Rachel and Kelley Williams, founders of The Honey Bee Co. and publishers of the Paige & Paxton book series, have executed a successful Kickstarter campaign, introduced three subject products, developed distribution channels, secured a partnership with Chicago Public Schools (the third largest school system in the nation), and more.
In part two of their interview, the mother-daughter entrepreneurs talk business strategy, working together as a team and success with crowdfunding. Check it out:
BlackEnterprise.com: As mother and daughter running a company together, it can be an adventure in itself. What have been a few life lessons that you’ve both learned from one another that you can share with the readers?
Rachel: One of the most difficult aspects of delving into a business venture with someone is trust–being certain that the other person has your best interest at heart. That is a key advantage that we bring to the table in this partnership. With that said, we have our “moments,†but our mutual love and respect always prevail. I would say that we’re doing really well in that we have only fired one another twice during this entire venture [laughs]!
RELATED: [Part 1] Mother-Daughter Entrepreneurs Work to Advance Youth STEM Education
But seriously, we’ve discovered a great
deal about each other that has strengthened our relationship and our business. In terms of life lessons, I think the hardest thing for a parent can be to defer to your child. That’s something that I’ve learned to do and our business has benefited from it. For example, Kelley directs all of our digital marketing. When she has an idea, I’ll provide input and ask questions, but in the end I defer to her because it’s one of her core competencies, as evidenced by her success at JP Morgan Chase and American Express.Another thing that we learned from this experience is how much we are alike. It’s kind of frightening. Kelley and I are philosophically aligned in terms of our values and our vision for our stakeholders and our company. That translates into a great deal of synergy and positive energy that will enable us to scale this enterprise and take it to the next level.
In 2013, the company announced a Kickstarter for Paxton Finds His Perfect Fit. With so many others utilizing crowdfunding as a means of getting their projects out, what advice do you have for fellow entrepreneurs who hope to accomplish their goals?
Kelley: Crowdfunding is a great way to not
only raise capital, but also to develop a supportive community of advocates who will stay with you long after your campaign is over. I have several recommendations for business owners who are considering this type of fundraising tool. First, do your homework so that you know which crowdfunding platform is best for your goals. For example, with Indiegogo, you can keep whatever amount you raise. While Kickstarter is more like “Jeopardy!” With Kickstarter, you must reach your fundraising goal in order to receive the funds. So if you establish a fundraising goal of $10,000 and you only raise $9,997, you’re out of luck. Second, you can’t set your crowd-funding campaign on “autopilot.†Once it begins, it requires time, energy and resources to tell your story, send updates and reminders and rally the troops. You also have to follow through with promises to your donors, so be sure to take into account the cost of acquiring and delivering donor gifts.Check out more on how to overcome startup challenges on the next page …
As a new company, can you talk about any obstacles that were surpassed while developing Paige & Paxton? Also, can you talk about any successes that have influenced where the company will go?
Kelley:
Where do we begin? Like most startups, the biggest challenge has been timely access to capital. It’s something that we have to manage constantly so that we can continue to grow the business. Another challenge is balancing marketing and sales with product development and production.One of our major successes has been our partnership with Chicago Public Schools. It has definitely helped to define our mission in terms of introducing children 6 and under to science and technology in a way that is fun and engaging. My mom has this philosophy about play being the work of children. When I was growing up I had an awesome childhood, but when I think about it, my mom made learning–fun. When we played Uno, I was always appointed “score keeper.†This responsibility made me feel so important that I took special care to make sure that all my calculations were correct. Of course, it was my mom’s way of getting math into the equation. That was our vision for the Paige & Paxton line. We wanted our books, toys and games to be educational but not “instructional,†by providing context and relevance and instilling a love of learning.
Our partnership with CPS has helped us validate this approach and concept. We have been delighted that Paige & Paxton
materials have provided solutions for them on multiple levels–from STEM education to career counseling to literacy programs.Rachel: The potential to create community wide change is what excites us the most. Paige & Paxton resource materials can break down some of the obstacles and barriers that prevent educators working in less than ideal environments from introducing STEM to students.
For young children, physical materials such as puzzles and activity sheets are pedagogically superior because they enable educators to work on critical early childhood developmental skills. But just as significantly, the traditional format makes the Paige & Paxton series affordable and accessible. Paige & Paxton lessons require no special technology or special training. Educators can easily integrate STEM topics into their existing curriculum, by spending a few minutes reviewing the Paige & Paxton lesson plans and then beginning instruction.
We recognize that genius that is hidden in challenging environments and we are on a mission to give school systems, educators and parents the power to introduce the exciting and lucrative field of STEM to students no matter where they live or what their circumstance.
For more information about Paige & Paxton, please check out the website by clicking here.