The Trailblazers Experience Podcast

EP60 Lara Solomon: Founder of Hoopsy - Revolutionizing Women's Health & Sustainability with an Eco-Friendly Pregnancy Test

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EP60 Our guest is , Lara Solomon, founder of Hoopsy, shares her inspiring journey from personal challenges with IVF to creating an eco-friendly pregnancy test.

What if you could revolutionize both women's health and the environment with a single innovative product? Listen to Lara Solomon, the visionary founder of Hoopsy, as she discusses her ground-breaking eco-friendly pregnancy test made from 99% paper. Inspired by her own IVF journey, Lara's entrepreneurial spirit shines through as she talks about turning a significant environmental concern into a transformative business opportunity. Her story is one of passion and necessity, aiming to make a lasting impact on health and sustainability.
Lara's journey is a testament to the power of consistency, discipline, and a strong support network. She reflects on how her childhood experiences shaped her work ethic and shares her vision for Hoopsy's future and her aspirations to support other women-led ventures. From emphasizing the necessity of proof of concept before seeking funding to highlighting the disparity in funding for female entrepreneurs, this episode offers a wealth of knowledge on innovation, community, and the relentless pursuit of success. Don’t miss out on these valuable lessons that could inspire your own entrepreneurial journey.

Chapters
00:15 Introduction to Hoopsy and Lara Solomon
03:30 The Inspiration Behind Hoopsy and the Mission to Eliminate Plastic Waste
06:25 Lara's Journey as a Serial Entrepreneur
07:18 Challenges of Launching a Startup and Funding
15:00 Navigating Regulatory Approvals and Global Expansion
18:32 The Importance of Networking and Asking for Help
20:22 The Resilience and Sacrifices of an Entrepreneur
22:29 Milestones and Celebratory Moments in the Entrepreneurial Journey
27:47 Qualities Instilled in Lara's Upbringing that Contribute to Her Success
28:59 Consistency and Discipline
31:16 Innovation in Overlooked Industries
33:31 Supporting Startups
39:58 Networking and Finding Your Tribe
46:03 Addressing the Funding Gap
53:02 Outro

Find Lara Solomon and Hoopsy products
Hoopsy.com
Instagram  @hoopsyco   hoopsyco
Linkedin : https://www.linkedin.com/in/larasolomon/

Listen : to the audio version Apple Spotify .Amazon Music Google Podcasts
Watch and subscribe to my YouTube Channel https://www.youtube.com/@Thetrailblazersexperience
Follow Instagram : https://www.instagram.com/thetrailblazersexperience/

The Trailblazers Experience :

Welcome to another episode of the Trailblazers Experience podcast, where we have candid conversations with amazing women trailblazers sharing their career journeys. My next guest really excited because this is front of mind, I think it should be globally in terms of women's health and contraception is Lara Solomon, who is the founder of Hoopsy, and we are here to talk about Hoopsycom. Hello Lara, how are you Hi? I'm good. Thanks for having me. Hello Lara, how are you Hi?

Lara Solomon:

I'm good Thanks for having me.

The Trailblazers Experience :

So for people who don't know, tuning into the podcast for the first time what is Hoopsy, what does it do, and why has that been a passion project that's turned into a business for you?

Lara Solomon:

Well, I should probably start at the start. So it all started because I did ivf, um in 2021, trying to get pregnant. I realized that I'd hit 45, hadn't found anyone to have a baby with and that it was kind of last chance. So, um, I went to um, spain, and did two rounds of ivf with donor embryo. Unfortunately, the second one didn't work, but they were miscarried really early on a couple of weeks after.

Lara Solomon:

But in the whole process I was in a lot of Facebook groups and I kept seeing women talking about trying to conceive and then they'd put bitch sock on the test they'd taken. And it wouldn't just be one test, it would sometimes be 10, sometimes 15 tests. And I was just like what. I had no idea that women use that many tests and and it just kept sticking in my head like you literally use this test for five minutes and most of it's plastic. And I just thought why is it plastic when you're using it for five minutes?

Lara Solomon:

And after my IVF failed, I just thought I just still couldn't get this out of my head and I just thought I could do something about it, because the market leader on pregnancy tests is Clear Blue. They're a big corporate company. They don't care about the planet. And so I just thought someone's got to do something. Why can't it be me?

Lara Solomon:

And so I just did and came up with the Hoopsy Eco Pregnancy Test, which is our first product, which is made from 99% paper instead of basically 90% plastic, works exactly the same way over 99% accurate and is a test that you wee on. And then we launched that into the UK in July 22. And then I realised, after I'd launched, looking at the market, I realized it's not just pregnancy tests that are a problem. It's all actual flow tests. That's things like drug tests, sti tests, vitamin tests, diabetes, glucose ketones and the COVID. The list goes on. Globally, every year, 25 million kilos of plastic from those test bins into landfill is a huge problem and one that no one is doing anything about. So now at Hoopsy we're on a mission to eliminate plastic from natural flow tests, and that's a big mission because there's over 2 billion tests sold a year, but it's definitely something that's worthwhile and something that I'm really passionate about achieving.

The Trailblazers Experience :

I mean, that's amazing, having your own personal experience being the spark for this, but this is also not your first rodeo in terms of startups, so this is your sixth venture. Yes, I'm interested to understand a. What is the I guess, the curiosity, the catalyst for starting multiple businesses, and why has this one stuck that you're saying this is the one?

Lara Solomon:

yes, I remember when you asked me about that in the email, I was just like, do you like what's next? I was like, no, no, nothing else, this is it. As you know, I tell like there is something else, but it's so. What I want to do is, once I've sold Hoopsy, which will be for probably another eight years, then I want to start an HD fund and invest back into women's health, but anyway, so that's not really. It's kind of a business that I read.

