If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. We covered Mall for Africa some time back in TLEC. Here we trace their entrepreneurial journey. Sramana Mitra: Let’s go to the beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background? Chris Folayan: I’m from Nigeria.
Sramana Mitra: Let me ask you a couple of questions in terms of the process of building this company. In this journey, what are some of the most important strategic moves that you’ve made? Sam Wolf: One of the most important strategic moves is to really understand who our customer is and what’s important to
Sramana Mitra: Help me understand what kind of ramp you saw from the point where things started finding their stride. What kind of growth have you seen? Sam Wolf: The business has been through an evolution. We’re now 10 years old and our 11th anniversary is coming up. There’s over 200 people involved in the
Sam Wolf: I started working three months after I graduated and launched it the in following June. I hired a couple of developers. We worked on putting it together. We launched with 7,000 items mainly vitamins and supplements that I knew were selling well and were good items from my experience in the health food business.
If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. All kinds of niche e-commerce businesses have been built over the last 20 years. Sam and his family have built a health and wellness products business that is doing quite well. Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from?
Sramana Mitra: The mode in which you’ve done this is actually very interesting. I find it quite fascinating. What else is interesting in the story? Angie Stocklin: We tested our hand in drop-ship businesses. Sramana Mitra: That’s a very important point. Angie Stocklin: Even when we were still in our home, we tested drop-ship businesses.
Sramana Mitra: What kind of scale did each of these businesses reach? Are we talking million of dollars in revenue? Angie Stocklin: To be honest, it was hundreds of thousands. A couple of the brands were in the tens of thousands. Anything that was over a million, we kept. Sramana Mitra: Talk a little bit
Sramana Mitra: Tell me more about other businesses. How much did you buy the reading glasses for? How did that ramp? Angie Stocklin: We ended up just buying a domain. It was not a great domain. It was readingglassesshopper.com. It’s a mouthful. I think we purchased it for $2,500. We were able to leverage a