Maria Jose Palacio
For supporting the income -- and the dignity -- of coffee farmers
Growing up in the fifth generation of a Colombian coffee-growing family, Maria Jose Palacio knew just how unstable that life could be. Farmers' incomes swing wildly because of fluctuations in international coffee prices, and they often lose money on their crops. When Palacio moved to New York City, she says, "it just got really depressing drinking $5 cups of coffee knowing none of it was going back to our community." Her solution: She'd coach farmers to improve the quality of their beans to a grade known as specialty. Then she could pay them a stable and higher price for the beans, roast them in San Francisco, and sell premium coffee to tech companies.
Initially, she got a cool reception from farmers, who were hesitant to work with a new company. "We spoke to so many farmers, and at first they wouldn't even give us a sample," she says. That changed when she brought a group of farmers to San Francisco to meet with some of their would-be clients, garnering huge press in Colombia at a time when coffee prices were depressed.
Progeny supplies companies in the Bay Area such as Google, Stripe, Facebook, LinkedIn, and Twitter. With so many offices closed because of Covid-19, Palacio is shifting to e-commerce, adding a subscription service, and offering home-brewing classes.
"If you're going to go into something, make sure you're passionate enough to push through the highs and the lows," says Palacio. "For me, it's the coffee farmers. They don't allow me to give up." -Brit Morse
Because jewelry rental just makes a ton of sense
For making design accessible to everyone -- and building a company worth $6 billion
The Lip Bar
Because make-up is supposed to be fun
Working on Wall Street was a lot of things to Melissa Butler, but she felt it wasn't inclusive, fun, or true to who she was. She started beauty company the Lip Bar in her Brooklyn kitchen in 2012, and then moved back to her hometown of Detroit and bootstrapped it for six years before raising $2 million. Butler now has 18 employees--and a deep appreciation for mentorship. "Mentorship is really about uncovering the truth," she says. "Sometimes as a founder, you don't see the full picture. Talking with a mentor is like seeing things from a helicopter." She adds that "the reality is, you can't do it alone if you want longevity."
During the pandemic she says she relied on her team, advisors, and mentors more than ever. "The Lip Bar didn't become a real business until I started being vulnerable and sharing my wins and shortcomings with people who could help guide me. Mentorship can be powerful, as it can help shape and give structure to your vision." --Brit Morse