Lara Solomon:

But anyway, going back to this, all of the businesses, my first business started because growing up, my dad always had his own business and my dad always taught us to basically think everyone was an idiot until they proved themselves otherwise, which is not necessarily the best outlook, but it did mean that I went into FMCG marketing as my first role and and at that time you just basically it was very formulaic and there was no room for trying anything new and I just really wanted to, to try different things, and so I started my first business. Um, I was actually on holiday, or actually on honeymoon at the time, um, with my now ex-husband and I saw this mobile phone stock cover and I just thought that's so cool and so I decided that that's what I was going to do, because at the time, when you had a mobile phone, there wasn't covers to fit every style of phone and so the sock was you'd go on your phone, it stopped from getting scratched, it personalized it and then from there, basically other businesses came about out of passions or things that I noticed that, mostly from things I needed that. I then looked into the market and there was no one else doing it and other people also needed it. So it's kind of came out of necessity and passion, I think. But this one, I think, has stuck because I feel like it's such a global thing, it's such a.

Lara Solomon:

I guess I feel like and I don't know how you say this without sounding like a bit of a I'm saying up myself but I feel like I really want to make a mark on the world. I don't mean that I have to be like florence nightingale and be talked about for the next hundreds of years, but more about the. I often think about what's the point in us being here in like. Why are we on earth? What are we doing here like? What's the point in us being here? Why are we on Earth? What are we doing here? What's the point? It's not very long and I find that quite a depressing thought. So I feel like if, while I'm here, I can actually do something that helps the planet, helps the people, then I feel like there is a point of being here. So I guess it all kind of comes down to that. I really want to make a difference.

The Trailblazers Experience :

Yeah, so it comes down even. I think it's a reflection of your own personal values, isn't it? It's like what? What do you believe in? And when you look at the pyramid of when companies are now massive about what are their mission statement, their values, their principles? It has to start from somewhere, and if, at the core, you're thinking of people and planet, then that's already a good starting point, isn't it? Definitely so, reflecting on your experience, because obviously you're I would consider you a serial entrepreneur, and I was talking about this before we started recording of how I'm so in awe of people who have an idea and say this is a problem I'm trying to solve and then just going with it For the audience. Let's talk about launching a startup, because it's fraught with challenges. First of all, a, are you bootstrapped? Talk to me about funding challenges. How has that been, especially when it relates to Hoopsy and you as an entrepreneur?

Lara Solomon:

Most of my. My first business was funded by my parents. Well, they lent me capital £6,000. I repaid them in full and gave them around the world trip, so they got a very good return on their investment. Since then, I bootstrapped all of my businesses until not except for the last one and this one, basically with Hoopsy. I bootstrapped to start with. I had a part-time job. I used to do customer service for insurance companies. People wanted to make insurance claims oh, westrop in the world, but anyway. And then I raised some money through equity crowdfunding and also through angel investors.

Lara Solomon:

The thing that I think it depends on your business as to how value you can, or how much you can, bootstrap. If you're a service-based business though it's just you providing a service it's much easier to bootstrap because the only thing you really need is a computer and a phone, which you probably already have. But if you're a product-based business, you've got to buy a stock and ship it and store it somewhere and all that kind of thing, which means it's quite. It can be quite challenging to actually bootstrap because you need a lot of cash up front, which is partly why with this one um, I think for the first I raised the money about nine months after I started working with business, so just before the first order came through. But I've also put in quite a lot of my own cash. So it's one of those things where people say you know it's better to bootstrap and you know you don't have to do investors and stuff.

Lara Solomon:

But I think it really depends on who your investors are. A lot of my angel investors are people I know really well. They're supporting me because they believe in what I'm trying to do and they want it to work. They're not the kind of people that call me up every day demanding why haven't I made them a million dollars or whatever. So I think it just really depends on who your investors are, and that is one thing I would say. With house fundraising, you have to be I believe you have to be very picky. I have turned down money. My bank is, I kind of still whinging at me for turning it down, but I think it was the right thing to do for the business because it just wasn't a good fit with what we wanted to do.

The Trailblazers Experience :

So yeah, it's just about being selective and I guess it also comes with experience. So you've, you know this is your sixth venture. So you, you've been through those various iterations of understanding. Start a business. What good looks like, what you're willing, willing to give up, you know as well, and what your runway, in terms of your cash flow, should look like. I think, like you said the first one, your parents got their return on investments. All they wanted was a trip around the world. Who knew? And with others, they believe in your, I guess, in your mission and what you're trying to do, tackling something. I mean plastic is a major problem. It's a byproduct of another industry. That's just now they're putting the onus on us to make it better when actually the products produced could alleviate it. I can go off on a tangent, environmental tangent.

Lara Solomon:

I know, I know it's crazy and I think that's one of the things that frustrates me mostly. I mean I've had some. I mean my investors are normally people that just get it straight away, like I. So I did a pitch um on stage last year and it was literally it was three minutes and um, as I came. I also came off the stage as Ray came up to me, I went I love it, I want to invest. I was like, okay, great, like there was no, like hi, my name is. That was literally what she said and she's now one of my investors and I think it's it's finding those people that really get it, really understand, and they know because we're a medical device and it's not a quick win.

Lara Solomon:

It's not like you know. You read all these things about sas businesses how they double treble revenue months and months, three thousand percent growth in a year, whatever it is, and that's just not possible with a product like ours, because you won't even have a product normally within the first year, because it can take 18 months to two years to actually get approvals. So it's just, I think, when it comes to fundraising, there's so much out there that you read and then you think, oh, that's the Bible. It's so different for every business and I think that's one thing you just need to as a founder. Um, you just need to be aware of that. Just because x has done it like this doesn't mean that that is right for you and you.

