In 2021, Lamanda Ballard launched FloEver Health after a personal experience with the healthcare system. Despite having a positive, long-standing relationship with her doctor, a Black woman who she trusted and respected, she found herself struggling to be taken seriously.
For months, Lamanda complained of a persistent hardened feeling in her lower abdomen. Her doctor dismissed her concerns, attributing them to weight gain or stress. Frustrated and worried, she insisted on further testing.
She said, “Look, something is wrong. I feel like I'm more bloated than I should be. I'm constantly working out with trainers, and I can't get rid of this hard feeling, especially when I lay down.” An ultrasound revealed a fibroid tumor, the size of a 16-week fetus, that had been growing unnoticed for months—possibly years. The only option presented to her was a hysterectomy, being only 31 years old at the time, that wasn’t an option for her.
The experience sparked a realization in Lamanda. She said, “I realized, like, this is a huge issue. Being someone who was working in corporate America, had a great job, had great insurance, you have all these options and access, and still, you could be experiencing some type of medical disparity. And so that's how we got here.” Lamanda felt that countless others must be experiencing similar difficulties. Determined to make a difference, she founded FloEver Health.
FloEver Health is a tech-based software company at the forefront of transforming women’s healthcare. It offers innovative and empathetic hormonal care that respects and understands the unique needs of women from diverse cultural backgrounds. With a commitment to accessibility and personalization, it strives to empower women with knowledge and solutions that cater specifically to their hormonal health and wellness.
What are you most proud of achieving with FloEver Health so far?
Lamanda's decision to take a leap of faith with FloEver Health, after a decade in corporate America, is a testament to her courage. She made the bold choice to leave her stable job in August 2023 and fully dedicate herself to her new venture, inspiring others with her bravery.
Every dollar, piece of educational material, and hour of her day is invested in her business. Lamanda is confident that her hard work will pay off in the long run, and she's already seen evidence of its potential. One month after launching the FloEver Health website, she received a $100,000 grant.
The early success of FloEver Health, including a $100,000 grant just one month after launching the website, is a clear sign of the genuine need for its services. This positive impact on the women's health space and the promising future of her business fills Lamanda with excitement and optimism.
Can you describe a significant setback you faced in building your business and how you overcame it?
One of Lamanda's biggest challenges has been operating without a co-founder. While many believe that a co-founder, especially one with a medical background, is essential for success, she has chosen to pursue a solo path.
Lamanda said, “When you're creating a digital health company, sometimes they want that co-founder to be an MD. It's not a requirement in this space, but you're more respected as a business when you have a co-founder.
And I'm learning as I walk in these rooms to have a sense of confidence in what I'm building to let them know that I don't need a co-founder. I'm definitely still building my team, especially with having a CTO and hiring contractors and consultants, but I do not need someone to execute the vision. I think we tend to lean on that a lot of times as a crutch. Well, if I can't do the work, you know, at least I know someone else who has a 50% stake in the business can.”
Lamanda acknowledges that some investors may be hesitant to invest in a solo-founded health tech company. However, she remains optimistic that her dedication, hard work, and FloEver Health's growing momentum will attract the right investors who recognize the potential of her vision.
Regarding the importance of technical expertise, Lamanda highlights the role of her interim CTO, a long-term collaborator, in providing technical guidance. She also emphasizes the value of her agency's work in developing the MVP and the strong interest from beta testers, which further validates her business concept.
What is the most critical lesson you've learned as an entrepreneur?
Lamanda emphasizes the importance of "failing fast" in the entrepreneurial journey. While it may sound cliché, she's learned firsthand that as a founder of a health tech company, especially with a non-technical background, it's crucial to experiment and iterate quickly.
She acknowledges that many people will offer advice and suggestions, but ultimately, the most effective path must be determined through trial and error. Lamanda said, “I am the kind of person that I may sit still after something fails and like, I don't know if I can do it. I need to explore all my different options, but I'm realizing if I fail fast and create pivots as quickly as possible, it's going to create new doors and new opportunities. I think that's such an important lesson to learn so early on.”
She believes this lesson is particularly valuable for early-stage entrepreneurs still experimenting with different approaches. Moving on from what doesn't work and embracing new ideas creates more possibilities. She continues to learn and evolve, even after a year of running FloEver Health, emphasizing the importance of agility and adaptability in the entrepreneurial landscape.
Can you describe your experience preparing for the pitch competition and the subsequent crowdfunding campaign? What were your biggest challenges during each phase, and how did you overcome them?
Lamanda found the BGV pitch competition challenging, primarily due to her inexperience with public speaking. Despite her familiarity with virtual presentations, standing in front of an audience was daunting.
BGV's preparation sessions were invaluable in helping her understand her pacing and identify areas for improvement. Lamanda discovered that she tends to speak too slowly when trying to ensure clarity, which can hinder her ability to deliver a compelling pitch within the allotted time.
