Some Thoughts On Innovation, With Jessica Kim of CRV
I sat down with Jessica Kim, the talented and successful entrepreneur-in-residence at Charles River Ventures, to talk about innovation.
Those in business often seek out innovation. It is hard to create something new in an uncertain environment, and the fear of failure is enough to turn many people away from an idea.
Jessica Kim is an example of innovation done right. By 19, she had started her own small business called Jessica’s Wonders — baking desserts from her dorm room- and by 21, had raised a million dollars in funding during her senior year and grew it to national distribution within 2 years. She didn’t grow up baking; she didn’t learn from her grandma; she saw an opportunity, learned how to pursue it, and worked at it. Her dedication, drive, and intuition has led her to a successful career. Jessica’s experiences and thoughts on the concept of innovation are immensely valuable- and sitting down to talk with her was truly a pleasure.
THE PERSPECTIVE
An anthropology major, Jessica did not go into college expecting to own a business or become an entrepreneur. Her background was not in finances, management, or business, but rather, in people. Her focus on understanding individuals permeates her entrepreneurial framework. Understanding the mentality and motivations of the consumer, she feels, can allow an entrepreneur to more accurately and genuinely create a product or service. Chances are, consumers are already trying to solve a given problem in some way. Otherwise, it might not be a big enough issue. It is the entrepreneur’s job to fill that gap in a more efficient way. Even if the consumer has not explicitly stated their pain points, a successful entrepreneur attempts to mend the root causes of a problem.
THE HUSTLE
Jessica emphasizes the importance of hard work in innovation and entrepreneurship. It seems intuitive that success takes work, but people are often unaware of what exactly that means. Executing an idea- especially a new idea, in an unstable environment- takes precision, knowledge, and an incredible amount of drive. It is not enough to want to do something; it is essential to use whatever resources available to do something. When creating her second business, BabbaCo, Jessica taught herself to sew by watching YouTube videos and created a physical product that was sold in big box retailers. When they pivoted to an e-commerce subscription model for activity boxes delivered to families with young children, she quickly gained traction three weeks from coming up with the strategic direction. Addressing the issue at hand- helping parents engage their children- was just the beginning. She raised venture capital funding and grew to thousands of subscribers within one year. It took drive, practice, and help from others to execute it. Everyone thinks; an entrepreneur creates.
THE INNOVATIVE PROCESS
Jessica thinks it’s crucial to acknowledge the journey of the mindset when innovating. The Kelley and Conner Emotional Cycle describes the phases of any change, but it is so applicable to the entrepreneurial rollercoaster. The first stage is uninformed optimism. The excitement over finding an idea can be overwhelming. Despite unawareness of challenges ahead, a person can feel optimistic about the future. This is important, because good ideas don’t come from apathy. Leverage this excitement and insight to gain momentum in creating something great. The next stage, however, is where many ideas and businesses fail. Informed pessimism occurs when an entrepreneur learns of the roadblocks, challenges, and failures of their business. The naivety of before is replaced with doubt. Don’t worry though because this is normal. The challenge is to push through it. Only successful entrepreneurs make it past this stage into informed optimism, when all challenges are considered but enthusiasm is restored. It is often between the middle and last stage where real hustle and innovation must occur: only the most motivated and dedicated can take a challenging idea and create a successful product. This framework can be applied to any challenge across life.
SOME ADVICE
When I asked Jessica for some advice for people from non-business backgrounds, for women, and for young people looking to break into entrepreneurship, her anthropological roots were clear. “As women, from a young age we tend to create our own ceilings,” she explained. “We have to break those ceilings and leverage our skills, and that is when we become most successful.” Jessica has found balance in raising three kids as well as a number of companies, and found that the most effective way to do so is to be unapologetic and incredibly hardworking. Less than 10% of VC money goes to women, so motivation and unwavering confidence are absolutely essential to success. Jessica also emphasized the importance- or lack thereof- of a certain type of degree. It’s less of what you know and more about how fast you can learn. She explained to me that if an individual is willing to find valuable mentors, work hard, and learn quickly, there is no limit to what he or she can accomplish.
Jessica Kim’s insights on business and innovation are applicable across industries and across life experiences. Her ability to succeed in life and in business in uncertain conditions is admirable, and her story is inspiring.
By Isabel Strobing
