Rooted Fare Co-Founders Ashley Xie (left) and Hedy Yu (right).
Have dreams of being a CPG founder? What's stopping you? Maybe it is the fear of figuring things out all alone. Check out our blog post “Do You Need a Co-Founder or an Early Employee?" for more insight.
Sometimes a business idea can be the perfect catalyst to reignite a past connection and fill a need during a lonely time.
This was the case for childhood friends Ashley Xie and Hedy Yu. After grade school, Ashley went to college on the east coast while Hedy stayed in their home state of California.
At the onset of the pandemic, Ashley and Hedy had the opportunity to appreciate their Chinese heritage more. They could connect with that side of themselves and bring that culture to others through food.
See how Ashley and Hedy took this concept and transformed it into a viable brand, Rooted Fare, a 2021 Enthuse Foundation Pitch Competition Finalist, in only five months.
Enthuse Foundation (EF): Tell me about Rooted Fare and how you and your Co-Founder Ashley Xie came up with the business.
Hedy Yu (HY): We are a fun and modern Chinese American food brand. We have created a modern twist on a classic Chinese dessert usually eaten on Chinese New Year. Our product is a not-too-sweet, crunchy spread that you can put on everything you already eat for breakfast and snack time. So we are trying to produce a brand that Chinese Americans like us can be proud of.
EF: You and Ashley started your company in April 2021. Why did you decide to enter the Pitch Competition so soon?
HY: We wanted to have the opportunity to challenge ourselves to pitch this idea and hear what others thought. I think crystallizing what's in your head, communicating it to someone, and having them give the nod and understand is an entirely new skill. Being able to really practice was just an extraordinary opportunity. We knew we would be in a space that was incredibly supportive and encouraging. We got a lot of feedback that we used to further our business.
EF: So, for anyone worried that their business is not far along come November 2022, here is a company that was founded in April 2021 and applied in August 2021. What is that experience like asking for money from investors or as part of pitch competitions?
HY: As a Chinese American woman, I think asking for the things I need is not really something I'm accustomed to doing. It's always about being self-sufficient and doing things on my own. But when it comes to creating a business and running it, I think we must be honest about what we need. And then also being able to ask people for it and show them data on how the money will power the business.
EF: That is a unique perspective, especially with you and Ashley being Chinese Americans. From a content perspective, how do you handle pitch decks and communicate information about Rooted Fare?
HY: We try to keep it really short and sweet. At first, we wanted to jam every important little detail into the deck and pitch because we believed that's how people would see Rooted Fare as a viable business. However, it's about the most important things someone needs to know to understand an operation. Q&A and the appendix are where you can go into more details about specifics. Every pitch should answer the following questions. What problem are you solving, and how does that relate to you? Was this something that happened to you or something that you observed that was important? Why are you the best person or team to solve the problem? How are you going to accomplish solving the problem? Also, don't forget to be you. People love to learn the founder's story, so just be yourself, as corny as it sounds.
EF: That's something we share with our founders all the time – the importance of being vulnerable. It's scary, but it's so impactful when you let your audience connect with you. However, it is a different dynamic when there are two founders. How do you handle that with Ashley?
HY: Ashley and I split responsibilities. She handles what I like to call the supply side, the manufacturing, and R&D. I do more on the demand side – marketing, sales, and partnerships. But there's so much overlap. We support each other and know what we are experts on. With pitching, in the beginning, we both felt pressure to be on the stage. Our advisors suggested having only one person on the entire time. Ashley pitched beautifully for the Enthuse Foundation Pitch Competition, and I joined her in Q&A. I think we will continue with this approach in the future. However, next time I want to try pitching.
EF: That sounds like the dream co-founders arrangement! Since November 2021, how has Rooted Fare evolved?
HY: A lot has changed. We pivoted to having our signature product rather than having multiple SKUs. That has helped streamline production and communicate our story better. We are in almost 20 stores in Los Angeles and some coffee shops. Additionally, we've been working on some collaborations with other Asian-owned brands, including Domi, an Asian American pastry company. Partnering with bakers and other creators has been so successful for us to see these fantastic creative recipes come to life. I'm so impressed and over the moon when I see someone create something new with our product. We're also doing a lot of more in-person meetups and getting to be in front of customers. We were also featured on Good Morning America's website for Asian American Pacific Islander Heritage Month, which gave us tremendous publicity. We have been consistently growing. The exposure and being in the same article as many of our heroes were terrific.
Teamwork is crucial in all aspects of a business when there are numerous founders, including having a plan for presenting a pitch deck. As Hedy and Ashley of Rooted Fare demonstrated, it's OK to have one founder present, and both available for Q&A. Egos need to be put aside during any pitch competition. There's a bigger goal at play. Have multiple founders? Get on the same page and apply to the 4th Annual Enthuse Foundation Pitch Competition.
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