How MycoFutures Received a Significant Boost from SRTX Founder Katherine Homuth

Stephanie Lipp, CEO and co-founder of MycoFutures, turned a networking opportunity into a transformative business breakthrough after meeting Katherine Homuth, founder of textile company SRTX. The encounter occurred during Lipp's journey through the RBC Women in Cleantech Accelerator, where she sought guidance for developing her startup's sustainable leather alternative made from fungi.

Homuth, a seasoned entrepreneur who has navigated significant obstacles while building her company since 2017, recognized the challenges Lipp faced. SRTX, focusing on advanced materials, required developing its entire manufacturing infrastructure in Canada, a feat that came with numerous hurdles. By the time of their coffee meeting, Homuth had transitioned from running SRTX to preparing for a new venture, Oomira, but she was keen on offering tangible support to female-led startups like MycoFutures.

During their meeting, Lipp showcased samples of her mushroom leather, which resembles traditional leather but is produced with fewer resources and has a lower environmental impact. Instead of providing generic advice, Homuth proposed a significant opportunity: $100,000 in prepaid purchase orders, access to SRTX’s Montreal manufacturing facility, and comprehensive support for MycoFutures' production and marketing. This offer marked a pivotal moment in Lipp's entrepreneurial path.

Emboldened by Homuth's support, Lipp and her co-founder Leo Gillis swiftly traveled to Montreal to gain firsthand experience in production at the SRTX facility. This visit opened their eyes to the possibilities of in-house manufacturing, leading to their decision to relocate operation from Mississauga to Montreal. In their new space, they anticipated ramping up production of their mycelium leather, moving from a monthly output of 200 to 5,000 square meters, thereby establishing a sustainable supply chain independent from overseas dependencies.

Homuth’s support extended beyond financial assistance; she emphasized the need for female-led startups to access networks and resources that are frequently harder for them to acquire. She expressed her hope that MycoFutures would become a leader in sustainable materials, inspiring others in the industry while proving that North American manufacturing can thrive.

While MycoFutures thrives, SRTX has faced its challenges, including significant workforce reductions amid economic uncertainties. Despite these challenges, Lipp remains focused on her business, preparing for a pre-seed funding round and often reflecting on the importance of community support in entrepreneurship. Her commitment to ‘paying it forward’ resonates deeply as she acknowledges the impact of Homuth's mentorship.

As MycoFutures progresses, it aims to redefine industry standards for sustainable materials. Meanwhile, Homuth’s transition away from SRTX into Oomira highlights the need for systemic change in funding and support for women-led businesses. Ultimately, both women’s journeys underscore the importance of tenacity, collaboration, and the power of supportive networks in entrepreneurship, especially during challenging times.