Doing Business Like a Woman – The Triumphs, the Challenges and the Rewards

BusinessWomen of Influence

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Doing Business Like a Woman – The Triumphs, the Challenges and the Rewards An Interview with BAO Laboratory Founder

Julia Bao

Zvelle Founder

Elle AyoubZadeh

Level5 Strategy

An Interview with

Julia Bao & Elle AyoubZadeh

by Hua Yu

Julia Bao, founder of skincare brand BAO Laboratory, and Elle AyoubZadeh, founder of luxury footwear company Zvelle, are challenging consumers and the market by raising expectations and encouraging women to pursue their dreams. Level5 Managing Partner Hua Yu caught up with them recently to find out what drives them, how they’re beating the odds and the joys of female entrepreneurship.

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It goes without saying that entrepreneurs are the bloodline of every healthy economy. They promote growth through job creation, innovation and productivity and they open up new market opportunities that have ripple effects across industries.

It also goes without saying that female entrepreneurs still lag behind their male counterparts when it comes to starting and running their own business.

Canadian women who start their own business make 58% less than their male counterparts, according to a Women’s Entrepreneurship Study by PayPal Canada and Barraza & Associates. Women are also majority owners of about 15.6% of small and medium-sized enterprises with one or more employees in Canada, according to Women Entrepreneurship Knowledge Hub (WEKH).

But statistics aside, female entrepreneurs represent a huge untapped opportunity for the Canadian economy and the numbers back it up: Bridging the gap in earnings of women and men entrepreneurs could unlock an additional $88.2 billion in contribution to the Canadian economy, according to the PayPal study.

Enter Julia Bao and Elle AyoubZadeh.

Julia, who founded BAO Laboratory, and Elle AyoubZadeh, who runs luxury footwear company Zvelle, are harnessing this opportunity and embracing the challenges. Just as importantly, they’re upending the rules of the game and enjoying the ride.

Hua: Julia and Elle, tell us a little about your companies in your own words. How did you come up with the idea and what motivated you to start your own business?

Julia: The idea for the company started by talking to my friends and family members. We talk a lot about skincare in general and this made me realize just how many skincare products contained ingredients that aren’t good for the skin. Sometimes as much as 90% of ingredients are non-essential fillers which can be quite damaging. Since I did my PhD training in small

molecule research, this got me thinking “How can I do better?” I’m driven to challenge the current market trends and the shoppers to be more informed about what they apply on their skin.

This is why BAO Laboratory is focused on using natural ingredients and combining them with a scientific approach to make innovative types of skincare products. Our serums, oils and elixirs contain no harmful ingredients or additives, while helping women attain healthier, more beautiful skin. We have also developed an intuitive oil-delivery system that enables women to customize their routine to their own particular skincare needs. BAO products are as real and unique as the women who use them. Lastly, as an entrepreneur, I also want to inspire more women from the STEM fields to start their own busines.

Elle: At Zvelle, we consider ourselves a challenger fashion brand because our mission is to revolutionize and modernize the way women are portrayed through fashion. We want fashion to reflect a more accurate picture of women in our society that includes older women, women with disability and women of all sizes and ethnicities. That’s why our shoes are often named after incredible women such as Amelia Earhart – we want to empower all women to reach for their dreams.

I’m passionate about adding something positive to the world and leaving it better than I found it. Although my background is in finance, I learned over the years that the best way for me to achieve my goal is by going into business myself. It’s the best platform by far where I can make a difference. And I’d like to create comfortable, stunning shoes for a change. They help make the world a better place too.

“I’m passionate about adding something positive to the world and leaving it better than I found it.”

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“I always remind myself that I’m an entrepreneur who happens to be a woman. I’m a person first, and that comes before my gender identity.”

Hua: What are the challenges that female entrepreneurs face in business today?

man or a woman. My parents were immigrants so if I wanted to buy something for myself, I had to get a job.

Julia: The main challenge is that the world doesn’t expect a lot from females. Our society sets a different expectation standard for women than it does for men, which translates into establishing a lower bar of achievement for women in business. People expect women to focus on raising a family but not to act on their own personal values. Because of this culture, many women end up suppressing their desire to achieve more. They pigeonhole themselves instead of pursuing more complex goals. I always remind myself that I’m an entrepreneur who happens to be a woman. I’m a person first, and that comes before my gender identity.

The biggest challenge women entrepreneurs face is also their biggest advantage, which is that they’re underestimated. People often think that I’m soft and that I’ll concede quickly during negotiations. But I’m decisive and it shocks people when they see that I’m willing to walk away.

Elle: I’ve witnessed the pressures on women to conform to stereotypes which hold them back. But my story is a bit different because I’m the eldest of five children raised by a single mother. I always say that if you want to achieve anything, just give it to the single mother and she’ll succeed beyond anyone’s wildest dreams. I never had the luxury to think of myself as a 4

BAO Laboratory is doing really well in China where many North American companies want to expand. Julia has a Chinese background, which is an advantage, but she sells her products in China under the banner of a Canadian brand. Can you share with us how you managed to enter the Chinese market?