The Trailblazers Experience :

I love the way you differentiate between is it a service you're providing or product, because those obviously are two different uh themes and they're two different ways of looking at it. But for someone who's listening and says, oh my days, right, OK, you're in the medical, you know industry health tech, femtech, industry how do you even go about that? Like, this was a different business from what you've done before. Where did you even start in terms of looking at approvals, and there was a problem that you were trying to solve from what you've done before. Where did you then start in terms of looking at approvals, and there was a problem that you were trying to solve? But break it down for me what was like your step five step process?

Lara Solomon:

I'm sure it was longer than that. Five big steps, not teeny-weeny ones in between, yeah, I think. Well, first of all, I should just say for people listening that I don't have a medical background or a scientific background, so my background's always been in business. So, basically, my first thing, I got a pregnancy test and if you open up one of those mystery tests, you'll see inside there's a little strip of paper. And when I looked at this and I just thought why isn't that piece of paper just big and we don't have the plastic? They just seemed like a real no-brainer. So then I thought, well, all I need to do and this sounds quite simple, but I thought and this is what? But this is what I was thinking all I need to do is work out what size I want it to be and then find someone to manufacture it. And if they're already making prints, you say, surely they can just make it bigger, how?

The Trailblazers Experience :

hard, is it?

Lara Solomon:

so I drew my test size out on a piece of paper, so my first prototype was literally a real fact, actually yeah and um, I then contacted manufacturers around the world where I contacted over 100, and most people were like, yeah, we can do this and it wouldn't be what I wanted. It was only one manufacturer that was willing to work with me and then like part of the challenge was that, you know, because I'm not medical scientific, it was like understanding what they were doing, understanding the regulatory approvals. They already had approval for a product that we could use. We could use the approval because we weren't making a huge change. But then it was like understanding that, was that good? Was that right? Was that round-the-clock approval right? How could I use that?

Lara Solomon:

So it was a lot of researching, a lot of reading, um, a lot of then phoning people up and finding, like, even with people I knew, finding people that knew, people I could talk to and running things past them, um, then trying to look at what other companies have done and see the steps they took to get to market.

Lara Solomon:

And there was a lot of Googling, a lot of Googling. And the problem with medical devices is that it is so regulated you can't really stuff it up. Not as in, it's easy to not stuff it up, but, as in, if you stuff it up. You can't sell the product, so you actually need to be. There's not much leeway in there, so you have to really know what you're doing, and so it was a lot of talking to people and experts and some people you know, paying experts or even just calling up those regulatory bodies for each of the countries, calling them up and just being like a complete I mean, I've done this before. I don't know what to do, I don't know what's the steps and getting them to talk me through it as well, and doing some online courses like paying for them and doing online courses to just educate myself more about it. So, yeah, a lot of research and googling before I could actually get the product to market.

The Trailblazers Experience :

It's time standard yeah, so it's basically 18, 24 months before you could actually launch the product. Is that the timeline that sort of happened.

Lara Solomon:

Well, the first product we had because the manufacturer already had regulatory approval. We actually I started talking to them in December. We got a product to market in July Because they already had approval, we didn't need to get our own approval. But now we're working on a new version of the product which is 100% plastic free and, because it is completely new, that will take us 18 months to two years to get to market because of the approvals. It depends on the country, though. Each country has different times and different approval processes. Just to make it a little bit more fun.

The Trailblazers Experience :

Yeah, I was going to say, because when you're launching that product online, you're sort of looking at the countries with the least barrier to entry, but also where you can drive the most sales, isn't it? It's like Catch-22 as well, which plays an important part.

Lara Solomon:

Yeah, it's also so. I've done a lot of research into which countries use devices, medical devices, the most, and that contains the consumers and it's like, for example, it is mostly the western world because they can afford to pay for it. Um, but, like for pregnancy tests, the top five countries in the world are the us, the uk, germany, india and I can't remember what's the last one. It'll come back to me, but they're all, uh, they're all. It's all very much wealthy. Wealthy countries.

Lara Solomon:

India we don't think it was wealth in a story, but that top like five percent of the population were prone to, I think. Um, and it's with the trend that's moving towards, people want to manage their own health. They don't want to have to go to the doctor for everything, or they can't because there's a, you know, a three-month wait, or they just can't get an appointment or it costs too much, and so people want to own their own house. So there's a massive move towards home testing and that will obviously impact us. But also it's looking at who actually cares about planets, because you can have a big country with a lot of people that all want to do home testing, but if they couldn't give us stuff about pollution and the environment, then they're not going to buy an environmentally friendly option. So you've kind of got to balance up all these things and also look at fertility rates. When we're looking at pregnancy, we're looking at which countries like, for example, when China had the one-child policy obviously that's changed now, but when they had that, the chances are you're not going to be doing as much trying to concede, because once you've had your child, that's pretty much it. So, whereas other countries that don't have those rules, I have different. You know you'll mean different things to your business.

Lara Solomon:

There's a lot of weighing things up and then it's like, well, how easy is it to get fda approval in the us versus getting um approval in the uk or getting approval in the eu? And then it's finding out things like if you've got fda approval and then you want to go into canada, it's much easier than going to town and then trying to go into the us. So there's a lot and I think a lot of it comes down to until you. Someone actually said to me a potential investor said to me last year. He said if you'd known all this stuff before you started, would you still have started? Because it is a lot. It's not like just launching just a jumper brand or you know, a non-medical device brand, and I like to think I would. I mean, some days it just drives me up the wall. But I do enjoy a challenge and I do enjoy learning and I think that that's part of the journey is finding out how you do this. So, yeah, it's interesting.

