Turn $150 Into a Successful 'Shark Tank' Investment | Alicia Scott

This week, we’re featuring Alicia Scott in the Foundr newsletter, the founder of Range Beauty, a beauty brand that has transformed from a $150 idea into a multi-million-dollar business.

Alicia reveals how she tackled gaps in the beauty industry, faced challenges like launching without a massive budget, and landed partnerships with major retailers like Target and Sephora.?

She also shares the secrets behind securing a deal on Shark Tank and becoming the first Black woman-owned makeup brand to achieve this milestone.

Alicia dives into building a loyal audience before launching, adapting your brand messaging for success, and scaling a business despite setbacks. This interview offers a front-row seat to the journey of a resilient founder reshaping the beauty industry.

“It took me about three years before I even had a finished product” - Alicia Scott.

Listen to our full interview with Alicia Scott on the Foundr Podcast to learn how she transformed a $150 investment and her passion for addressing unmet beauty needs into a multi-million-dollar skincare and cosmetics brand.

Foundr Story - Alicia Scott

Growing up as a U.S. diplomat’s daughter, Alicia Scott’s early life involved constant travel, immersing her in diverse cultures and fostering adaptability.?

With just $150 in savings and no formal training in cosmetics, Alicia began experimenting in her apartment while working a full-time job. She juggled long nights mixing formulas with early mornings at work, all while building Range Beauty from the ground up.?

In 2018, Range Beauty launched, and just two months later, Target approached Alicia. Since then, she’s made history as the first Black woman-owned makeup brand to secure a deal on Shark Tank, landing partnerships with major retailers like Sephora and growing her side hustle into a multi-million-dollar business.

5 Lessons from Alicia Scott:

• Start small and leverage limited resources: Alicia started Range Beauty with just $150, proving that you don’t need thousands or millions to launch a brand.?
• Solve real problems you’re passionate about: Alicia's journey began by addressing her struggles with eczema and acne. She created a brand that not only offered inclusive shades but also catered to sensitive skin.
• Focus on building a community before launch: Alicia built a strong social media presence before her website went live, engaging with potential customers and generating interest.
• Be willing to experiment and adapt: Alicia tested multiple manufacturers and iterated on her products and branding. This iterative approach, including sampling and customer feedback, ensured a product-market fit and stronger messaging.
• Harness the power of virality and influencers: A viral tweet and influencer support significantly boosted Range Beauty’s visibility early on. Entrepreneurs should actively seek opportunities to go viral or collaborate with influencers to amplify their reach.

Foundr Tools

• How to Network Successfully for New Brand Opportunities
• How to Sell Directly Through Social Media
• Ways to Build a Community Around Your Brand
• Harnessing the Power of Micro-Influencers for Your Brand
• How to Find Influencers: 6 Ways to Discover Your Perfect Brand Advocate

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