Julia: The Chinese market is very attractive to sellers because the population is enormous, and the buying power is high. For a small startup like BAO Laboratory, the best move was to take advantage of the social media. It’s one of the easiest and most cost-effective

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“We’ve invited women of all ages to share stories about what “Walk how you want” means to them. When we post their stories, we share the photos of these women without any filters because we want the storytelling to be authentic.”

ways to start. We’ve harnessed a number of popular Chinese platforms that are well developed and organized, but we also leveraged Canada’s Chinese community. My Chinese background was definitely an advantage because whoever wants to do business in China must understand the culture. Chinese sales partners have a different way of doing business than in North America. Knowing the rules and nuances of operating there is instrumental because sales partners can help you enter the market faster.

At first, we identified key influencers as part of or marketing strategy. We defined specific selection criteria that helped us find people who understood our brand and helped us reach our target audience.

BAO Laboratory had a limited marketing budget, but we were able to achieve big results. Once we got the ball rolling, we invested in solidifying our band in China to grow it long term. Our market success in China gave us the financial support to develop BAO’s brand strategy with the Level5 team. This enabled us to achieve results that were even more sustainable and longstanding.

Hua: Female entrepreneurs tend to do things more personally and are able to reach their consumers from an emotional angle. Elle has been able to leverage her own personal brand to grow her business. Tell us what you do to accomplish this.

Elle: I’d like to give a lot of credit to Level5’s David Kincaid who said that one of the most important things for entrepreneurs is to tell their own story. They have to define who they are and where they’re going.

Without this awareness, it’s tempting to jump all over the place and emulate other brands or hire celebrities as brand ambassadors. At Zvelle, believe in inspiring women to walk how they want. This is a vertical that our creative storytelling is framed around. We’ve invited women of all ages to share stories about what “Walk how you want” means to them. When we post their stories, we share the photos of these women without any filters because we want the storytelling to be authentic. Our mission is to be accessible to all women, which is why we produce designer shoes with price points that are affordable to many, not few.

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“Zvelle is all about being accepting of all cultures, body sizes and gender identities.

When I see so many different women share their unique stories and live fulfilling lives, it makes me feel that I’m accomplishing my purpose.”

“I receive a lot of mail from loyal customers and that always puts a smile on my face, even on difficult days. Many customers send us before and after photos of their face to show us how our products have improved their skin.”

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BusinessWomen of Influence

We have also given out 400 pairs of shoes to healthcare workers in the U.S. and Canada because we wanted our brand to recognize real heroes. It feeds into our value of authenticity. Zvelle comprises only five people, but during the lockdown we got many people to nominate healthcare workers during these hard times. It’s another way for us to reach women in a real way and help people get recognized for the work they’re doing in their community.

Elle: Our plan is to expand Zvelle’s product categories and focus on casual options that are a better fit for the socially distanced, casual lifestyle we’re experiencing now. We’ll continue to promote our V loafer, which is our first shoe to be named after a man – Victor Frankl, Austrian Holocaust survivor. Frankl was the founder of logotherapy, a branch of psychotherapy that focuses on healing through meaning. It ties into our brand value and my own personal quest for purpose and meaning.

The brand is a personal extension of myself because I’m able to connect with people from different walks of life. I have this ability in part because of my cultural upbringing. I’m also married to a Chinese man; I have a brother who’s gay and lives in France. I also have a brother who lives with a disability and I lived on several continents. My life experiences have helped me become a better, fuller person. I don’t think I’d be able to reach out to people and have the drive to build a fashion brand without these experiences.

Hua: We talked a lot about the constraints of female entrepreneurship. But what about the joys of being a woman entrepreneur? This is something we need to celebrate yet it’s a topic that doesn’t get much airtime.

Hua: What’s next in store for BAO Laboratory and Zvelle?

Julia: We plan to invest more in research and development because innovation represents the basis for our business – we always need to have new products and innovative solutions in the pipeline. Our other plan is to eliminate poor-performing products and build a loyalty program for our customers. Over the next several years, we want to expand across North America and explore entry markets in Taiwan and Vietnam where economy is growing, as well as Australia and India.

Julia: I receive a lot of mail from loyal customers and that always puts a smile on my face, even on difficult days. Many customers send us before and after photos of their face to show us how our products have improved their skin. That’s the most encouraging thing that keeps me going – the recognition from customers and the realization that my work has helped them feel better about themselves.

Elle: The biggest joy I get is the knowledge that I’m fulfilling my purpose in life. I’m building my business because, to echo what Julia said, I want to make women feel like they don’t have to suppress their desires. Zvelle is all about being accepting of all cultures, body sizes and gender identities. When I see so many different women share their unique stories and live fulfilling lives, it makes me feel that I’m accomplishing my purpose.

About Hua Yu Hua Yu is a Managing Partner at Level5 Strategy. Hua has over 25 years of work experience in business and general management roles in Canada, the US, and China. Hua possesses deep experience in multicultural growth strategy and people/organization strategy. Hua is the founder of #WeWorkingWomen, North America’s most influential Chinese Women Leadership platform. Hua received her BA in International Business from Shanghai University and her MA in Communication Arts from the New York Institute of Technology.

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