The Trailblazers Experience :

Yeah, and do you know a lot of investors, having spoken to so many women who are entrepreneurs, saying they're investing in you, in the person. So are you resilient? Can you overcome these challenges If there's a hurdle that is thrown at you? In the person? So are you resilient? Can you overcome these challenges If there's a hurdle that is thrown at you? How do you react in that situation? Versus the, oh, I'm just going to plug money into this business. They are investing in you. How resilient are you? What if there's? You know you've got issues with distribution or production how are you going to react then? It's? That's basically what's a main catalyst, I think, for that too.

Lara Solomon:

I think you're right. I definitely think you're right, and it is that whole. If you're going to give up on the first hurdle, you're never going to have a successful business, because there's never just one hurdle. There's so many hurdles to overcome and we're now at the stage with Hootsie. I'm now at the stage where we raised last year but we ran out of money and last year was a horrendous year to try and raise and I did get offered money but I turned it down at the time, and so I'm now working part-time because I'm really passionate about what I want to do.

Lara Solomon:

I'm really passionate about Hootsie and I don't want to stop doing it, but at the same, I've pretty much burnt through all my savings, so I can't just live on fresh air. So it's that compromise and that are you willing to in some ways take a step back to be able to move forward? And I think a lot of it when you're running your own business is like that it is. Often you do take a few steps back to take one giant leap forward, and you've got to work out if you're willing to do that compromise as well. Like you know, are you willing to give up things, and how important are those things to you like? You know, if you're someone that says, oh, I have to have that exotic holiday every year or whatever it's, um, you know, are you willing to give that up?

The Trailblazers Experience :

so it's just different priorities, I think yeah, and honestly, laura, I mean that vulnerability and that honesty of what the journey of a founder is is so important. So, people, you know we live in a social media where people arrow people only showing this is what my business is doing and this is how I'm turning over, but they're not telling you the journey that it took time before. I mean you haven't. You're not yet at that stage where you can give up working to be 100% in the business. You're not there yet. It's coming. You've got a great product, great idea, but you're not there yet and that's okay. Um, I think it's important for the audience to to hear that so that they don't give up on their dream as well.

Lara Solomon:

Definitely. And I think the thing is that when I did get funding, I was full-time in the business and I was earning a salary not huge. But then when we ran out of money, it was like, well, I've got two choices I either quit and get a full-time job and don't do hoopsie, or I basically find another way to bring in some money and keep doing it on the side and and know that it is a temporary glitch and not a forever glitch. But I think it sometimes can be hard to do that because you kind of like you feel like potentially, like you failed and you haven't failed. It's just. It's just life, isn't it? Nothing's a straightforward. Unfortunately, there is no straight line to the goal. There's a lot of wheels and turns and you just gotta go with it and um, yeah, it can be, it can be challenging, but I think if you're passionate enough and you believe in what you're trying to do, then it takes you through and it gets you there.

The Trailblazers Experience :

So, yeah, it's um, I mean you, you're you've talked about so many challenges that you've faced, and we also talked about just in the in the pre-podcast, about how many times you've pitched already. So, over a hundred pitches probably. You're probably a pitch expert, and one of the milestones is you pitched for three minutes and you someone said, yep, I get it, I'm going to invest. So there are milestones, isn't it? Little celebratory moments that you just need to take with you along the way.

Lara Solomon:

Oh, definitely, and I think it's like so. At the moment, for example, we're working on the second version of the products and initially I thought I'd have to find I know how we're going to do it. We filed a patent on it, but I'm not a chemist. I need someone to do that bit for me and initially I was going to have a case on it to do it. And then I applied for this program called the West Midlands Health Tech Innovation Accelerator Sorry, it's very long acronyms and they basically, through this program, they've now funded the whole development, second version of the product.

Lara Solomon:

And it's just like, oh my god, to have someone that not someone, but you know, an organization that believes in what you're trying to do, so much so that they are willing to do that is government funded, but it's still like it's not like it's easy to get the money. It's that those kinds of wins are just so such a good feeling that you're not on your own anymore, cause as a solo founder it can be hard as well and the fact that I've got this, this team, and the lady that runs it she's been through fertility challenges, so she 110% gets it, and so she really believes in what I'm trying to do and she was like we could do this, we could do that, and so those kind of things really make you think I know I'm doing the right thing. I know this is going to be great. It's just going to take longer than I expected to start with.

The Trailblazers Experience :

And how did you find out about the program? Is there a lot to do with you putting yourself out there, networking, speaking to as many people, picking up the phone, getting on the zooms, the slack channels, anything that involves communication outside of your home? Has that paid dividends for you, would you say? Oh, definitely.

Lara Solomon:

I mean so to give you. So when I first started hootsie, I was living in australia and sydney and um, we basically got approval in eu before australia and sydney. And um, we basically got approval in eu before australia. So I was like, right, we're going to launch in the uk first. So we launched in july 22 and I moved over to the uk in november 22 and I've got family here because obviously I'm from the uk originally but I have been living in australia for 20 years, so I don't don't have a really good business network. So I basically was starting from zero. So when I first moved over, I was staying with family and friends and I did some house sitting and stuff and I was going to two or three networking events a week all different ones just to meet people, get to know people and make those connections and um, and now I've got an amazing network of people around me.

