HBCU Founders Accelerator Fall 2023 Cohort Spotlight: Meet Desmond Wiggan from BatteryXchange
Last Fall, we launched the second cohort of the HBCU Founders Accelerator Program. Over the next several weeks, we are excited to showcase each of the exceptional founders and their unique journeys. Up next, meet Desmond Wiggan from BatteryXchange!
Can you tell us a little about your background and what inspired your entrepreneurial journey?
As a third-generation entrepreneur shaped by the circumstances of my father and grandfather, I was raised in an environment that embraced risk-taking. Observing both their successes and challenges provided valuable lessons, enabling me to identify and seize significant opportunities for my family. However, it was during my MBA studies in China that I discovered a passion for tech entrepreneurship. This experience broadened my perspective to address global challenges, motivating me to create solutions with a universal impact. Inspired by the desire to positively influence people worldwide, I embarked on my entrepreneurial journey, driven by a commitment to innovation and problem-solving on a global scale.
What problem is your startup solving and what inspired you to tackle this issue?
Our focus is on addressing the challenge of providing accessible charging solutions for individuals with mobile devices. Additionally, we aim to facilitate the strategic unlocking of physical device placement to support crucial business decisions. My inspiration struck during my stay in China when I found myself stranded with a dead cell phone, unable to call an Uber or reassure my wife of my safety. Contemplating the hundreds of millions reliant on their devices, I recognized the significant opportunity for convenient charging and made the decision to bridge this gap.
What have been some of the biggest challenges you have faced while building your startup, and how did you overcome them?
Our major hurdles revolved around recognizing that our product held value across various sectors, as we are limited only by the places where people often forget to charge their phones. The key challenge was identifying a channel with a captive audience seeking prolonged charging solutions, while also aligning with organizations eager to enhance their engagement with that specific audience.
Facing another significant challenge, our product had a negative connotation from a hardware standpoint, making it a tough sell. To overcome this, we strategically concentrated on leveraging a highly scalable channel. By intensifying our efforts, we achieved consistent month-over-month growth, paving the way for sustained expansion year after year.
How have your background and previous experiences influenced your approach as a founder?
My background, particularly my experiences in Asia, has exposed me to unique ways in which product companies thrive compared to the Western context. Combining this insight with my expertise in operations, supply chain, and logistics, I've developed efficient processes to scale our business nationwide effectively. Additionally, my tenure with a Fortune 100 company, where I sold to divisional VPs of major CPG brands, equipped me with the skills to adeptly pitch our company to individuals ranging from C-suite executives to middle management. This diverse background has profoundly influenced my approach as a founder, allowing me to navigate complexities and connect with stakeholders at various organizational levels.
Where do you see your company in 5 years and how do you see it impacting your community?
Our product has become a fundamental presence in numerous industries and locations globally. Over the next five years, I envision our company deepening its integration within the healthcare sector, evolving into a data engagement platform that adds significant value. This expansion will enable us to identify similar industries where we can provide valuable business insights, driving further scalability. Having already established a footprint in every region across the U.S., our next phase involves extending our reach into the Caribbean and Africa. Through these advancements, our company aims to not only maintain its widespread influence but also positively impact communities by fostering innovation, data-driven decision-making, and accessibility on a global scale.
What led you to become interested in Nex Cubed? What resources do you believe will be most helpful?
Two compelling factors drew me to Nex Cubed. Firstly, the company’s commitment to providing capital to individuals with backgrounds similar to mine resonated with me. The purpose-driven approach aligns with my values and aspirations. Secondly, strong recommendations from fellow founders within the tight-knit minority founder community, who spoke highly of Nex Cubed, solidified my interest. The positive experiences shared by founders I connected with motivated me to choose Nex Cubed as a partner.
Among the valuable resources, the hands-on support from my advisors, Brian Morgan and Vijay Nair, stands out. Their accessibility and guidance have propelled me into the next phase of sales growth. Without their support, I believe I would still be navigating uncertainties. Their mentorship has driven me to be more intentional in tracking, measuring, and forecasting our pipeline, significantly contributing to our overall success.
What is the most valuable lesson you have learned as a startup founder so far?
The most valuable lesson I've learned as a startup founder is the importance of adaptability. The entrepreneurial journey is inherently unpredictable, and being able to pivot and adapt to changing circumstances is crucial. Whether it's adjusting the business model, refining strategies based on market feedback, or navigating unforeseen challenges, adaptability is key to survival and success. Embracing change with resilience and an open mind has allowed me to turn setbacks into opportunities and continuously iterate on our approach. It's not just about having a solid plan but also about being agile enough to evolve in response to the dynamic nature of the startup landscape. This lesson has shaped my leadership style and instilled a mindset of constant learning and flexibility in the face of ambiguity.
What advice would you give to aspiring entrepreneurs who are looking to make their mark in the industry?
I relate most specifically to aspiring minority entrepreneurs, my advice is to embrace your unique perspective and use it as a strength in the industry. Be proud of your background and experiences, as they bring valuable insights to the table. Seek out mentorship from successful individuals who share similar backgrounds, as their guidance can be invaluable. Network actively within the minority entrepreneur community and collaborate with like-minded individuals who can offer support and partnership. Don't be afraid to take calculated risks and challenge the status quo. Lastly, stay resilient in the face of challenges, as perseverance is often the key to breaking barriers. Your diversity is an asset – leverage it to drive innovation, create meaningful connections, and make a lasting impact in the industry.
What advice would you give to other HBCU entrepreneurs around fundraising?
For fellow HBCU entrepreneurs navigating fundraising, my advice is to prioritize building authentic relationships. Establish connections with investors who genuinely understand and resonate with your mission and the unique perspectives HBCU entrepreneurs bring. Leverage the tight-knit HBCU community for mentorship and networking opportunities. Clearly articulate the social and economic impact your venture can make, emphasizing the diversity it brings to the entrepreneurial landscape. Invest time in refining your pitch to clearly communicate the value proposition and scalability of your venture. Be proactive in seeking funding opportunities, whether through traditional routes or innovative platforms that support underrepresented founders. Lastly, maintain resilience and use any setbacks as opportunities to learn and refine your approach. Your story, combined with a compelling vision, can attract investors who share your commitment to diversity and inclusion.
Where can readers/listeners/viewers learn more about your business?
Website: batteryxchange.co
Instagram: @batteryxchange_ or @worldwidewiggs_
X: @batteryxchange_ or @worldwidewiggs_
