The entrepreneurial community on the First Coast is home to a number of intriguing startups, with 2021 seeing an expansion of their ranks. ¶ Whether the companies were founded by seasoned veterans collecting money from venture capitalists or teenagers looking to grow a new social media platform, several startups are a must-watch for 2022. As First Coast Inno expands its coverage of the area’s innovation economy, here’s some of the companies we’re keeping an eye on.
When Priyanka Murthy founded Access79 almost three years ago, she knew customers existed for her try-before-you-buy custom jewelry concept — but getting them proved difficult.
Then, the pandemic hit.
“As the pandemic progressed and it became very evident people were no longer shopping in stores, our business started picking up,” she said.
Last year, revenue doubled from 2020, leading to an increase in staff and more investment in technology.
Forbes recently named Murthy one of its Next 1,000, upstart entrepreneurs who are “reshaping the American dream.”
That’s exactly what the attorney-turned-designer-turned-founder is looking to do, with the goal of not just shaking up the jewelry industry but blazing a trail other entrepreneurs can follow.
As you think back over the past 2 1/2 years, what has made people embrace your business? Because we’re really solving a problem. Jewelry is one thing that is not easy to buy online. It’s intimidating, because you're spending hundreds and thousands of dollars on something that might be difficult to return. But stores are not really geared toward people like me.
Who is your customer? She’s 32 to 55. She has a job. She is busy. She is either blissfully single or happily married with children. She likes to travel and is active on social media, but I wouldn’t say vocal. She values her friends.
What’s been the biggest hurdle in reaching them? So, not everyone is going to understand the business model. Legacy jewelry customers — the ones who have a neighborhood jewelry store — they don’t get the business model at all. The hurdle was being able to communicate to the right people in a way that makes them understand.
Having that precise picture of who you and your customers are is so important. How are you building on that in 2022? We’re going to be rebranding: We’re changing our name, our colors, our imagery, our tone of voice. We’ll be putting more AI into our technology. We’re launching a VIP program. We’re in a very good position that once we build our brand on the meat of who we are and put it out in the world again, I think it’s really, really going to resonate.
Will you be looking for more investment? We have a round of angel investment that we secured early on, and we've made some very good financial decisions with that money such that for at least the next year and a half, we will not need to raise any money. The company is not yet profitable, but it does generate revenue.
I know your focus is on growing the company, but what does success for you look like long term? What success looks like is we blaze a trail such that other companies can do this. I want the consumer to benefit. Access79 shouldn’t be the only company out there doing try-bef0re-you-buy jewelry. Let it be ubiquitous.
