Key Takeaways from Stephany Lapierre’s Journey in Building a Multi-Million Dollar Supply Chain Business for Founders

On Tuesday morning, the Kitchener tech community gathered at Catalyst Commons for the latest Communitech Breakfast, celebrating International Women’s Month. The event highlighted the journey of Stephany Lapierre, CEO of TealBook, as she shared her entrepreneurial experiences.

Lapierre grew up in a family of entrepreneurs, with her grandfather starting a Pepsi franchise and her parents continuing the legacy. By 18, she had launched her first venture. Inspired by her time in the pharmaceutical sector, she recognized a gap in reliable supplier information and founded Matchbook in 2006 to connect companies with suppliers. This prompted her to develop TealBook, a supply chain software startup that utilizes artificial intelligence and machine learning to offer accurate supplier data. Large corporations now use TealBook to monitor sustainability and social responsibility metrics regarding their suppliers.

However, Lapierre encountered significant challenges in securing funding for her startup. Her husband provided initial support with a $50,000 investment, followed by a substantial investment of $1 million from a fellow mom she met at her daughter’s soccer game, bolstering Lapierre’s career. Nevertheless, raising capital from institutional investors proved more difficult. She faced skepticism and bias linked to her identity and status as a female entrepreneur. One investor criticized her background, questioning her abilities and conveying doubt about her capacity to attract funding. This interaction became a crucial turning point for Lapierre, prompting her to focus on her strengths and change the narrative surrounding her business.

With perseverance, TealBook eventually completed six funding rounds, raising approximately $73 million, including a significant $50 million Series B round in December 2021. Lapierre earned recognition as one of the Top 100 Most Influential Women in Supply Chain, yet she emphasizes the importance of mental health amid her entrepreneurial success. She prioritizes wellness, incorporating daily exercise into her routine and ensuring family downtime during summer vacations. Acknowledging the detrimental impacts of stress and unhealthy habits, Lapierre has committed to maintaining a balanced lifestyle.

During the event, Allison Mitchell, Program Manager of Communitech’s Fierce Founders initiative, provided opening remarks. This program supports women and non-binary individuals in the tech sector through mentorship, funding opportunities, and community building. Cathy Tracey, AVP at Sage, also addressed the audience, delivering key insights on decision-making in fast-paced markets. She underscored that quick and informed decision-making is vital for the growth and resilience of startups amidst market volatility.

Lapierre's story illustrates the struggles and triumphs of a female entrepreneur navigating a male-dominated industry. Her journey reflects the broader narrative of resilience, adaptability, and the importance of mental wellness in entrepreneurship. As she continues to drive TealBook’s innovations, her experiences serve as an inspiration for other entrepreneurs, particularly women and individuals from underrepresented backgrounds, urging them to pursue their ventures passionately while maintaining a focus on personal well-being.