When I met my partner, he was already an entrepreneur. He previously had a painting company and was in the beginning phases of starting a juice bar chain for a grocery store. We started working together and decided to create a physical product we could start selling in store. The product started to do really well, especially the protein drinks, and so I focused my time and capital on growing the company. At the same time, I felt I was helping people by solving a problem that was meaningful to me. I'm lactose intolerant and we're creating solutions for people with those needs. Knowing how I was helping people and changing their lives, I felt that this is something I could do for the rest of my life. I will continue to help people and adding value in many ways. Either by starting and investing in the food and beverage companies, or being a strategic investor.

What role do you play in the wealth space and why is it important?

To be an inspiring figure. Everything I have now is from the ground up. I was very young when I started and had to learn everything the hard way. I want to pay that forward and be an example to people in or getting started in the space. Showing people that you could be young, a woman of color and be a successful founder is an important role for me in the wealth space.

What do you believe is the most exciting thing you’ve learned and want others to know?

Never get intimidated if you don't feel like you have the cash to invest or make a difference because there are other ways you can do it. Your knowledge is your biggest asset. Raising money is like dating. You always want to attract the best energy. Know what people's intentions are, have a good network and support system around you at all times is really valuable. And if you can be that good energy and high value you can still get equity without big pockets. In fact, your expertise can give you access to the trusted relationships and founders that are leading the best deals that even some of the best venture firms don't have a pulse on or early access to. Thats where becoming a scout can come in. Where venture firms will give you carry in the opportunities you bring based on those relationships and your ability to see trends ahead of everyone else - because you are an expert.

I also learned that the people who are trying to intimidate you, are usually the people who don't know anything. Always believe in the knowledge that you have. I think a lot of women in particular, when they go to raise money, they're very insecure. They feel like they can come off as too strong and too intimidating. Hold your ground if you believe in what you're doing. We women bear children and still can hold down a business. The best advice I can give is focus on what is on the inside and what your intentions are long-term - the rest will come together.?

What advice would you give to someone getting started?

People think that being an investor as well as an entrepreneur is not possible. I made a small investment into a company I believed in and also made a small investment as an LP. Now I'm starting a new company. Beyond that I do hold a lot of cash as a safety fund as I'm not paying myself a salary. So for example, if the company runs into an issue in the future, I can further invest in my business.

To be able to get equity stake in the companies I believe in - I have become a scout, as I mentioned before. This is the situation where you get carry in deals if a VC moves forward with an investment you brought forward. This is a way of adding value and not needing cash to get invested into multiple companies.

Becoming a scout requires a lot of networking and it's always a game of how you can add value. What I've seen, especially in my space, a lot of these VCs aren't operators but they see a lot of deal flow. There's a lot of value in being an operator - in bringing my knowledge and perspective. To get started, build a relationship with VCs, ask their opinion on certain deals you are seeing or have access too, become friends and then show them how you can add value to their process and perspectives.

From an entrepreneurs perspective, I always look at strategic partners. Knowing how many phone calls a month that partner will take with me. Or understanding the depth and extensive reach of network a partner can bring for capital and growth. Do they already have established relationships in your space where it is plug and play? Ask yourself “Am I able to speak to them or are they just got to write a check then I never hear from them again?” Or it can be the "helicopter period" where they will always bother and get too opinionated. It’s finding that perfect balance. That is what I look for.

To summarize: As an advisor and an experienced operator, the most value that can I add is making intros and constantly talking about the product. As an investor, ask how you can add value. As an entrepreneur, how can this person add value in multiple ways.

Anything else we should know?

Stay tuned for our upcoming launch! I am always happy to help new founders especially in the food, manufacturing, or plant-based space. The best way to stay in touch is here on Linkedin on Instagram @mayajfrench that's where I post my updates.?

#wealthwednesday #entrepreneurinvestor #femininefinance #VCscout

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Have thoughts on this week’s topic or questions for me or Maya French? Post your thoughts in the comment section. Until next week. ??

You can connect with Maya on LINKEDIN

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