One key takeaway from the competition was the importance of focusing on key points and delivering a concise presentation. BGV's support and practice sessions helped her gain confidence and feel prepared for the big day.
The competition's gamification aspect allowed Lamanda to showcase her personality and passion through video. This interactive format also facilitated engagement with the audience, as she received numerous questions and feedback.
Leveraging her digital marketing skills, she effectively tapped into her network to generate support for her crowdfunding campaign. She reached out to CEOs and other influential contacts, emphasizing the importance of investing in her business and in Black Girl Ventures.
While anxiety about public speaking was a significant challenge, Lamanda overcame it by practicing regularly and participating in organizations like Toastmasters International. She learned to pace herself, focus on critical points, and project confidence even when nervous.
By participating in the BGV pitch competition, she not only gained valuable experience but also broke through her fear of public speaking. She is now better equipped to deliver pitches confidently and is excited to apply her knowledge to future competitions.
Based on your experience, what advice would you give entrepreneurs preparing for a pitch competition?
Lamanda emphasizes the importance of practice in delivering a successful pitch. She recommends recording your pitch on your phone to ensure proper pacing and timing. By practicing without relying on notes, you can develop a more natural delivery and improve your ability to stay within the allotted time.
For those who prefer auditory learning, practicing their pitch out loud can be particularly beneficial. Lamanda found that listening to her recorded pitches while walking her dog helped her internalize the content and reduce her reliance on notes.
She also emphasizes the importance of seeking feedback and support from your network. Don't hesitate to ask for advice, whether it's regarding your pitch, fundraising, or general business guidance. People are often more receptive to helping than you might think.
She believes anyone can improve their pitching skills and increase their chances of success by consistently practicing, seeking feedback, and remaining open to learning.
Where did you allocate the funds?
Most of FloEver Health's funding has been invested in developing the MVP model, which will be directly accessible to beta testers. The initial phase of building the beta testing program without AI technology costs approximately $60,000 to $70,000.
Integrating AI capabilities into the platform will require a significant investment of $300,000. Overall, FloEver Health has allocated its funds strategically to support professional development, build the MVP model, and ensure access to essential tools for technological advancement. To hit their half-million goal, FloEver Health will attend conferences such as Afro Tech and has signed up for a few pitch competitions.
Support for women of color entrepreneurs can be limited. Can you share an experience where this was a significant hurdle?
Lamanda acknowledges that securing funding for women of color, particularly in the tech industry, can be challenging. She points to the recent lawsuit Fearless Fund faced as an example of the obstacles they often encounter.
Lamanda believes that women of color must be significantly more prepared than their male counterparts to attract investment. They face higher expectations and must provide substantial evidence of their products' viability.
She said, “I feel like we have to come ten times more prepared to walk in these rooms than anyone else. And I always compare it to the guys in Silicon Valley, where they just have a bright idea. They walk into the room, and all of a sudden, they walk out with a million dollars, but we have to walk into the room with twenty times more proof that our product is going to work. That's still a current struggle for me.”
Despite these challenges, she is determined to leverage her efforts to secure funding. She highlights the over 1,000 beta testers waiting for her product, hormone analysis survey data, and growing demand as proof of its potential.
Lamanda also emphasizes the importance of discernment in the entrepreneurial landscape. She shares a personal experience with a consultant who attempted to take advantage of her. This incident underscores the need for caution and due diligence when dealing with potential partners and advisors.
What is the most essential skill or quality for business success?
Lamanda said, “I feel like the most essential skill is patience because not everything works the first time. A lot of times, you need time to build out your idea. I think about a lot of entrepreneurs now in this particular space where they don't even know what ecosystems are; they just have an idea and know they want to profit and make money off of it, but You have to have patience. This is a journey. This is not an overnight get-rich-quick scheme. You have to put in the time you have to put in that effort.”
She warns against becoming discouraged by early setbacks, as impatience and frustration can lead to unnecessary stress. By maintaining patience with themselves and the business, entrepreneurs can navigate the challenges and setbacks inherent in the entrepreneurial journey.
Can you share a high-risk decision you made that significantly impacted your business?
Lamanda made a high-risk decision by choosing to operate as a solo founder rather than having a co-founder. She also faced the challenge of hiring a domestic or overseas agency to develop her technology.
Opting for an overseas agency saved costs but presented risks related to potential disputes over intellectual property. Lamanda learned from the experiences of others and implemented safeguards to protect her business, such as requiring specific documentation and conducting thorough audits.
While the decision to hire an overseas agency involved additional risks and oversight, it ultimately proved to be a cost-effective solution. Lamanda took several weeks to carefully evaluate the potential risks and benefits before making her final decision.
How do you define success for yourself and your business?
Lamada said, “I feel like success for me right now feels like setting out goals for myself each quarter and accomplishing as much as I can off that list. I realized that the business doesn't need to be in the market overnight, but I do need to set goals for myself and work towards them the same way I would if I were still in corporate America. So, every quarter, I set goals. For this particular quarter, my focus has been building out my advisory team, particularly my medical advisory team, and building out my MVP model.
