Ep 138 | Denise Woodard
Rihanna & Jay-Z Invested in this Brand Despite 86 No's - From Selling Cookies Out of a Car to a Multi-Million Dollar Business
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Denise Woodard is the founder and CEO of Partake Foods, an allergy-friendly snack company.
Denise's journey began back in 2016, while juggling a day job and the new role of mom to a daughter with multiple food allergies. Frustrated by the lack of tasty options available for her little one, she took the advice of her babysitter and decided to "do something about it." From there, Partake Foods was born.
Denise started creating recipes in her home kitchen and began selling cookies out of her car to get the word out about her business. With no prior experience in the food industry, Denise had a lot to learn and made mistakes along the way. However, she was determined to make it work, and self-funded the business using all of her savings and even selling her engagement ring to make ends meet.
As the business grew, Denise knew she needed more funding to take it to the next level. So, she set out on a fundraising journey and dealt with many rejections that eventually led her to the right partner, Jay-Z's venture fund, Marcy Venture Partners. To date, she has raised up to $19M, making her the first Black woman to raise over $1 Million publicly for a CPG food startup.
Show Notes:
Denise shares what she thinks is holding people back from pursuing their biggest goals and dreams. [02:47]
How Denise’s parents shaped her identity and who she is today. [04:39]
Her parents’ definitions of success and how they have influenced her perspective. [06:40]
What Denise would have done differently during her time working for corporate companies including Coca-Cola. [08:01]
How her entrepreneurial nature expressed itself at different points in her career. [10:22]
The benefits of working on side hustles while employed by Coca-Cola. [11:28]
What big brands can’t recreate no matter how much money they have. [12:30]
The scary incident in 2016 that motivated Denise to solve a problem for her daughter. [18:08]
How Denise’s nanny, Martha, motivated her to take the plunge and create a business. [20:04]
The early days of Partake Foods and overcoming challenges. [21:32]
Finding the right people to work with beyond following and fame. [22:29]
How she used cold calling to find the right co-packers. [25:11]
Bootstrapping the business as far as she and her husband were able to. [26:08]
Barriers to entry in the food allergy consumer market. [28:51]
How their product list has changed over time. [29:48]
Raising money beyond bootstrapping. [30:13]
The panic attack that led to a different approach to managing stress and burnout. [33:11]
Investors that initially said no and later came back wanting to participate. [37:11]
Fundraising advice for other entrepreneurs. [37:55]
The power of a warm intro. [38:53]
Why it is a mistake to try to grow too quickly. [39:40]
How she learned to appreciate and savor the journey. [40:20]
How Denise has experienced her shifting role in the business. [41:09]
What’s keeping Denise up at night at this stage of the business. [42:26]
How Denise involves her daughter in the business as chief taste tester. [45:12]
Advice for women balancing life at home with running a business. [47:25]
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Follow Denise:
Partake Foods’s Instagram: https://www.instagram.com/partakefoods/
Partake Foods’s Website: https://partakefoods.com/
Denise’s Instagram: https://www.instagram.com/denisegwoodard/
