NYC's Mercantile Mayhem: EatOkra's First Festival, Simu Liu & the Bobba Debacle, It's Electric and 2024 Nosh Noms
A newsletter about the survival of independent businesses in New York City with a focus on immigrant-owned, storefront retail and CPG enterprises.
EATOKRA’S FIRST CULINARY CREATIVES CONFERENCE
EatOkra is an app launched by Anthony and Janique Edwards that features Black-owned restaurants across the country. EatOkra had its first Culinary Creatives Conference in New York City this past Sunday and it was a blast. The day long event featured vendors from NYC and beyond, founders of CPG (consumer packaged goods) companies, restaurants and services. The panel discussions I attended focused on financing, capital, scaling, supply chain, mentorship and creating community. The word “relationships” came up repeatedly; relationships with customers, employees, mentors, fellow entrepreneurs, lenders, landlords, any and everyone.
One of the highlights was listening to Margaret Nyamumbo, originally from Kenya, who is the founder of Kahawa 1893, a coffee company that sources directly from farmers in Kenya, Congo and Rwanda. Kahawa 1893 customers can tip female farmers via a QR code on the coffee package. Nyamumbo was on a panel and talked about how some of the best mentors can be fellow entrepreneurs just a little ahead of you in the same or similar industry. Nyamumbo appeared on Shark Tank in 2023 and accepted a deal.
Melba Wilson, as in the Melba of Melba’s, was on a different panel and spoke about the importance of purchasing from Black-owned businesses, day to day in her neighborhood and from vendors for her business. Other panelists include Renee King, the founder of Fund Black Founders, Jason Wallace aka The Restaurant Scientist and Nichol King of JP Morgan Chase, who stressed the importance of keeping up with finances and not to hand numbers over to an accountant. Renee King explained what a “friends and family round” is, sometimes called pre-seed (wealthy friends and family contributing to a business) and that anyone who wants to crowdfund, must bring the crowd.
Some people buy from Black-owned businesses and eat at Black-owned restaurants, exclusively, intentionally, by default, or it’s one in the mix. But remember in 2020 when everyone swore up and down they were going to buy from Black-owned businesses? Investors were going to invest in Black-owned startups? LPs were going to invest in Black-owned VC funds? Cut to 2024 and there are some alarming Black-owned business stats, listed here, where I also wrote about an appeals court ruled that the Fearless Fund could not issue its Strivers Grant to Black women founders as it “… violates the Civil Rights Act of 1866.” Yes, 1866. If you need suggestions for Black-owned restaurants, download the EatOkra app pronto.
Some of startups and establishments at EatOkra in addition to Melba’s and Kahawa 1893: BEM Books & More, Shaquanda’s Hot Pepper Sauce, Nourrir, Brundo Spices, Bold by Will (Coleman), Little Fat Girl, Sweet Catch Brooklyn, Two Girls & a Cookshop, The Spice Theory, HAAM (Healthy as a Motha), The Salty Heifer, The Crabby Shack, Sorel, Suplmnt, Miss Mack Enterprises and I ran into Harissa Hot Honey.
🎶 IT’S ELECTRIC 🎵🎶🎵
One of the reasons many car owners in New York City don’t have an electric vehicle is because the charging is scarce and unreliable. I encountered the startup It’s Electric by chance several weeks ago during Climate Week NYC, which aims to change the dismal EV charging options with easy curbside charging.
As I photographed the Global Warming Mitigation Project (GWMP)’s celebration of their 2024 Keeling Curve Prize Laureates at the historic Salmagundi Club on lower Fifth Ave (which made for some interesting backdrops) It’s Electric caught my attention. Its minimalist Level 2 charging stations will be connected to buildings and owners will earn passive income.
It’s Electric partners with property owners, secures permits, installs Level 2 chargers and drivers in the network get their own charging cord at stations any time. It’s Electric will roll out in several cities, you can get on the waitlist here. Is it just me or does anyone else think of this song?
SIMU LIU & THE BOBBA DEBACLE
Dragons’ Den is Canada’s version of Shark Tank. Recently a Canadian company making a ready-to-drink boba drink called Bobba, which sells at supermarkets, pitched the Dragons. Boba, sometimes called bubble tea, is a sweet tea drink with tapioca balls originating from Taiwan. It’s typically made and served fresh in cafes or food stands, consumed on the spot or taken to go. Bobba’s co-founders Sebastien Fiset and Jess Frenette are not Taiwanese, or Asian for that matter, but appeared to be Caucasian Canadians.
Simu Liu, the Canadian actor/investor originally from China, was a guest judge on this particular Dragon’s Den episode (a plan for a little on-air controversy?) and didn’t take kindly to the pitch or brand, you can see it here. Liu, who has invested in food brands Sanzo and MìLà, both AAPI-owned, said there was no sign of Asian anything on Bobba’s packaging and yes, it’s cultural appropriation. “There’s an issue of taking something that’s very distinctly Asian in its identity and ‘making it better,’ which I have an issue with,” said Liu; Bobba’s co-founders pitched it as an “improved” boba drink.
