At ZeyOS we often meet interesting founders and their start ups. We have recently met with Michael O'Leary, the founder of the tea company "Bolingo Tea". His idea was born out of the desire to deliver unique flavors of teas, ethically sourced from Democratic Republic of Congo with a commitment to give back to the communities of the country for creation more stable, healthier & safer living conditions for women & children of DR Congo. As just within 1 year Michael managed to turn his idea to actual business model with tons of connections & partners we thought he must have something valuable to share with us.
ZeyOS: Tell us few words about your background and your current business project?
Michael: I have a Ph.D in Natural Medicine, have conducted studies on cognitive stimulation with herbal extracts, been lead formulator on a leading food supplement for hair, and personally have a huge interest and passion for tea!
My current business is called Bolingo Tea. We are focused on creating innovative and delicious teas that are 100% sourced from the Democratic Republic of Congo, and at the same time creating stable employment for women in the country.
ZeyOS: What motivates you in starting your own business?
Michael: Like I said previously, I have a huge passion for tea. I have been drinking it ever since I can remember, and am interested in creating tea blends and flavors that are new to the industry. To me one of the most untouched and untapped countries to do that is the Democratic Republic of Congo.
Along with that, a big motivation for me is to create a positive long lasting impact in the country too, so we are striving to create as many stable and lasting jobs for the women of the country as well.
ZeyOS: What methods do you use to validate your business idea?
Michael: Validation is a big part of knowing you're heading in the right direction. For us, there are a number of key things we found told us this.
Market Growth and Demand - For this we found that currently there is fast growth in the specialty tea sector, along with a consumer demand for more inclusively created teas.
Industry Experts - Along the way we have met with a list of industry experts, who have either fully validated the idea or partly, then provide constructive feedback.
ZeyOS: What are the biggest stumbling blocks on the way to implementing it?
Michael: Probably like most product based startups, our biggest stumbling block has been funding. Finding funds or private investors who are committed to the Democratic Republic of Congo in today’s conditions, has been a bit challenging, but I keep the mindset that we just need one group or person to see our vision.
ZeyOS: As we know that in a last year you have become an expert in investment search, could you advise what "homework" should an entrepreneur do before asking for an investment?
Michael: I know it may sound simple, but before you approach a specific fund or investor, you can usually find their “criteria” online. Take two minutes and read this, to ensure you don't waste your time or theirs.
The other tip would be, know your numbers inside and out. You should be able to explain how you see your company getting to your financial goals, and how. If you don't know your numbers, no one will invest.
ZeyOS: How should the right message to the potential investor sound like?
Michael: Each pitch is different, but be confident, know your facts and numbers, and polite. Be open to criticism, and be honest with it as well.
ZeyOS How do you leverage business technology to organize your everyday activities and to be productive? What functionality you value the most, as a starting company?
Michael: Well, in today's world technology is everywhere, so we all use it, but I find the best way to leverage it is to find a program that is an all-in-one package. This way I don't need to switch between programs and waste time.
Along with that, as a start up, finding programs that offer you free services always helps the bottom line.
ZeyOS: Do you have any mentors that guide you in setting up the business?
Michael: Yes! I think this is really important when starting a new company. There are a lot of things that can be missed or even done wrong, so its important. This can even be just a talk with a mentor every two weeks or someone you meet with multiple times a week. Whatever works.
For me, I have a number of people I talk with on a consistent basis, who have industry experience and other with a vast amount of business experience.
ZeyOS: What would you advice to the beginning entrepreneurs to kick themselves out of the comfort zone and move from thinking to actually doing?
Michael: If you feel so passionate about your idea go make it happen! Make a prototype, do cold calls to potential buyers, travel to an industry meeting and force yourself to network. Just do it! Take the next step and don't stop until you have accomplished your goals.