LOS ANGELES – Nanxi Liu, Betty Porto and Toni Ko—three women from the technology, food and cosmetics industries, respectively—may not seem like they would have much in common.
However, speaking at the “Women Business Pioneers Symposium” organized by the Asian Business Association on Wednesday, Sept. 10, these women’s stories presented several similarities.
Liu, who migrated from rural China to the United States when she was 5 years old, founded Nanoly Bioscience—a company that develops vaccines that can survive without refrigeration—while still in college. Nanoly was named one of NASA’s Top 10 New Tech Companies, won Intel’s Top Social Innovation Award, and raked in hundreds of thousands of dollars in its first year.
The success of the company led Liu to contemplate dropping out of University of California, Berkeley (where she was studying business, political economy and engineering). She added that she used reverse psychology on her father, who approved of her plans to drop out, by staying in school and finishing her degrees.
Now 24 years old, Liu is co-founder and CEO of Enplug, a technology startup that creates software for digital displays. Days before the event last Wednesday, Liu was speaking in Italy alongside former Prime Ministers.
“Be rebellious,” said Liu, when asked what she learned from growing up with strong family and cultural values.
Similarly, Toni Ko of NYX Cosmetics shared that she learned “how to say no.” After working for her family’s perfume and cosmetics business for nine years (from age 14 to 25), Ko received $250,000 from her mother to start her own cosmetics line.
Today, NYX is an international cosmetics brand that sells affordable makeup products at stores like Ulta, Target and Urban Outfitters.
NYX was recently sold to L’Oreal for an undisclosed amount, but industry estimates of the acquisition range in the hundred millions. Ko felt that this year—15 years after the cosmetics line’s founding—was fitting because “there is enough whitespace for someone to come in.”
Further, Ko said that L’Oreal was impressed with the way NYX engaged consumers through social media and wanted to learn how to increase its own online following.
Betty Porto recounted her family’s immigration story from Cuba to the United States and clarified that most people don’t know that her mother is the brains behind Porto’s Bakery & Café, a beloved Southern California institution.
For Porto, one of the lessons she continues to hold close to her is what her mother once said, “let them fly or else they’ll leave,” in support of allowing Porto and her two siblings to study what they were passionate about in college. With this freedom, the siblings made their way back to the family bakery and have combined their expertise to expand the operations to the three locations with 900 employees total.
Building connections
Ko admitted that she is a naturally introverted person, who gets exhausted after meetings and networking events. After continually opting out of industry meetings and events, she realized being isolated was “bad for [her] business.”
Porto emphasized that being surrounded with the best people, who “understand family values” is another key to a sustainable business. Choosing the right employees also makes delegation within the bakery much easier.
“Once you make it, you have to give back to the community,” Porto reflected, while giving examples of how she and the business have helped pay it forward.
Liu can also attest to the value of networking and making connections. When she spoke at the Milken Institute Summit in London last year, she sat down and introduced herself to a man, who was intrigued by her bold move and became one of the investors of Enplug months later.
During the early days of Enplug, Liu would find networking opportunities throughout Los Angeles and attend them to get as many supporters and investors behind the startup.
The three women also disclosed how running and building a business demands long hours and sacrifices, like no vacations and extreme indulgences.
Liu revealed the less glamorous side of creating a startup when she and the four other founders of Enplug found the cheapest place to live and work out of: an apartment in Koreatown with one bedroom and one bathroom. She also does not receive a salary from the company.
Both Ko and Porto said while working under their parents, every after-school and school vacation were spent at the family business. However, this value of hard work drove them both to love the industries they are still in.
(www.asianjournal.com)
(LA Weekend September 13-16, 2014 Sec. D pg.4)
