ParentCo is not just a business, but a personal journey that began with a mother's frustration. Founded by Jasmine Johnson, a mom who faced the challenges of childproofing a home, ParentCo was born out of a genuine need. Frustrated with the limitations of traditional outlet covers, Jasmine decided to create a better solution. ParentCo's mission is not just to provide safe and effective products for parents everywhere. Discover how a personal need led to the birth of a groundbreaking company revolutionizing the childproofing industry.
"I was using those individual plugs and hated them," Jasmine recalled. "I would forget to put them back in, lose them, or step on them. And my daughter had actually stuck something in the outlet. I think it was just a barrette. I was childproofing without the childproofing. I needed something better."
Jasmine’s experience made her realize the need for a more effective childproofing solution. "I started searching for alternatives but couldn't find anything on the market," she explained. "That's when I was like, you know what, let me disrupt the market."
What are you most proud of achieving with ParentCo so far?
"Even though I had the idea, I didn't have the resources or knowledge to bring it to life," she explained. "The internet was just coming up, and it’s not like today where you can just Google all these different organizations and resources for help."
Unfortunately, Jasmine shared that the pandemic provided the catalyst for her to start ParentCo. The stimulus checks and unemployment payments gave them the financial means to pursue their entrepreneurial dream.
"I'm proud of numerous accomplishments," she said. "I'm proud that I continued to dream about it and that I've come this far." Jasmine expressed her pride in teaching at Forbes, a dream she never imagined would become a reality. She also emphasized her role as an inspiration to her community, particularly those from disadvantaged backgrounds.
"You know, I’m from the other side of the tracks in Chicago, a tough neighborhood where nothing is expected, let alone become an entrepreneur," Jasmine said. "But I'm most proud of being an inspiration to the community."
Can you describe a significant setback you faced in building your business and how you overcame it?
"In 2002, I launched the product, and as soon as I put the product out there, I got media attention," Jasmine recalled. "However, I soon realized I lacked the funding to capitalize on the opportunities that arose."
She explained that she needed to invest in redesigning the product. "I had skipped some important steps in the product development process," Jasmine admitted. "The redesign was needed because I needed to get retail ready. Walmart wanted me in 100 stores, but I couldn't capitalize on it because of a lack of funding."
Due to insufficient funds, Jasmine faced significant delays in redesigning and preparing the product for retail. "It took me a year to complete the redesign, which could have been done in a few months with adequate funding," she said.
Jasmine encountered further challenges when seeking funding. Banks were primarily interested in revenue and traction, which was difficult for her to achieve as a new business. Grants were also limited, as many she found focused on traditional industries rather than innovative products.
"It was a setback," Jasmine admitted. "But I knew I had to keep going. That's the beauty of entrepreneurship."
What is the most critical lesson you've learned as an entrepreneur?
"The most critical lesson I've learned is that you can't skip steps," Jasmine emphasized. "You have to get your business out of your head, have it on paper, and follow a structured process."
She had to learn everything from scratch without a formal background or access to networking opportunities. "I was all over the place, piecing things together and learning the hard way," she admitted.
"I realized that building a business is a step-by-step process," the founder continued. "It's about design, testing, and following a structured approach. I made the mistake of skipping some of these steps and faced the consequences."
Jasmine emphasized the importance of fundraising and financial planning. "I didn't raise funds initially. I just thought I’d be okay," she said. She learned quickly that she needed to have a clear understanding of her financial needs before launching a business.
Can you describe your experience preparing for the pitch competition and the subsequent crowdfunding campaign? What were your biggest challenges during each phase, and how did you overcome them?
Jasmine admitted that she initially hesitated to participate in the pitch competition due to her introverted nature and self-doubt. "I'm naturally shy, and I've always preferred to work behind the scenes," she explained. "I didn't want to put myself out there and ask for money."
Overcoming imposter syndrome was a significant challenge for the founder. "I didn’t believe in myself, and then I’m like, the crowdfunding, there’s too much exposure. In fact, I let the deadline pass," she said.
Despite her initial reservations, Jasmine decided to participate in the pitch competition after receiving encouragement from others and realizing the importance of the potential funding. "I knew I needed the money to grow my business," she said.
Preparing for the pitch competition involved overcoming her fear of public speaking and honing her presentation skills. Jasmine sought guidance from mentors and participated in practice sessions to improve her delivery.
Overcoming their fears and insecurities was a significant challenge for the founder. Jasmine had to step outside her comfort zone and embrace the public nature of the competition.
"I had to become another person," she said. Jasmine relied on their network and personal connections to raise funds. She had to be persistent and humble, reaching out to people she knew could potentially support their business. "It was tough to ask for help, but I knew it was necessary," she said.
Based on your experience, what advice would you give entrepreneurs preparing for a pitch competition?
"Don't overthink it," Jasmine advised. "You know your business, so just talk about it. It’s just a matter of what parts you want to talk about. What kind of competition it is will determine what you need to share about your business."
Jasmine continued. "You know your name, your birthday, and other personal details without overthinking it. Apply the same approach to your business. You’re not recreating," she advised. "You're simply sharing your story."
Where did you allocate the funds?
"The funding from the pitch competition was critical in relaunching my business," Jasmine explained. "I used the funds to pay off debt, start production, create my mold, and purchase retail packaging. Now I have a full product that’s being packaged right now."