Lara Solomon:

But it is work. You do have to actually go out and find it and I personally prefer face-to-face physical networking rather than online Zooming and stuff. And it's just about putting yourself forward. Like every time there's a pitch competition, I'll be like, yeah, yeah, I'll do it. And just putting yourself out there again and again and again and people get to see what you're doing and and it's really interesting because because what I'm doing is quite different I've had people who will take pitch meetings with me and afterwards I go, yeah, I'm not going to invest, but we should love it sounds so fascinating, I have to know more. And I was just like, well, yeah, great, but it was rather annoying because you knew you weren't going to give me the money. But it's one of those things where who you know is so important.

Lara Solomon:

Actually, a very funny story. I, um, I was living in Cambridge for a few weeks last year and I was single and I went to the singles party and it was, it was fun just to chat a few people. And then there was this older guy there and, um, some chatting to him and then it turned out that he was dating the girl that was running the party. We were chatting, and then it was. He asked me what I did and all that. But it turned out that he was, um, he's the head of astros danif in the uk and he was, like, what are the chances? And you know? So you never know when you're going to meet people that, like, could be great connections to have. You know, I was like we haven't saw that AstraZeneca yet or anything, but like he's someone that I'm, you know, now in contact with and you just don't know until you put yourself out there.

Lara Solomon:

And then I think a lot of it is about going that extra mile. So there was a guy, he was up, he was north um and he in the UK and they ordered, they bought our product to sell on their online pharmacy store. He'd been doing online pharmacy for a long time I think about um six or seven years and he's seen like a lovely guy and I just said, can I come up and see you and just chat to you about the industry, because I really don't know that much about it? And he was like, yeah, no problem. So I popped up and I saw him for two hours and he was so amazingly helpful and introduced me to so many people based on that one meeting and.

Lara Solomon:

But I made the effort to go and see him and chat to him and ask and I think a lot of it is about that, asking for help, putting yourself out there and that's what people respond to and, um, yeah, it's just. I think it's just a nice person as well, because you can't just go and expect a handout or expect stuff from people, but you just have to be genuine and people will get that. And I think, especially in the entrepreneurial world, a lot of people they know what it was like when they started and it was hard, so they they're happy to give back and help other people that are coming up if you think in hindsight, lara, because you've talked about a lot of things, that you've got business background, you're very curious.

The Trailblazers Experience :

Lots of googling, you're outgoing, putting yourself out there, when you think about the foundations of you growing up. Now, connecting the dots in hindsight, what do you think are sort of the qualities that maybe your parents or your upbringing instilled in you that are helping you?

Lara Solomon:

I think one of them is that um, we were always encouraged to one of them, was always encouraged to follow our passions and do things that we enjoyed, and I think it was never like it was never you have to put up with that forever. It was always like give it a proper go and then if you decide you don't like it, want to do it, then you can. So you couldn't just do one like. I remember my sister and I did ballet lessons. We couldn't just do one ballet lesson and then, like never go again. We had to give it a decent shot. I think that's part of it, because often at the start things aren't great but they do get great.

Lara Solomon:

And then I think I had a really when I was growing up I was a little of horse hiding and and we worked at a riding stable, my sister and I, and we learned a really strong work ethic from being there, massively strong. And I remember my mum down on Tramney Wall. But I remember my mum always saying that's the reason that you two have done so well in life is because of that really strong work ethic of you have to do this a certain way. This has to be achieved. You know you can't just turn up for an hour and then decide you're not going to do anymore. It's. I guess it's partly been given responsibility at quite a young age. You know, we were teaching riding, we were taking groups out, probably like 16, 17 years old, which is quite a big responsibility. So I think, I think it's all those kind of things yeah, something about consistency, discipline.

The Trailblazers Experience :

If you're gonna start something, finish it. The reason I ask this is you know they might be younger. I feel like the younger generation are struggling with what they want to do, and sometimes it's it's right in front of you doing something that you're passionate about, but it it's the consistency piece, isn't it Sticking it through? Just making sure you finish what you've started. And if it didn't work, then at least you tried.

Lara Solomon:

Yeah, I really think a lot of it is actually just trying and not giving up just because it's hard, because it's funny. There's a cartoon I saw a while ago. I've had people sort of looked in and there was there was a picture of diamond in a mine and then there was the mine shaft, like the earth I guess, and at one point they had the guy got to like here and here's the diamond, and he gave up. And the other guy got to here and here was the diamond and he gave up. And it's like you never know how close you are to that diamond or to whatever it is you're trying to achieve. It could be, you know, minutes away, it could be years away, but you won't know unless you try. And I think a lot of it comes down to that is actually really giving it proper go, and you know yourself when you give things a proper go or not. You know that you're, and if you're only doing it half-heartedly, then is it really the right thing for you to do? Is the other thing?

The Trailblazers Experience :

I mean definitely it's. It's one of those lessons where constantly I have to remind myself about consistency, discipline, manifestation. Just keep going, keep going, because you'll be able to connect everything, um at the end. So, talking about hoopsie and the vision, you are clearly looking to make a difference. I I guess in the world, femtech and sustainability very big for you. Where do you see Hoopsy going? So you said eight years, sell and cash out and then move into the VC space, which I think is amazing because we know I think it's statistics say what less than 2% of funding is going towards women. How do you envision your VC fund in the future to be different to others?

Lara Solomon:

oh, my god, I haven't really thought that far ahead. I'm still kind of trying to get that 100 million pounds I'd like to cash out for, but I've, I've, um, I've got a friend that I'm planning to run it with and, um, I find that we, in terms of society and in terms of back it back, as you see, money or angel money, we get caught up in these trendy things like ai or whatever it is, and then it's like that doesn't mean that it's a good business and just because everyone's doing it, it doesn't mean you have to do it. And my dad always used to say to me if everyone else jumped the cliff, would you jump off the cliff as well. And it does feel that similar kind of thing that you need to look for things where I feel like you need to look for things where nothing has changed for a long time in the industry. So take the actual flood test. The first one came out in 1988. Nothing has changed since 1988. So it was a long time ago, nearly 40 years ago, and um, so I think that, um, that's what we need to.

