Laura Thompson, right, and Connie Lo, left, met thanks to a friend’s introduction. They clicked and co-founded Three Ships, a vegan and cruelty-free natural skincare products company.SUPPLIED
When Laura Thompson wanted to start a natural beauty company, a friend suggested she meet Connie Lo, who had been creating natural skincare concoctions since she was a teen. They arranged a short dinner meeting so Ms. Thompson could conduct some consumer research. Their conversation flowed so seamlessly that they were eventually asked to leave the restaurant, continuing their discussion at a coffee shop across the street. By the end of their three-hour meeting, Ms. Thompson invited Ms. Lo to join her as an equal partner in the venture.
That three-hour meeting led Ms. Thompson and Ms. Lo to launch Toronto-based Three Ships, which makes vegan and cruelty-free natural skincare products, in March 2017. Despite having full-time jobs, they regularly met throughout the week to work on the business or create products in Ms. Thompson’s kitchen.
“This was really important in those early stages of creating trust,” Ms. Lo says. “This is an area where I commonly see relationships start to fall apart, when one person puts in more work than the other or they don’t have this regular in-person time. This can build up significant resentment. Trust can only be built by working together and showing that you’re both in it for the long run.”
What these co-founders know, and what all successful partnerships have in common, is the understanding that diverse strengths and shared values are the foundation of a thriving business. It’s the unspoken secret that drives their collaboration and growth, ensuring that each partner brings something unique to the table but always working towards the same goal.
For example, Ms. Thompson, who has a degree in chemical engineering and experience in business and marketing, is more introverted and process oriented. She prefers working on back-end responsibilities like supply chain, while Ms. Lo, who holds a Bachelor of Commerce degree, an accounting graduate diploma, and has experience in accounting and business, prefers marketing and networking.
“Sometimes you see co-founder duos where they get along really well, but they both like to do the same side of the business, and they’re lacking the skills for other areas,” says Ms. Thompson.
Brandy Svendson and Dr. Natalie Chan have a similar philosophy. In 2012, they co-founded Vancouver-based Be the Change Group, a research consulting firm and creative agency focused on communities, healthcare, climate change and access to education.
“Brandy is the bigger risk taker, and I am the more conservative one, so we move each towards the middle,” Dr. Chan says. “When we move to grow the company, we have really good discussions on why we each feel a certain way and so it makes it easier to see the other perspective and that is really helpful.”
Brandy Svendson, left, and Dr. Natalie Chan, right, co-founded Vancouver-based Be the Change Group, a research consulting firm and creative agency. Their skills are complementary, with Ms. Svendson tackling more creative areas and Dr. Chan focusing on technical and organizational areas.SUPPLIED
Dr. Chan, who is also a practicing family doctor, excels at the technical and organizational aspects of the company. Ms. Svendson, who worked in the public health and climate change sectors, is also a photographer and director. She prefers the creative aspects of the business and networking. “I think we need that balance,” Dr. Chan says. “It could probably work if we were more similar, but I think it’s important to have that opposite point of view to make strategic business decisions.”
While differing skills can be beneficial, Ms. Svendson says having the same core values is most important. “We want to build a company and make money, but we also want to make change. And that was really what drove us both,” she says.
When they met, the women were both working with HIV-related organizations and mutual friends thought they would get along. Ms. Svendson said it felt meant to be. “There was this perfect synergy. We just hit it off. I knew I wanted to start this venture and I knew I wanted Natalie to be my co-founder,” she says.
These entrepreneurs believe that being women co-founders, at least in part, contributes to their success. “I think women have a tendency to excel more in team environments and to thrive on having a real partnership,” Ms. Thompson says. “I think it is such a benefit to have another female co-founder who understands what you might be going through and understands the realities of being a woman and being a business owner.”
But an all-woman team can also be a challenge. “This is a generalization, but we may overthink or overblow something that is not a big issue,” Ms. Lo says. “Women may not charge enough or may not go into the rooms they need to go into. Another challenge is that most of the people you are pitching to are men, so it can be difficult to raise funds with an all-female team.”
She says people still tend to overlook the abilities of women. “When Laura and I were at one of our first beauty trade shows, displaying our product and selling to buyers, we had someone say, ‘Who’s your boss?’ So, it’s a challenge, because people underestimate you, but that’s also an amazing opportunity. If someone underestimates us, we see that as a challenge to overcome and prove it to them.”