Jasmine shared her excitement about being back in business, saying, "It feels like a startup all over again." The funding also enabled the founder to participate in industry cohorts and grassroots networking events. "Being part of these programs has been invaluable," they said. "It's allowed me to connect with other entrepreneurs and gain valuable insights."
Jasmine expressed their gratitude for Black Girl Ventures, which was crucial in her business moving forward. "Without their support, I wouldn't have been able to participate in another cohort where I needed the product to meet the requirements to graduate and receive the funding afterward.”
She was also invited to participate in a pitch competition on a TV show similar to Shark Tank. At the time, she didn’t have a product. She said, “You just keep saying yes, you know, you just like figure it out along the way.”
Jasmine described the domino effect of winning the pitch competition. "It opened doors for me and provided opportunities I didn’t know I would have.”
Support for women of color entrepreneurs can be limited. Can you share an experience where this was a significant hurdle?
"I haven't experienced direct discrimination," Jasmine stated. "However, I got turned down for numerous loans.” She acknowledged that her background and lack of community have limited her access to certain resources.
"Unfortunately, not everyone has the benefit of a supportive network within their family or community. You don’t have a grandma, and you don’t have an uncle, so I would just say access to different rooms.” She emphasized the importance of building relationships and networking within the entrepreneurial community.
What is an entrepreneur's most essential skill or quality for business success?
"If I had to choose one essential skill, I'd say it's hard work," Jasmine emphasized. "Unless you have funds to pay for the work, you have to get up out of bed, make that phone call, you need to do this and that, unless you got it like that, you have to like work this thing like a nine to five.” You need to be driven and committed to your business." Jasmine described the relentless effort required to succeed as an entrepreneur and the importance of committing to overcoming challenges.
Can you share a high-risk decision you made that significantly impacted your business?
"The biggest risk I took was using the stimulus and unemployment funds to invest in my business in 2020," the founder explained. "It was a big risk decision." Jasmine acknowledged the potential consequences of her decision. "If the business failed, it won’t put me out tomorrow. So, I kind of got a little time to play this game, right, to take this risk. That was a huge risk, but it panned out.”
How do you define success for yourself and your business?
Jasmine said, "The simple answer would be the fact that just getting started is a success. I know it’s small, but my daughter said that someone said the graveyard is full of ideas.”
What excites you most about the future of ParentCo?
"My ultimate goal is for ParentCo to become a recognized standard for parents," Jasmine stated. "I want to establish ParentCo as a household name and compete with the leading brands in the market."
She recalled their initial market research, which revealed the dominance of safety-first products in major retailers like Walmart. "I was determined to compete with these established brands and offer parents a new and innovative option," Jasmine said.
She emphasized the importance of diversity in the market. "I believe that having multiple brands can benefit consumers and retailers," she explained.
Jasmine highlighted the shortcomings of Safety First products, saying, "I'm excited about the future of ParentCo," she concluded. "We have the potential to become a major player in such an open market."
What do you envision for the future of Black and Brown women entrepreneurs and small business owners?
"I envision a future where Black and Brown women don’t have to have these conversations," Jasmine stated. "Like, we wouldn’t have to answer questions like how has being Black affected you. It’d be like, I don’t know what you’re talking about."
Jasmine recalled their own experiences navigating the business world as a Black woman. "When I started, I didn't know where to turn for resources or support," she said. "It was a frustrating and isolating experience."
Jasmine expressed their desire for a future where aspiring Black and Brown entrepreneurs can access a strong network of support and resources. "I want it to be a norm for people to know where to go for help and resources," they said.
"Imagine a world where starting a business is as simple as knowing where to go and who to talk to," Jasmine continued. "It’s just something you don’t even have to think about. It’ll just be easier.”
Looking ahead three years, what would you consider a successful outcome for your business?
Jasmine expressed their ambition to have ParentCo products stocked in at least half of Walmart's 4,200 stores nationwide. This would represent a significant milestone for the company and solidify its position as a leading brand in the industry.
Running a business can be demanding. How do you prioritize self-care and maintain work-life balance?
"I do have a schedule," Jasmine explained. "While my schedule can be flexible, I like to maintain a routine."
She described her approach to self-care as practical and focused on organization. "I find that having a schedule and being organized helps me manage stress and maintain balance," she said.
Jasmine emphasized the importance of taking breaks and disconnecting from work, especially on weekends. "I avoid checking emails and focus on personal time," she said. "I enjoy watching football and spending time with my husband," she said.
What is your favorite quote or mantra that guides you as an entrepreneur?
“If you reach for the stars, at least you’ll land on the moon.”
Are there any particular books or podcasts that have significantly influenced your entrepreneurial journey or life?
The Bible.
What is a must-have tool or app that has streamlined your business operations?
Adobe.
What’s one food you have a hard time saying no to?
Vegan cupcakes.
What are the next steps for ParentCo?
"The next 12 months will be focused on sales and marketing," Jasmine stated. "I'll be actively promoting ParentCo and building brand awareness." She emphasized the importance of increased visibility. "I wasn't able to focus on marketing as much in the past," she said. "Now, it's a top priority."
Any last words?
"I'm incredibly grateful to have won the pitch competition," Jasmine stated. "It was a turning point for my business and opened up many opportunities. Without the competition, I would have been delayed by several months and potentially out of business," she said.
Jasmine highlighted the importance of the competition in advancing their business. "It opened doors for me, including the opportunity to participate in a TV show and secure further funding," she said. "It accelerated my progress. I would have had to wait for another grant and be at the mercy of that."
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