Lara Solomon:

We need to look at industries where that have been overlooked. I mean, you look at with women's health. In terms of research into women's health, more money has been spent on viagra development than women's health, and it's just these horrifying statistics. And yet half the population is female. So I think it's about finding those spaces where people haven't done any innovation for a while and where, and finding those passion entrepreneurs that want to make a difference, um, and want to do things differently. But also I think that you want people that are in the trenches, that, in terms of founders, the people that want you to get their hands dirty, like I meet some founders and they're like they want to raise money because they want to spend it on whatever google ads or something I don't know, but they haven't, and they haven't even tried to do it themselves first and you're like, well, if you haven't tried then and you're just gonna literally just hand it over to someone else, then you're not really the person that is going to keep going.

Lara Solomon:

When things get tough because it's like we're saying earlier, it's not always you can't throw money at every solution and you might not even have the money to throw at it. So you need to learn to do a lot with not much, and I think that's the thing we've got to look for as well.

The Trailblazers Experience :

Yeah, what's the purpose of the funding? Isn't it that you're? I've read a few uh pitch decks, so you're saying so. When you receive this money, what are you going to do? Well, we need to acquire new customers, so why aren't you doing that now? Um, why aren't you on these social media platforms? You can. Proof of concept is there. You know what. Why aren't you doing that right now with what you have? Well, and there's a lot of what you sort of think wow, when they receive this money, it will run out very quickly because they haven't thought it through and done the, as we know, proof of concept isn't it themselves, as a business.

The Trailblazers Experience :

But I love what you said about getting back to the basics of. There's so many sectors, industries where there's a mentality of we've always done it this way and I truly believe those are the ones that won't be there in 10, 15 years. It's the ones that innovate, that want to change the status quo, make it a better planet for everyone, not just in the first world but the third world and lifting women up, who make 50% of the population. And another thing, if we're talking about consistency, I know Warren Buffett is a man, but if you look at his portfolio of businesses, he's been consistent in what he invests throughout. So it does tell you well, if you find a product or solve a problem that is necessary for everyone globally, then obviously it'll pay dividends over those years.

The Trailblazers Experience :

That is the formula isn't't it it doesn't have to be some sexy ai sexy company that bc funds are rushing towards, but there are lots of women with great ideas that aren't getting the funding that they need, and yet they're solving a day-to-day problem I know it's crazy yeah, I'm with you on that, I'm just.

Lara Solomon:

And then you see the next announcement that some SaaS bro company has just been given a zillion dollars and you're just like, seriously, they'll burn us without a year and then go. Oh well, do something else.

The Trailblazers Experience :

Yeah, I know when you get to that stage in eight years. I'd be happy to have that conversation as well, because I feel we need more. The more women we have in VC fund companies on our, I think, the more we have, because I've got another friend of mine who I'm hoping to bring on the podcast and she started a VC fund, but in Africa, and she's talked about all these ideas, ideas, but even getting money into that pool of that fund is so difficult. She's very educated, she's got the consultancy background, she's got the finance background, she knows all these women, but to get people to invest into our fund so difficult, which is crazy.

Lara Solomon:

I know, and that's the thing it's just, it's it's still very much an old boys network, that whole vc. And then if you look at angels, lots there aren't actually that many female angel investors, and so, and men just don't necessarily not all men, but a lot of men don't get that whole femtech space and don't really see it as important, and and so you kind of it's quite an uphill battle. And then you add in the sustainability piece for us on top and you're like, yeah, if you've not got the other things, you're definitely not going to get to there, and so you it's, it's quite challenging and I think we really need to move the needle on that, and I feel like the best way to do it is kind of inside, with your own money, to invest it that way, and and I think the other thing we've just got to think about is that it's not just when we're and I think this can be for anyone like you you don't have to invest lots of money. Like it's interesting, some of the ladies that are in my crowdfunding invested 50 pounds, so not very much at all. For most people that work full-time, investing 50 pounds in a startup is not a huge amount of money, and I think that we can all do help startups in a really small way just by doing that 50 pounds and and I don't think you realize that they do all add up and that does actually end up in a great result for that business owner essentially down the track. And, yes, you only own a tiny, weeny piece of the pie.

Lara Solomon:

But it's not just about owning part of the company. It's also about supporting these ideas, because if we don't support them, then they won't happen and then nothing ever improves. And so we can't just say I don't have money to invest, because most people could probably afford to invest 50 pounds, or, you know even. Or if they don't have money to invest, because most people could probably afford to invest 50 pounds, or you know even, or if they don't invest, and supporting business owners, small business owners, and shopping that way rather than shopping at Primark or you know, wherever you like to shop. But you know, there's lots of ways we can support businesses without money. We just even just by following them on Instagram or telling friends about them.

Lara Solomon:

There's lots of things we can do and I don't think it has to be financial. And then, if it is financial, I think the other thing to think about is that you don't get quick returns. If there was a magic bullet, someone would have discovered it. We would have it already but you've got to think. You're putting this money in. It might work, it might not work, but at the end of the day, you're supporting something you think you think should happen and that might take 10 years, and I think for us that's what it will. You'll be like it will be 10 years by the time, from stars to know we cash out and I can actually, um, start helping other female founders. But yeah, yeah, I love the fact that I know and you're playing the long game.

