A Female-founder success story – Venturelab
On International Women’s Day 2024, Laura Stocco, co-founder and CMO of Openversum, shares her inspiring journey within the startup ecosystem. With a mission to make clean drinking water accessible to everyone, Laura and her team empower women in developing countries to sell water filters while providing economic opportunities. Through perseverance, strategic partnerships, and mentorship, she demonstrates the transformative impact of female leadership in tackling global challenges and creating positive change.
“I want to open the door for more women to lead and make a difference.”
Congratulations, Laura, on Openversum’s recent achievement at the AIT India-Swiss Camp! As a co-founder, could you share with us some of the key moments in your journey that have contributed to the success of your startup?
Thank you so much! The camp was an absolute blast. Great learnings, great connections, and little sleep – all worth it! We now have a clear roadmap and the right people to talk to in view of penetrating the Indian market. I can think about three key moments:
- Attending the Hult Prize accelerator was pivotal for Openversum, uniting our team for the first time and refining our business case. Pitching at the Clinton Global Initiative’s grand final affirmed our mission and facilitated successful crowdfunding in Switzerland. This experience strengthened our team’s bond and commitment to our vision, showing us that we can achieve our goals together.
- Winning the Top Innovator award from the UpLink Aquapreneur Initiative transformed Openversum. It boosted our credibility, connected us with global water entrepreneurs, and enabled us to expand our team. Welcoming experts like Yesenia and Eduardo in Colombia was pivotal in establishing our local presence and driving success in the region.
- Recently, I experienced a particularly gratifying moment when we received the picture of one of our entrepreneurs following our e-learning on water safety. In the picture, her children were peeking over her shoulder, showing their interest in what she was learning. It’s moments like these that remind us of the importance of engaging with our customers – their insights drive our success!
“Support each other and keep breaking down those barriers!”
The entrepreneurial and startup ecosystem is evolving rapidly, with increasing recognition of the role women play. How do you perceive the impact of your leadership in this space?
You know, Openversum tackles the global issue of limited access to safe water, impacting women and girls the most. By empowering women in their communities, we address local disparities and drive global change. My advocacy focuses on empowering women to thrive and fulfill their potential.
In the Swiss entrepreneurial world, starting out, not everyone was ready to believe in what I could do – “lucky” for me, I had the title of engineer which allowed me to gain the trust of more conservative individuals. Fortunately, my engineering background earned trust, helping me push through my doubts. I’m committed to empowering more women to lead and believe in sharing mistakes for growth. Groups like the Female Innovation Forum motivate us to break barriers. Let’s build spaces for women to flourish together.
Recently, I’ve had more chances to discuss women’s role in water solutions and startup leadership, thanks to recognition from the Female Innovation Forum, Forbes 30 Under 30, and Uplink Top Innovator. It shows how showcasing achievements inspires others. This International Women’s Day, let’s simplify the message: Support each other and break barriers! Sharing our journeys shows the critical role of women’s leadership, encouraging young women to dream big.
Raising funds is often cited as a significant challenge for startups. What advice would you give to other aspiring female entrepreneurs who are approaching the fundraising landscape?
Raising funds is indeed a formidable challenge, and our journey at Openversum taught us the following lessons:
- Spend time understanding the VC landscape: Not all startups align with the expectations or investment criteria of venture capitalists (VCs), especially for social businesses like ours. It’s crucial to recognize that VCs operate at various stages of a venture’s life cycle, and their interest may vary based on your company’s stage and sector. It’s not about fitting into their world but finding the right partners who align with your mission and growth stage. There are also lots of VC funds backing female founders now – do your research!
- Explore Non-Dilutive Funding: Prioritize bootstrapping, grants, and other non-dilutive options before seeking an investment that requires equity sacrifice. These avenues, though time-consuming, provide a valuable runway for refining your business model without early equity dilution. Avoid spending time on grant applications that don’t align with your criteria.
- Have a clear fundraising strategy: Define your fundraising goals — know when you need capital, how much (approximately), and from whom. Crafting a well-thought-out fundraising strategy ensures you’re not just chasing capital but strategically building partnerships that propel your vision forward.
- Build relationships early: Engage with potential investors well before you’re ready to raise funds. Keeping them informed about your progress, milestones, and needs does more than build rapport; it creates a foundation of trust and interest that can significantly streamline the fundraising process when the time comes.
- Communicate your Value Proposition clearly: Be articulated about what you offer to investors. It’s not just about the potential financial returns, but the impact, the vision, and the unique positioning of your startup. Ensure that your pitch resonates with your values and vision, avoiding any misalignment that could lead you astray from your core mission. Your Value Proposition can change with time; also, remember that there is often a “golden nugget” that you might spot as you grow. Stay agile!
Remember, approach fundraising strategically, with a clear vision and commitment to finding partners who share your passion. This not only secures capital but also builds a valuable support network for your startup’s future!
In your experience, what role does mentorship play in supporting women entrepreneurs, and how has it impacted your growth as a leader?
Various women have provided invaluable mentorship throughout my journey, offering wisdom and inspiration. Their guidance has been essential in navigating the challenges of entrepreneurship, empowering me to voice my achievements and aspirations. Mentorship helps overcome self-imposed limitations, boosting confidence and seizing opportunities.
Mentoring across diverse backgrounds broadened my problem-solving perspective. Gemma Bulos, Director of the Global Women’s Water Initiative, advised me to prioritize empowerment and confidence in decision-making over traditional KPIs. This shift influenced our impact monitoring strategy, highlighting the significance of qualitative outcomes over quantitative metrics.
Mentors offer valuable guidance, saving time and resources by sharing what works and what doesn’t. They also connect us to new networks and opportunities. For instance, Valérie Mazon connected me with Naandi Water in India, where I spent a day speaking with their customers and learning invaluable insights.
Thanks to my mentors, I’ve learned to embrace diversity and harness it as a key strength in evolving both as an individual and as an entrepreneur.
