Joining me on the show today is Laurel Angelica Myers, co-founder of the science led, purpose driven wellness brand that’s elevating CBD products, Prima.
The B-corp certified company’s core mission is to rise up against the modern day stress epidemic through education and products made with the highest standards of purity, potency and transparency. Recently called the Patagonia of CBD by Forbes, Prima is built on the essential principle that balance is a critical part of health, healing, and happiness — and that we all deserve better.
A brand, consumer product and digital media expert with a passion for mission-driven business, Laurel’s strategic leadership and operational acumen were fortified at The Honest Company, where she led brand strategy and product development for the organization's first 5 years.
Discovering Unique Talents
Laurel believes that everyone is born with gifts and talents that can be used to contribute positively to the world. For her, the realization of her abilities coincided with a deep passion for the wellness space, particularly the potential of CBD. Coming off maternity leave after welcoming her second child, Laurel found herself at a crossroads. The fear of wondering “what if?” drove her to take the plunge and pursue her entrepreneurial dream.
The decision wasn’t easy. She had to navigate the challenges of starting a business while balancing the responsibilities of motherhood. However, Laurel’s determination and belief in the need for high-quality CBD products fueled her commitment. “If I didn’t do this now, I’d always wonder what could have been,” she reflects.
Building a Brand from the Ground Up
The inception of Prima wasn’t just about having a great idea; it involved laying a solid foundation for a startup. For Laurel and her co-founders, the early days focused on brand positioning, unique differentiation, and establishing a robust supply chain. They realized the importance of identifying market needs and crafting a product that would stand out.
By mid-2018, they were ready to raise capital to take their vision to the next level. Laurel emphasizes that the early stages required personal investment and careful planning. They aimed to keep initial costs low, investing only in essential brand development and inventory while assessing the appetite for CBD in the investment community.
Navigating the Fundraising Landscape
Securing funding in the CBD space proved to be a complex endeavor. At the time, traditional venture capitalists were hesitant to invest in CBD due to its stigmatization. Laurel’s team, however, recognized the unique opportunity to fill a gap in the market. They knew they had to demonstrate a clear problem-solution fit to potential investors.
“Product market fit is essential,” Laurel states. “We had a strong grasp of the emerging CBD market and the consumer needs it could address.” This understanding, combined with their diverse backgrounds in building and scaling brands, allowed them to present a compelling case to investors.
For Laurel, the pitch was about more than just numbers and projections; it was about the authenticity of their story. She notes, “It wasn’t just about having a great idea. We needed to show that we could execute it successfully.” Their team’s collective experience gave investors confidence in their ability to navigate the complexities of the industry.
Choosing the Right Investors
One of the most crucial lessons Laurel learned throughout the fundraising process was the importance of selecting investors who align with her vision and values. “It’s like a marriage,” she explains. “You have to ensure that you’re on the same page regarding the goals of the business and how to achieve them.”
This is especially important for women entrepreneurs, who often face additional challenges in securing funding. Laurel emphasizes the need to find supportive investors who genuinely believe in the mission of the business. “You want people in your corner who understand your journey, especially when balancing family and a startup,” she says.
Creative Marketing in a Regulated Space
Once Prima was established, Laurel and her team faced the challenge of marketing their products in a highly regulated environment. Traditional advertising avenues like Facebook and Instagram posed significant hurdles. However, they approached marketing with creativity and tenacity.
Laurel recalls, “We tried everything. There isn’t a tactic we haven’t explored.” From leveraging social media to building community partnerships, they employed a diverse range of strategies to reach their target customers. They understood the importance of grassroots marketing and relied heavily on authentic engagement with their audience.
Embracing the Journey
Looking back on her journey with Prima, Laurel reflects on the immense growth and learning that has come from the experience. “It’s been a crazy wild ride, and I wouldn’t change a thing,” she says with a smile. The journey of launching Prima has not only shaped her as an entrepreneur but has also allowed her to fulfill her passion for wellness and innovation.
As she shares her story, it becomes clear that Laurel’s commitment to creating a purpose-driven brand has not only transformed the CBD landscape but has also empowered countless individuals to prioritize their well-being. In a world filled with uncertainty, her journey serves as a reminder that embracing one’s unique talents and following a passion can lead to incredible possibilities.
