We speak with the CEO and CFO for Graff Inc. for our Inspirational Female Entrepreneurs series…
In recognition of International Women’s Day we’ve been speaking with the women who have used their time at business school to become trailblazers – unleashing their entrepreneurial superpowers to make a change in their industries and the world around them.
Rikita Lakdawala is putting her MBA, gained at Hult International Business School, to good use in by fronting what her company Graff Inc. boldly calls a “sustainable revolution” in fashion industry. Whilst eco-friendly fashion has been a key focus of the industry in recent years – with globally-known designers opting to use recycled and repurposed materials for their new lines and investing in cleaner, more environmentally friendly processes when it comes to garment production, not much thought seems to have been given to the other side of the industry – retail.
Graff Inc. is the only startup working to replace plastic hangers with sustainable alternatives, with the aim of reducing the amount of plastic production and waste in the industry..
Can you tell us a bit about your start-up, and what it does?
Graff Inc. plays a pivotal role in sustainability for the fashion industry, addressing the alarming 92 million tons of textile waste generated by fast fashion each year the environmental impact of this is that it takes a staggering 200 years for this textile waste to biodegrade, releasing harmful gases into our environment.
Our project revolves around the innovative concept of TexTerial, our proprietary solution. TexTerial serves as a sustainable alternative to plastic by absorbing and converting textile waste, which would otherwise end up in landfills or be incinerated.
Now, the real beauty of Graff’s initiative is that it addresses not just one, but two major problems. First, it tackles the excessive textile waste plaguing our environment. Simultaneously, Graff addresses the over-dependence on plastic products, by providing a sustainable alternative. It’s a dual-purpose solution aimed at mitigating the impact of both textile waste and plastic dependency.
Graff’s mission goes beyond the surface. We are committed to reducing global dependence on plastics, by creating sustainable alternatives from waste. Our vision extends to benefiting not only individuals and businesses but the entire planet. Through our commitment, we strive to foster a circular economy—a holistic approach to sustainability.
Graff is a co-founded by five of us who met at business school.
What inspired you to start your own business?
85% of clothing produced ultimately ends up in landfills, this alarming statistic is a direct consequence of the prevalent overproduction practices adopted by many fashion brands, aiming to make their per-unit costs more economical. With eight years of hands-on experience in the fashion industry and having witnessed the adverse effects of overproduction firsthand motivated me to seek avenues for positive change. So, when I got the chance, it just felt like the natural next step in my journey to make a real difference.
My co-founders also played a pivotal role in us starting our business, because a startup up idea can only be executed well if you have a strong team that is determined and passionate about solving the problem.
How has your business school experience helped you in your life as an entrepreneur?
My business school experience has been invaluable in shaping my journey as an entrepreneur. It provided me with a solid foundation of business knowledge, including principles of finance, marketing, operations, and strategy. This knowledge has been instrumental in understanding the intricacies of running a business and making informed decisions.
Moreover, business school facilitated networking opportunities with fellow students, professors, and alumni who have been a source of inspiration, advice, and potential collaboration. Building these connections has expanded my professional network and opened doors to new opportunities.
“By remaining true to myself and continuously evolving, I’ve not only navigated these challenges but have thrived in my entrepreneurial journey.”
– Rikita Lakdawala, CEO and CFO for Graff Inc.
Additionally, my startup was a real-world project for me that allowed me to apply theoretical concepts to practical situations, honing my problem-solving skills and critical thinking abilities. This hands-on experience has been invaluable in navigating the complexities and challenges of entrepreneurship.
Overall, my business school experience has provided me with the knowledge, skills, and network necessary to thrive as an entrepreneur, and I am grateful for the foundation it has laid for my journey.
What were some of the biggest challenges you faced in the early stages of building your business, and how did you overcome them?
In the early stages of building our startup, we encountered significant challenges across various fronts, particularly in securing funding and launching our product.
As a pre-revenue startup, we devoted considerable effort to researching different funding options and crafting compelling pitches to investors to highlight our product’s unique value proposition. Currently, our focus is on market research, gathering customer feedback, and iteratively developing our product with the support of industry professionals and academic institutions to advance our R&D efforts. As students from diverse backgrounds, networking played a crucial role in navigating regulatory hurdles and conducting due diligence to bring our startup to fruition.
Despite the challenges, our persistence, resourcefulness, and commitment to innovation continue to drive us forward, laying a solid foundation for the success of our startup.
As a female entrepreneur, have you encountered any unique obstacles or biases in your entrepreneurial journey? How did you navigate them?
As a female entrepreneur, I’ve encountered unique challenges on my journey, but I’ve always seen them as opportunities for growth and learning. In my business, Graff, which is majority women-owned and founded by a diverse group of individuals from various backgrounds, we’ve prioritised skills and expertise over gender. Within our organisation, biases have never been an issue among the co-founders; our roles have always been based on merit.
However, externally, we’ve occasionally faced subtle biases. Nevertheless, I navigate these challenges by holding firm to my values and refusing to compromise on my ethics. Whether it’s dealing with investors or potential partners, I assert myself confidently, showcasing my knowledge and skills without hesitation.
Overall, overcoming these obstacles as a female entrepreneur has demanded resilience, determination, and a willingness to challenge stereotypes.
By remaining true to myself and continuously evolving, I’ve not only navigated these challenges but have thrived in my entrepreneurial journey.
What advice would you give to other women who are considering starting their own businesses?
Starting your own business as a woman can be an empowering journey filled with opportunities for growth and success. However, it’s crucial to recognise that you don’t have to tackle this journey alone. I strongly advise surrounding yourself with a supportive network of fellow entrepreneurs and organisations that can provide valuable guidance and encouragement along the way.
Challenges are inevitable for every entrepreneur, but how you respond to them is what truly matters. Therefore, it’s important to stay resilient, learn from your failures, and remain focused on your goals. Lastly, don’t hesitate to seek assistance when needed, whether it’s by asking for advice from a mentor, outsourcing tasks, or collaborating with others.
With determination, support, and a commitment to continuous learning and growth, you have the ability to transform your entrepreneurial dreams into reality.
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