Entrepreneurship and Web3 with Jaime Schmidt

Jaime Schmidt is the co-founder of BFF, a brand and community that provides access and education in Web3 for women and other underrepresented groups. She also co-founded Crypto Packaged Goods, which aims to create opportunities and innovative products for builders and collectors in web3.

Before, Jaime built the brand Schmidt’s Naturals and is known for modernizing natural personal care products and bringing them to the mainstream market. Under her leadership, Schmidt’s grew into a household name and after seven years was acquired by CPG giant Unilever.

Jaime is also the co-founder of Color Capital, an investment fund specializing in Web3 and consumer products. She is the author of Supermaker: Crafting Business on Your Own Terms, a personalized guide on how to put your business on the map, turning your passion into profit.

Eve #wealthwednesday Highlight 79: Jaime Schmidt, Co-Founder, BFF

What was your first-ever investment?

My first investment was in myself. Back in 2010, I started my personal care products company, Schmidt's Naturals, with very limited capital. I was determined not to settle in my career and decided to explore my options to find my passion. Through trial and error, I discovered my love for making personal care products and started selling them at farmer’s markets on a small scale. I did not come from a family of entrepreneurs or have any credentials, but I was confident in what I was doing and wanted to make a difference for both myself and the community. Over the years, I grew the business and eventually sold it seven years later.

With the newfound wealth, I felt a great sense of responsibility and spent a lot of time pondering my goals and what I wanted to do with the capital in a meaningful way. With my husband and business partner, Chris Cantino, I started an investment fund called Color, focusing on the consumer space. Our first investment was in a local nut butter company started by two women in Portland called Wild Friends.

Our investment focus has shifted towards Web3 technologies and services, including our own communities BFF and Club CPG. I believe that building businesses are the biggest investment one can make.

How and why did you get into your space? 

After growing Schmidt's Naturals, my focus shifted to supporting other entrepreneurs and helping them take the leap into entrepreneurship. I did this through my fund, as well as my book "Supermaker", where I shared my story and the tools necessary for others to follow a similar path.

With Web3 and BFF, I recognized that the same principles apply and that anyone is equipped to pursue their potential in this latest stage of the internet. For me, it all boils down to helping others understand the opportunities that are available to them—whether it’s building a business from a hobby or jumping into something new like crypto and Web3.

I find it exciting when opportunities arise from niche markets, such as my experience with Schmidt's and natural products. By recognizing the opportunity to bring these niche products to a wider audience, we have the potential to make a huge impact. The same applies to Web3, which may currently be niche, but is likely to go mainstream in the future. That's why I believe it's important for us to start now and position ourselves to be ahead of the curve.

What role do you play in the wealth space and why is it important?

Starting my first business without a lot of resources and staying focused and frugal was a challenge, but it helped shape me as an entrepreneur. Despite my growth and success over the years, my experience bootstrapping will always keep me grounded. In my view, stories of building from nothing are especially important in discussions about wealth and entrepreneurship. 

My current focus and passion are to have a positive impact in the rapidly growing space of Web3, particularly in the areas of networking and career-defining opportunities. 

What is the most exciting thing you’ve learned that you would want others to know?

There’s no playbook for building a business. This is especially true with the emerging field of Web3, where the rules and norms are yet to be established. I have learned through my experiences in both my Web2 business, Schmidt's, and my involvement in the Web3  space, that it is okay to forge your own path. The key is to understand the principles that are important and to build your business in a way that aligns with your personal style and approach. This may mean blocking out the noise of experts and advisors, and instead relying on your own instincts and unique perspective. 

Is there a person or a company that’s really inspired you? And why?

I have always found the most value in associating with those at a similar stage in their journey. I did not have the benefit of a mentor while building my first business and instead, I found immense support in being part of a community of individuals who were facing similar challenges and learning along the way like I was. To me, personal growth as an entrepreneur is best achieved by surrounding yourself with those learning alongside you.

What advice do you have for someone getting started?

The most crucial aspect of building any type of business is ensuring that it aligns with your personal values and interests. This can be difficult, especially for individuals like myself who have a lot of ideas and a tendency to get easily enthusiastic about them. However, it is important to take a step back and reflect on your motivations to ensure that the business you are pursuing is truly something you are passionate about.

Being an entrepreneur comes with numerous challenges, both professionally and personally, and it is essential to have a strong sense of purpose to sustain you through tough times. I would advise anyone considering starting a business to ensure they are in it for the right reasons and that the business resonates on a personal level. 

How can we stay in touch?

We welcome everyone to join the BFF community, a network of individuals who are eager to learn and grow together. You can find us at "My BFF" on Twitter, Instagram, and LinkedIn. You can find me, “Jaime Schmidt,” on Twitter, Instagram, and LinkedIn.

Have thoughts on this week’s topic or question for me or Jaime? Post your thoughts in the comment section. Until next week.🙂

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DISCLAIMER: The thoughts and views expressed in this video do not constitute financial or investment advice.