Rally | Mercaso CEO Jonathan Um Talks Focusing on Consumers
Founders Spotlight, Ventures Network Wins, and more!
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Founder Spotlight: Jonathan Um from Mercaso
Jonathan Um is the CEO and co-founder of Mercaso, a wholesale ordering platform for convenience stores. A graduate of Harvard College, Columbia Law School, and UCLA Anderson School of Management, a co-founder of another company Hollar, and Captain in the U.S. Marine Corps, Jonathan is a self-described “serial entrepreneur”.
What inspired you to found Mercaso and what makes Mercaso unique?
Growing up in New York City, my parents were small store owners that served as the foundation of our American Dream.
I saw first hand how challenging it is to be an owner-operator of a corner store. You're on your own as a mom and pop store owner working long hours that can be physically grueling. To this day, most owners still rely on pen and paper to manage their inventory, sales and operations. It's a $200B sleeping giant of an industry that is ripe for a technology revolution.
How has your API identity impacted your career and/or startup journey? Do you face any unique challenges or opportunities compared to your peers?
The challenges I faced as the son of Asian immigrants turned out to be blessings in disguise. At Mercaso, we serve customers of all backgrounds, cultures and languages at Mercaso. Growing up, I had to bridge my Korean heritage at home and my “American life” at school. That immigrant experience turned out to be the best training possible to build our business today.
Why did you choose to partner with Gold House?
I truly believe in Gold House’s mission of empowering the next generation of Asian Pacific leaders in business and the arts. In many ways, we are still very underrepresented in key leadership positions and I wanted to be part of a community that supports each other in that mission.
What is your advice for founders at the pre-seed / seed stage? What is something you would have done differently if you could go back in time?
The best advice I received when starting Mercaso is to spend as much time with our customers early. My cofounder and I delivered to our first 100 customers ourselves. That experience was invaluable. We did a lot of things that didn’t necessarily scale, but got to know our customers deeply and made a lot of mistakes. The lessons we learned during this period informed our strategy and product roadmap.
What’s a small, step-change habit that has served you well, and you would recommend other founders to adopt?
Stay in touch with at least one customer on a regular basis. As founders, we have standing meetings with our employees, investors, but having something set on the schedule to force yourself to serve your customers directly is super helpful. Every week, I have one customer who I serve and speak with by phone. In the process of placing his order, I experience the site myself and get feedback on our products, pricing and service.
What has surprised you the most about building your startup?
When you’re building a startup, you’re not alone. You’re also bringing along your family and friends on the ride. They are your best cheerleaders and most honest critics. Having a trusted circle of advisors to get you through the journey is important. Your family is making a big sacrifice (time, money, security and peace of mind). Let them into your world and share what you’re going through. They may not have the answer, but it still helps to have someone listen.
What’s your final piece of advice for aspiring founders and entrepreneurs?
Treat every mistake as an opportunity to learn. If you think of setbacks as opportunities to get better, it takes the stress and pressure out.
Upcoming Gold House Network Opportunities
Join our Gold House Futures Network – a curated community of the most promising next-gen API creatives, entrepreneurs, and social impact leaders! By being part of the network, founders receive:
Amplification: Members of the Futures Network receive resources from Gold House’s corporate and cultural leadership network to accelerate their ambitions.
Collaboration: From business partnerships to soundtrack inclusion, Futures gain access to collaboration opportunities both within the network and with industry leaders.
Community: Exclusive events and curated programming cultivate a community of founders and creators.
Our recent survey found that 94% of founders were likely to recommend the Futures Network to other founders citing a supportive API community and expansive network. Apply to join our Futures Network here!
Founder Forward Cohort Applications: Founder Forward provides funding and advising to diverse founders in overlooked regions. They are launching a new Founder cohort, focused on designing for an aging population. Take part in their impact day, which includes unrestricted capital of $4,500 and support from industry professionals. Apply by Monday, April 15.
LAST Chance to Apply for our Brooks Brothers Prize!
The Brooks Brothers Gold Prize recognizes Asian Pacific female executives in fashion, retail, design or other creative industries. Four finalists will receive mentorship, amplification, and consideration for commercial opportunities and one will receive a $25,000 prize. Apply for the prize here! Application is due tomorrow, April 5th.
RestorAsian Scholarship Fund: Last year, Anise Health launched the RestorAsian Scholarship, dedicated to making mental health services more accessible. Based on the demand of applicants, Anise Health is working with Asian Mental Health Project, a 501(c)(3) non-profit to renew this scholarship. Help them raise $20,000 to launch the next cohort of RestorAsian Scholarship in May 2024 here.
Job Openings
Folio (Techstars NYC ’23), a guest experience platform for professional short-term rental (Airbnb) hosts, is hiring a CTO to lead product and engineering development. More details on the company and application here.
Slope (YC S21) is looking for their Product Marketing team member (application here) to be at the forefront of their go-to-market strategy.
Wins to Celebrate
Larry Liu, founder and CEO of Weee!, was featured on How I Built This with Guy Raz. In under ten years, after facing bankruptcy and re-orienting his business, Larry grew his e-commerce platform Weee! into a company now valued at over $4 billion.
Jing Gao, founder and CEO of Fly by Jing, spoke on CNN Live about her journey of building her business from an underground supper club in Shanghai to grocery store shelves across America today.
Cecilia Tse, co-founder of Hey Freya, was spotlighted on Forbes Women for her work focused on building a better women’s health brand.
What’s Popping?
NYC Tech Week: Get ready for our official announcement for our NYC Tech Week event! It’ll be a fun evening with top Asian Pacific founders and funders, live performances, and a dance floor for a bit of our Gold House flair. More details will come soon, but for now, save the evening of Thursday, June 6th in Manhattan!
AAPI 5K: AAPI 5K is a community-driven event that promotes health, unity, and cultural diversity while celebrating the vibrant Asian American and Pacific Islander community. You can run and walk in 5 cities - Boston, Houston, Los Angeles, New York, San Francisco & West Hartford - to celebrate AAPI Heritage Month! Gold House is a designated nonprofit partner and will receive a portion of proceeds for your participation. Sign up now!
Ideas? Questions?
Let us know in the comments below!