A strategic marketer turned entrepreneur, Sonia Hounsell is the cofounder and co-CEO of FunkkOFF! Inc., a lifestyle brand company that is transforming the oral care/beauty industry. As her startup began to experience explosive growth both domestically and internationally, she chose to attend the Foundations of Private Equity and Venture Capital program at Harvard Business School Executive Education to expand her knowledge about raising and structuring capital and to extend her global network of industry contacts.
Why did you choose to attend this program?
I’m the cofounder of a startup that launched a few years ago, and we're scaling up quickly. Our business grew 400 percent last year, and our accelerated growth is requiring immediate ongoing capital raising. So, I wanted to learn more about best practices in raising capital, as well as ways to improve our process around it to maximize value for the company.
What were your objectives in attending the program?
My objective was twofold. I wanted to expand my knowledge and enhance my network. I experienced the case method when I got my MBA years ago, so I was excited about doing this program because I know how valuable the case study approach is. It just creates so much more depth of understanding. The HBS case studies and all the materials are amazing, but being in the classroom and learning in the case setting is also extremely powerful.
Part of my objective was to really immerse myself into the learning experience, and the other part was to meet people who are in the industry—those on the other side of the table who have capital and need to deploy it, and those on my side of the table who are entrepreneurs and need capital. I wanted to be around people who were in the same mix and had experience with what I was trying to accomplish.
What are some key takeaways from the program that you are applying in your professional life?
One of the big takeaways is the immense amount of resources and large community of potential investors and investment approaches that I never realized were available. In addition, the experience has helped to validate what I am going through. It’s very challenging to be an entrepreneur. It’s a long, difficult journey with a lot of ups and downs, and the challenges of fundraising are a big part of that. So being validated by the people in the room who either were going through it or had experienced it was extremely helpful.
I gained insights into what I could do better and how I can improve in the future. It was eye-opening in terms of opportunities—I have a new level of motivation and license around what I can do and how I can do it, which will really propel the business forward.
How would you describe the value of the program?
The value is in the foundational knowledge that you get and the learnings around the practical uses that you can then apply right away. This expansion of your mindset is what I would call the basics—how it’s going to impact you and what you can do with it.
My background has mostly been in brand and marketing strategy, so being able to have such a deep exposure to venture capital and private equity was really helpful, especially since I now have to be much more adept in that environment as I continue to do fundraising.
The exposure to people from around the world and the opportunities that exist for my business was a big takeaway for me. I met a lot of great people from regions like the Middle East and Eastern Europe and learned about potential markets I hadn’t explored deeply yet for my business. There are capital opportunities, but there are also business opportunities which was a bonus for me.
What advice would you give to someone who is considering the program?
Start preparing sooner rather than later. There are a lot of great cases and materials, but I didn’t realize how much pre-work there was going to be. It's well worth the effort, but I should have started earlier so I could have spent more time with the material before entering the classroom. I also wish that I had scheduled my departure for later in the day. I would have liked to have spent a bit more time with my classmates who were so incredibly amazing.
Is there anything else you'd like to share about the experience?
I thought the small learning groups that we were assigned to was a really great idea. It was an excellent way to get to know classmates in a smaller setting and enabled a deeper touch point with people.
Also, the faculty were incredibly engaging and very effective at facilitating learning in the classroom. They combined academic concepts with real-world situations, drawing connections between theory and practice that deepened my understanding and the practical implications.