I know I can accomplish these things within 30, 60, and 90 days. And so, leaning into that and ensuring that I am moving towards it keeps me active every day. Otherwise, if you don't have any type of standard or priority list to work around, your days get a little chaotic, and meetings are all over the place. I can't, I can't function and in dysfunction.”
What excites you most about the future of FloEver Health?
Lamanda lit up when she said, “I'm excited because I know it's going to work. There's nothing in me that feels like this business is about to fail; this business is about to take off. Someone's going to want her for millions of dollars. I'm excited because I know that my business has the opportunity to make an impact on a global scale.
I think about the work that I am doing with my business. Just building out the services, and I'm already pivoting to how we can start running clinical trials because I know there's an opportunity for us to reach every woman from different ethnicities and figure out how our work can be combined with whatever their DNA tells us.”
Lamanda envisions a future where FloEver Health can expand globally and collaborate with organizations like the NIH to secure funding and support. She believes that by connecting with other women and sharing resources, she can help address their healthcare challenges.
What do you envision for the future of Black and Brown women entrepreneurs and small business owners?
Lamanda took a pause when sharing this. She said, “You know, in the perfect world, we wouldn't have to deal with the hurdles that we have when it comes to getting funded. But if anything, I'm hoping that the future will help us feel more secure in being entrepreneurs. There's still uncertainty, not only around funding but also around the community. I think that a lot of times, we limit ourselves. There’s nothing wrong with searching for a Black community of entrepreneurs. There's nothing wrong with that.
But I do think we limit ourselves when we're not looking at ‘where I live, what I have access to, and how I can maximize these resources.’ So, I'm hoping that we're comfortable walking in any room knowing that we're going to be fully supported and viewed as a success story rather than a statistic of another failed business.”
While the Black community entrepreneur ecosystem offers valuable connections, Lamanda believes that limiting oneself to this network can lead to missed opportunities. By expanding their horizons and being proactive in their search for funding, entrepreneurs can increase their chances of success. Lamanda believes that everyone has the potential to succeed, regardless of their background, and that by leveraging available resources and building strong networks, they can achieve their goals.
Looking ahead three years, what would you consider a successful outcome for your business?
Within the next three years, Lamanda aims for FloEver Health to be a thriving business with at least $5 million in revenue or funding. She also aspires to expand the company's reach to women in every state.
One significant hurdle is the complex process of obtaining insurance coverage in each state. Lamanda is exploring ways to make FloEver Health accessible and affordable to women, even without insurance. She envisions a B2B model similar to Teladoc, partnering with companies to offer hormonal health services as part of employee benefits.
This approach could address the growing concern of women's stress and its impact on the workplace. By focusing on B2B partnerships, she hopes to make a significant impact and overcome the challenges associated with direct-to-consumer sales.
Running a business can be demanding. How do you prioritize self-care and maintain work-life balance?
Lamanda emphasizes the importance of self-care for entrepreneurs, particularly those who may experience high-functioning depression. During the initial months of launching FloEver Health, she faced challenges adjusting to the entrepreneurial lifestyle. To maintain her mental health, she focused on incorporating self-care activities into her routine.
Lamanda discovered LaGree fitness classes and committed to attending at least four times a week. Additionally, she established a daily habit of walking with her neighbor in a nearby park at six a.m., which provided her with a sense of community and connection with nature.
Lamanda believes that spending time outdoors and connecting with people is crucial for maintaining mental health and overall well-being. She also found that enrolling her dog in daycare gave her valuable time. By prioritizing self-care and exploring her surroundings, she has maintained a healthy balance and navigated the challenges of entrepreneurship.
What is your favorite quote or mantra that guides you as an entrepreneur?
“Don't let the fear of temporary sacrifice overshadow your long-term goals.”
Are there any particular books or podcasts that have significantly influenced your entrepreneurial journey or life?
Books: Power Moves by Sarah Jake Roberts, Atomic Habits by James Clear and Profit First by Mike Michalowicz, and Invisible Women by Caroline Criado Perez
Podcast: Myleik Teele (older podcast episodes)
What is a must-have tool or app that has streamlined your business operations?
Notion.
What is one food you have a hard time saying no to?
Thai food.
What are the next steps for FloEver Health?
FloEver Health is currently focused on raising $500,000 in non-dilutive funding. They have already secured $122,000 and are actively pursuing various strategies to achieve their goal.
Lamanda and her team plan to participate in multiple pitch competitions and have plans to attend industry conferences. By networking at these events, they aim to connect with potential investors and generate interest in their company.
The focus on non-dilutive funding is strategic, as it demonstrates the company's ability to self-fund and grow independently. This approach can be attractive to investors who value entrepreneurship and the potential for significant returns.
Subscribe to the Digital Orange Juice for juicy ideas and the people who fund them. You can find out about our next pitch competitions. Also, be sure to join our new community BGV Connect!
Opmerkingen