The Trailblazers Experience :

Basically, you've started a few businesses. I feel like, from everything that you've been saying and just reading about your business, you're playing the long game. You've found something that you're going to stick at and it's going to evolve as well as you grow and learn more about the industry and the sector and it's important to shine a light on that and finding your allies as well, isn't it? Whether you're going for a singles dating event, talk about your business, girl, or it's a what do you do? And being passionate about, like you said, I think you've mastered the three minute pitch. You've mastered that to a T is what am I doing, why is it important and how can I grab your attention? Because we all have a very short attention span. I think there's stats that says about how short our attention span is.

The Trailblazers Experience :

So it's really exciting and refreshing to hear your story as well about that. So, yeah, lara, keep going, I love this and, yes, book me in for eight years time. Yes, we will be having that phone call coming through saying do you remember me? I said yes, I do, we're ready has even led to this business. Let's talk about female empowerment and what are ways, if there's someone who's listening, who's an entrepreneur, that they can get into the space or find a community and find their tribe to help them through this journey.

Lara Solomon:

There's millions of places. I don't think I'm exaggerating when I say that. I think it's a case of it depends what you're doing in terms of what sector you're in, and then from there it depends on what stage you're at. There's loads of ways If you're really early. Things like accelerators are great because lots of them are free. I get hanged out in a cohort with other founders and that's really good because you get to learn so much from each other. And also, the first accelerator I did was outlet and I just felt like I'd found my people. I was like, oh my god, these are like. I just think we just totally got each other I just loved it.

The Trailblazers Experience :

And for someone who doesn't know what is an accelerator program, what is that?

Lara Solomon:

and so, and it's normally about three months long and it depends. It can be part-time, it can be full-time. You do a few hours a week or more and you learn things about business. So it might be things like you know, learning how to identify your customer, learning about how to get a market fit, learning about accounting, learning about how to start to actually start the company in terms of what you need to register and where all of that kind of stuff. Um, and also, normally you have a mentor as part of that, so someone that you can talk to about any challenges, bounce ideas off, and then there's normally you do, some kind of exercises that will actually move your business forward. So it might be using like a lean canvas, methodology and culture, identify areas of your business that you need to focus on or things you need to improve or tighten up, and so it can be. And, like I said, there's loads there's online ones, there's physical, in-person ones. Um, there's somewhere at the end you can pitch for investment, and there's ones at different levels as well, depending if you've got literally this riding antler um, it was my last business and the other program is a global one and um, it's free to. It was free to just have to get through interviews and everyone went in as just a single person and then you found your. You found a co-founder while you were there. You came up with an idea while you were there and and you pitched it got investment or not. If you got investment, you stayed on for another section of the program. So it can be a really good way to get to learn more about starting a business as well as build a really good network of people.

Lara Solomon:

The other thing there's loads of online groups, one that I love, which is for women that are a bit further along. It's called Buy Women Built, and that's basically women-built companies, and it's so supportive and helpful. But I mean, you can also start your own. So I went to a networking event last year and as I was walking out, I met this lady, thea, and we just hit it off and I just, you know, know, you meet someone. You think, oh, you're my person. We really got on and, um, we kept in touch and then she said, oh, I'm starting this whatsapp group for female founders and I'm just inviting people that I want to invite that I've met, that I think will get on with each other, and so I've been in that group now for only about 18 months and that has been so supportive.

Lara Solomon:

And we're all in different industries and there's some people that do products, some people do services, some people do digital, some people do physical products, so there's no kind of commonality in terms. But the commonality is that we've all been through the same stuff. We've all done the fundraising journey, we all have that nightmare customer. We all have those days that we just want to curl up and hide under the duvet and cry, and you know that's what it is. So you can completely form your own group.

Lara Solomon:

The other one, for women, female founders rise, is a really good one because they have in-person networking events and then there's, if you're on slack, there's loads of slack groups, if there's just bazillion places to look. But the best thing, I think, is just to go out in terms of just some networking events, and I always choose ones where I think I'll enjoy it, regardless of who I meet, so obviously one where there's no speaking I love to hear. Or, and then you know that, regardless of what happens, you're still going to get something out of the evening, so it doesn't feel like it's a waste. Um, it may be going to pitch events and you'll keep watching other people pitching and getting ideas from that and then going up and chatting to people afterwards. There's so many ways to get started and so many ways to connect with people, but I'm happy if people want ideas. I'm happy for people to reach out, and I say this every time I do a podcast. No one has reached out to me yet.

The Trailblazers Experience :

Maybe someone you just have to keep saying it? I think I don't know, because it's the first step. Isn't it sliding into someone's dms to say I am, I need help, I started a business, yeah exactly, and that's the thing I mean.

Lara Solomon:

I've even there's been randoms where once that repose and I was like I'm really struggling with with the custom journey on my website and I just couldn't seem to get get it quite right and I said anyone willing to help me, I need to know what I'm in that group and I had four people say, yeah, here you go, here's my number, call me. And I called them. I met with them in person, but a lot of it is about being vulnerable and saying I don't know, need some help and people will willingly help. I mean not full-time all day, every day, but you but you know they're quite happy to give up time to help people if they, you know, feel like that they're actually being of value to that person.

The Trailblazers Experience :

I guess also being specific about what you're asking for, isn't it Because you're saying I need help? Okay, with what exactly? Being specific about what challenge you have, I think, is apart from the first step of taking it, of reaching out to someone, is very important too.

Lara Solomon:

Yeah, because you do get people that email and say I really want to chat to you about your journey and you're like okay.

The Trailblazers Experience :

Which part of my journey, which?