Fellow Dragon Manjit Minhas did make a deal with Bobba, but then rescinded the deal days later after “reflection” and an online backlash. The saga continues, now the Bobba founders have made an apology.
Anyone can launch a business of any type they want. But I always wonder why food founders would launch businesses producing products clearly not from their own culture or lived experience (like living abroad or exposure to a culture via marriage).
I see this happening with chai brands. There are many South Asian-owned chai companies like Anjali’s Cup, Kolkata Chai Co. and The Chai Box, among others, these founders grew up drinking chai everyday. There is a popular chai brand owned by a non-South Asian person—of course there’s no law against producing and selling a product from a culture not your own—but I always wonder, why? Is it to “fill a gap in the market” or a legitimate love of a product?
Perhaps it’s a matter of when foods become mainstream in the US. Is anyone annoyed by a non-Middle Eastern person owning a hummus company? (Probably not, barring someone who makes chocolate 🤢 or pumpkin hummus—ok, sue me, I do like beet hummus.) A non-Mexican person owning a salsa, guacamole or tortilla chip company? Maybe, but probably not. No one cares if a non-Italian person owns a pasta sauce or pizza company because Italian food is so prevalent and mainstream in the US.
Huge corporate brands get a pass, like La Choy or Old El Paso, because it’s just a given the food is awful and soulless. But small, independent food producers are held to a higher standard, for better or worse. I’m curious what readers think about Simu Liu speaking up, Bobba’s mission, Manjit Minhas rescinding her offer, Bobba’s apology and the issue as a whole. Is it fair game when a food company produces and sells a product with cultural roots not their own? Would you prefer a ready-to-drink boba beverage from a company like Twrl Milk Tea, owned by two women with Chinese/Taiwanese roots, or Bobba? Please leave a comment!
WEBINAR FOR NYC SMALL BUSINESS OWNERS HIRING EMPLOYEES
One of Mercantile Mayhem’s fabulous sponsors Small Business Majority along with Start Small, Think Big will hold a webinar tomorrow, Wednesday, October 16, 2024 at 11am on employment law. The webinar is geared for small business owners who are ready to hire employees for the first time and seasoned employers, as employment law always changes. Employment law experts from MetLife and Debevoise & Plimpton LLP will explain some key laws, highlighting practical tips on hiring, classifying and paying employees. Knowing employment law helps to protect businesses. Sign up here.
NOSH NOMINATIONS ARE OPEN FOR 2024
Do you have a favorite snack, beverage or marketing campaign that stood out in the past year? Nominate it for Nosh’s best of 2024. Nosh covers the consumer packaged goods (CPG) industry and this is a nomination call for their annual “best of” competition. There are multiple categories: best new products, best marketing campaign, best packaging, brand of the year, person of the year, changemakers, emerging brands and rising stars. (For product or campaign submissions, they have to have been launched after July 1, 2023.)
Anyone can submit a nomination, deadline for submission(s) is November 1, 2024. All nominations will be published on nosh.com and winners will be announced on December 5, 2024. You can see last year’s Nosh Best Of awards here.
Thank you to Mercantile Mayhem’s sponsor Accompany Capital. Based in New York City, Accompany Capital, a CDFI, helps immigrants and refugees with loans and financial services. Please read about it here.
Thank you to Small Business Majority, Mercantile Mayhem’s sponsor. SBM supports and empowers small businesses across the US with a focus on public policy, its New York City branch was recently opened by Lindsey Vigoda. Please read about SBM here.
OPPORTUNITIES
The ScaleUp Bronx Business Pitch Challenge is seeking Bronx-based businesses for the pitch challenge on December 4, 2024. The top prize is $10,000; finalists will receive mentoring and business support. This entrepreneurial competition is presented by Accompany Capital (yes, one of Mercantile Mayhem’s wonderful sponsors!) and OceanFirst Bank. Bronx Businesses must meet requirements listed here, application deadline to be considered is October 30, 2024.
Entrepreneurs Roundtable Accelerator (ERA) is accepting applications for their four month Winter 2025 program starting January 13, 2025. Selected companies will receive an initial investment of $150K in a post-money SAFE (Simple Agreement for Future Equity) for 6% of each company and the potential for follow-on funding. Deadline is November 4, 2034, apply here.
Food Future Co is a scale-up food accelerator and applications are open for Cohort 13. Food Future Co’s primary interests are: consumer products, local food, plant-based food, sustainable seafood, ag tech, food tech and food waste. Click here for details, deadline is October 28, 2024.
Applications are open for the prestigious Paul and Daisy Soros Fellowships for New Americans that pays for one to two years of graduate study. It’s open to immigrants or children of immigrants. Deadline: October 31, 2024.
Immigrant founders, find your people and network through the Unshackled Ventures community. Unshackled Ventures is VC fund based out of the Bay Area cofounded by Manan Mehta and Nitin Pachisia, apply here.
How does she do it? Writing excellent and informative articles one after the other. BRAVO is all I can say!!!