Founder of the Week: Derrius Quarles

Derrius Quarles (M.S. Ed ’18) is the CTO and founder of BREAUX Capital, the first fintech company created to enhance the financial health of black male millenials. BREAUX Capital is a software program that combines community with automation and savings, as well as peer-to-peer investing.

 

Derrius is a serial entrepreneur: BREAUX Capital is his third company. When he was developing his first company, he realized how difficult it was for him to raise capital, especially with no family or friend resources, despite having shown traction and post-revenue post-capital success. Loaners often told him to obtain capital from his friends and family, and he wondered what factors contributed to why the people in his life didn’t have those resources.

 

5 out of 10 people could not afford a $1000 emergency if they needed to tomorrow- and that number raises to 7 out of 10 if you’re black. These financial emergencies can be debilitating to families, and Derrius had seen it operate in his own community and life. One factor that contributes to these stats is peer accountability.

 

Derrius aimed to make financial services and banking more social and transparent. In his financial health and education research here at Penn, he learned that black males are doing the worst in America in terms of financial health. He also learned that you are 30% more likely to complete a goal, such as saving a lump sum of money, if you do it with a friend. Combining these findings, he developed BREAUX Capital’s unique social aspect. By connecting with your friends over the platform, you can hold each other accountable to your savings goals and ensure the financial health of your family and friends.

 

Derrius advises new student entrepreneurs to remember that “fundraising is not entrepreneurship,” and that you should be prepared to build a company that can survive off its own revenues and doesn’t need outside capital to remain viable.

 

To learn more about BREAUX Capital, check out their website here. To watch the full interview, click here.

Founders of the Week: Jeriann Gumilla and Coco Wang

It all started with an eyelash curler. Coco Wang (W ’21) had purchased 4-5 different brands, with no success from any of them. Later on, she discovered that those brands made their curlers to fit the Caucasian eye shape. After wasting both her money and her time, Coco finally found a brand that made curlers targeted to Asian women.

 

This experience inspired Candid Beauty, a synthesized beauty platform that provides users personalized information on beauty products and suggestions. In the app, you create a beauty profile with your preferences and characteristics, and Candid Beauty does the rest. You can see reviews from customers with similar profiles and preferences, ingredient lists, and more.

 

Candid Beauty was founded by Jeriann Gumilla (W ’21) and Coco Wang (W ’21). Jeriann is studying Finance and Management-Entrepreneurship, and Coco is studying Finance and Statistics with a minor in Spanish.  They hope to tackle the lack of transparency in the makeup industry, which is filled with inaccurate reviews, false advertisements, and inconsistent information. Candid Beauty has already received multiple awards and recognition across campus, and the young founders say that it has been a humbling experience, but that they are always moving forward.

 

What should the rest of us entrepreneurs strive for if we want to succeed like the Candid Beauty team has? Jeriann says to take risks, and that “you have to believe in your idea when no one else does.” Coco says not to give up just because one person challenges your product, and urges that entrepreneurs take feedback objectively and as constructive criticism to help grow and improve.

 

Fun fact: Coco can speak six languages, and Jeriann taught herself how to play the ukulele, guitar, and yoga!

 

To learn more about Candid Beauty, visit their website here. To watch the full interview, click here.

Founder of the Week: Thomas Cavett

This week, meet Thomas Cavett (WG ’18), an army veteran who (fun fact!) spent some time protecting Obama in his motorcade in Asia. Thomas Cavett is co-founder of POWTI Innovations, a company building wearable devices that detect when a traumatic injury has occurred and notifiy emergency personnel.

 

POWTI stands for Point of Wounding Trauma Indicator. The goal of this device is to increase response time to emergency traumatic events, both in the military and in civilian life. POWTI was inspired by Cavett’s time in the military as an Army Green Beret, where he had learned skills to treat his teammates and allies. Sadly, he saw many traumatic injuries where the response time just wasn’t fast enough, and he sought to alleviate this problem.

 

The device is still prototyping, and has undergone several iterations. However, Cavett says a launch will hopefully occur by the end of 2018.

 

Cavett’s most important advice to new entrepreneurs is to “find something you’re passionate about.” He says that entrepreneurship is complicated and chaotic, and working with something you’re passionate about will keep you committed even when things get tough.

 

To learn more about POWTI Innovations, visit their website here. To watch the full interview, visit our YouTube here.

Founder of the Week: Beni Shafer-Sull

Beni Shafer-Sull (SEAS ’21), founder of Loop Vehicles

If you thought you were slacking before, you’ll definitely feel like you are now. Beni Shafer-Sull and his company, Loop Vehicles, are here to save the world.

 

Beni is a freshman studying systems engineering, and has been interested in clean energy for a while now. Last year, he was inspired by the Inter-governmental Panel on Climate Change (IPCC) report, which focused on how carbon-neutral is no longer enough to ease the effects of climate change. It suggested that carbon-negative was needed, and that’s when Beni began thinking.

 

Loop Vehicles is hoping to be the world’s first fully carbon-negative electric car, which will reduce climate change and lead to a more sustainable, green future. According to Loop’s website, their vehicles are projected to have a range of 500 miles. The charging system is also extremely efficient: instead of waiting hours to charge your car, you can pop in a new metal battery cartridge, return the old one to Loop, and move on your way.  Currently, Loop Vehicles is working on small-scale prototyping, and within a few years they hope to have their first product ready for the market.

 

Beni’s company is a Weiss Labs team this year, and he hopes to gain input from other young entrepreneurs who can help with product development. Beni suggests that aspiring innovators take advantage of the multitude of Penn’s opportunities and venues to gain capital, all of which are essential to any successful college start-up.

 

Visit Loop Vehicles website here to learn more, and click here to watch the full interview.

 

Here at the Weiss Tech House, we celebrate, support, and create innovators and thinkers all across Penn’s campus. In the spirit of our mission to advance technological entrepreneurship, we’ve started our new series: Founder of the Week. Each week, look forward to new highlights, interviews, updates, and insights from Penn founders. If there’s anybody you’d like to nominate as a Founder of the Week, preferably Weiss Tech House member or alum, let us know here.