Lara Solomon:

one do you want to hear?

The Trailblazers Experience :

Yeah, and then it's just like what exactly do you want to know?

Lara Solomon:

I know it's kind of you. You're right, being specific is really it's. It's much easier for the user then decide if it's something you want to or can help with than. So normally when I like that, when I wanted help with this custom journey, I was very specific on what I wanted to help with.

Lara Solomon:

And I've got another friend who, um, actually she lives in canada and, um, we have a catch-up every. I met her actually hilarious. I bumped into her at london tech week and um, we just she was just someone I sat next to when I was waiting for an event to start. We just hit it off and got on really well and then sort of details, and then I went to canada for an event. She introduced me to loads of people in um femtech space and then we've kept in touch and often I'll just reach out to her and say so, I'm thinking about doing this. Have you got any experience in this? You know, is it something you can? You know, talk me through or tell me how it works? And just even that kind of thing is really useful, because if you don't never done it, you don't know, and there's often pitfalls and things and people are quite happy to share their experience the half an hour.

The Trailblazers Experience :

So it's so interesting to say I remember, laura, when I started the podcast. I knew nothing about podcasting and the first thing was right, I'm gonna get someone on fiverr to edit the first one for me. And the guy was so amazing. He said how he um. What he basically said was he'd sent the brief. So I'd spoken to two people. One said here's the brief, fill it out or do it before you pay. And I'd already done that. But then the second one, who actually I should have gone with, but I learned more from him.

The Trailblazers Experience :

He then said you sent the brief, so you have an understanding of tech. You have an understanding of all the terminologies. You're an understanding of all the terminologies. You're very clear of what you want. Can I ask why you haven't done this yourself instead of paying me? And I said because I don't know how.

The Trailblazers Experience :

He literally walked me through what platforms to use, how to start. He said just start. It will take longer the first time to edit. This is the software you need. He knew I had the understanding and the best decision ever. So there's a lot of things of just starting, but also being curious, like you said, spending time on YouTube, google, finding people in a similar space. I joined a Slack group of people trying to podcast and there were all kinds of questions they were asking on there and I've learned so much. It takes me now 15, 20 minutes to edit a podcast and post it, and all the tech stuff. So I am the engineer, the editor, the sound person, the motivator, the active listener. I know it's. It sounds like a small thing, saying oh, just podcasting, it's massive.

The Trailblazers Experience :

And also getting the person who's a guest to feel comfortable enough to to tell their story authentically as well is is a big thing. So I'm a big believer on being specific, but on, on your ask, but also going out there and doing it anyway, yeah some people haven't got back to me who I've asked like.

Lara Solomon:

I emailed the head of boots, the chairman of boots.

The Trailblazers Experience :

He hasn't come back to me, but you know you gotta try well, if you're listening when, when this is posted on the Trailblazers LinkedIn page, take Laura's call, please Just five, ten minutes. Hear her out Exactly.

Lara Solomon:

Yeah.

The Trailblazers Experience :

So, just to finish off the podcast, we always have a section called the Trailblazers Takeaway Experience, takeaways, takeaway tips, blazers takeaway experience, takeaways, takeaway tips. So for someone who's fast-forwarded to the end, what are three trailblazer takeaway tips you want to leave with them about your journey? And being a female founder, just being lara in general.

Lara Solomon:

okay life hacks, lara life hacks yeah, wow, ferrari life hacks hard work but I think, I think I think what we're talking about is now that asking is a huge hack, as it were, because and the way I think about it and everyone is almost too scary to ask it's like what's the worst that's going to happen. They'll say no, and then it's not like you're going to get decapitated or anything bad is gonna happen, and I'm just saying oh, and you'll be like okay, next one, and I think that that's really that's really important. I think being yourself is really important in terms of being genuine and being and I know that's really trendy now being genuine and vulnerable and stuff, but you can even see through it if you're trying to be something you're not, and remember it's. You know, there's that old adage about people buy from people, they like, people, they know and they trust, and it's the same when you're talking to people, people are not gonna like you or want to help you or even talk to you if you're not being genuine.

Lara Solomon:

Um, these are all quite generic and I feel like there are lots of things that people say a lot, but, um, I think the third thing is about just doing something you love, because if you're doing something you love, it doesn't feel like work. I mean, no one loves it 100% of the time, don't get me wrong but I think that then it's like when you do stay up late doing stuff or probably your first podcast was probably like a marathon of editing you love it, so it doesn't feel like work and so therefore it just makes life a lot more enjoyable. So I think that would be my my hacks yeah, doing what you love, asking being yourself.

The Trailblazers Experience :

Lara, this has been amazing. I mean Hoopsycom, if you're looking for your eco-friendly, sustainable pregnancy tests. And, as Lara said, supporting a business is not just maybe buying the product, but also supporting it on the socials to get those numbers up so that she can continue to pitch and find investment. And it's been such a pleasure speaking to you, lara, and just hearing your authentic story, I've learned so much as well. I've never spoken to someone who's been a serial entrepreneur and started many businesses and now come to the passion project that they're interested in. But there've been so many nuggets that you've shared, so thank you for that.

Lara Solomon:

It's okay, I've really enjoyed chatting, thank you.

The Trailblazers Experience :

So for the audience, this has been the Trailblazers Experience Podcast. I ask one favor, tell another woman about the podcast, because we really want this to be about candid conversations about every aspect of a career journey, whether you're an entrepreneur, employed in leadership, whatever sector, we just want to showcase these Trailblazer women, whatever sector, we just want to showcase these trailblazer women. So please remember to follow, share, like, subscribe and download us on all streaming platforms. Until then, thank you very much.