Naturaz, Founder Mumbi Dunjwa, Fall Forward, CEO and Founder Alan Rihm, & Glitter, Founder Morgan Berman | PACT Capital Conference 2024 | Founding Philly Ep. 47

This episode is sponsored by PACT. 

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In this episode, I had the pleasure of moderating the Entrepreneur Panel at this year's PACT Capital Conference. I sat down with Mumbi Dunjwa, Alan Rihm, and Morgan Berman to delve into their experiences building startups in the Philadelphia startup scene, focusing on the lessons learned during the early stages of their journey.

During our conversation, we discussed a range of topics from the initial challenges and pivots to achieving product-market fit and scaling their businesses:

Mumbi Dunjwa from Naturaz talked about her hair care products and emphasized the importance of customer feedback in product development. She highlighted how incorporating direct customer feedback ensures the products meet market needs and aids in refining offerings based on real-world usage. Her insights underscore the value of listening to customer insights to ensure the products resonate with the target audience and maintain a competitive edge.

Alan Rihm from Fall Forward shared insights from his entrepreneurial endeavors, emphasizing the importance of avoiding premature scaling and focusing on product-market fit before development. He stressed the critical nature of validating product-market fit before committing significant resources to scaling operations. This strategy focuses on minimizing risk and ensures the business model is sustainable and meets actual market demands before full-scale deployment.

Morgan Berman from Glitter discussed pivoting her business model from relying on city contracts to a community-driven cleanup initiative. Her experience illustrated the importance of adaptability in the beginning, highlighting how being responsive to market signals and willing to adjust business strategies can better align with evolving customer needs and external circumstances.

Throughout the discussion, the panelists highlighted the supportive nature of the Philadelphia startup ecosystem, including access to funding, advisory services, and a collaborative environment that fosters growth and innovation. They shared lessons on the strategic use of capital, the importance of local networks, and the impact of community-focused business models.

Tune into this episode to learn from these local entrepreneurs on navigating the complexities of startup growth, the benefits of a supportive local ecosystem, and the strategic business decisions that drive early success in the entrepreneur journey.