Founder's Perspective: Nana Eyeson-Akiwowo
- Ugochi Obidiegwu
- Apr 24
- 4 min read
In this edition, I chat with Nana Eyeson-Akiwowo, founder, Fourth Phase Afterbirth Box. I love Nana’s story because there is a simplicity about it and I believe it will encourage a founder who does not relate to the supposed “aggressiveness” that comes with some funding stories. One important lesson from Nana’s story is that you miss 100% of the shots you do not take. Be inspired to step out and take action.
Originally published on LinkedIn.
What inspired you to start your business, and how did you identify the problem you’re solving?
The idea for the Fourth Phase Afterbirth Box was born during one of my annual charity mission to Ghana.There, at a maternity clinic, I witnessed the lack of baby supplies new mothers, particularly the market women from villages, received–and how it starkly differed from the abundance of diapers mothers in the U.S. received from hospitals. It made ME realize the nuances in maternal disparity, so I vowed to do something to help mothers globally. So often we focus on the pregnancy and the health of the baby—which is of the utmost importance—but society typically neglects the mental, physical and emotional needs of the mother. As two founders who valued philanthropy and had worked in the nonprofit sector, social impact was always a core component of our business
What challenges did you face in the early stages of seeking funding, and how did you overcome them?
Frankly, I didn’t know much about funding and investors and although I came from a non profit background I didn’t treat it the same. So I had to learn (and I’am still learning) about funding a business and getting investors and the various types of investors and what they are looking for in a business etc. What I did know was that I had a network of knowledgeable individuals around me. One being, Chid Liberty who was one of the first people I reached out to for advice when ideating about Fourth Phase and who would later be my first investor.
What were the key questions or concerns your investors raised during their due diligence process?
The first person to invest in us really believed in us and I think invested in us as founders. We pitched to a room full of social impact investors with just a prototype, so I think that experience was unique. However, now that we’ve grown and we have proof of concept, one question that has been raised has been on our scalability–how do we get the repeat customers, what is after the box etc. Thankfully we’ve been able to address that and have plans in action to support our growth.
What were your top surprises or learnings during the negotiation process?
Although we are at the beginning stages of raising; I think one thing that can be said about any type of negotiations is you don’t get what you don’t ask for.
How do you strike the balance between achieving your impact goals and ensuring profitability?
At the end of the day we are a for profit business and the only way we can be impactful is if we remain profitable.
How did you build confidence in your business model before pitching?
Lots of practice. Revisiting our original margins, revising the COGS, using real data from revenue, and creating various financial modeling. By taking a hard look at where we were and where we wanted to go, it provided the confidence that this is a viable opportunity. Then, we practiced telling the story revolving around the problems we were solving. Marcia and I have practiced pitching countless times, and we’ve entered numerous grant competitions and practiced our pitch to our board of advisors all so that we can continue to grow and better our style.
What advice would you give to founders from underrepresented regions or sectors looking for impact investment?
Oddly, we are still navigating this space ourselves. Start with your network. Our first investor was a friend. You are seeking to partner with an investor who believes in you and your mission.
How do you maintain good relationships with your investors post-funding?
We keep in touch and hold investor touch bases, we reach out to them and our advisors to brainstorm about concepts, ask for advice and introductions etc.
Resources
Worth Reading
Worth Listening to
Impact investing through Donor-Advised Funds - Investing in Impact | Impact Investing
Highlighted Resource
Many founders encounter challenges managing their financial records and this is an important aspect evaluated during due diligence. LolaWealth provides accounting and financial analysis for organisations. They will work with you to ensure your finances are in order.
End Notes
If you have a product or resource that can be helpful to an impact-oriented organization on its way to becoming investible, fill out this Google form. Who knows, you might be featured in the highlighted resource section.
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