First Black Woman to Co-Found a Unicorn Company Shares Advice

“ I’ve always been deeply interested in how businesses come to life,” says Julia Collins, a serial entrepreneur based in San Francisco, California. “This is something that was taught to me through my family. My grandparents and parents were entrepreneurs. So I didn’t even think there was anything special or different, let alone strange, about wanting to be someone who built my own business.”

Over the years, Collins, who holds an MBA from Stanford University, has raised more than $500 million in venture capital and built companies spanning hospitality, consumer products, robotics, artificial intelligence and climate technology. 

In 2015, Collins and Alex Garden co-founded Zume Pizza, a venture-backed Silicon Valley startup focused on the automated production and delivery of pizzas. She became the first Black woman to co-found a unicorn company when Zume surpassed a valuation of $1 billion in 2018. 

That year, Collins left Zume to found Planet FWD, a sustainability platform helping brands measure, reduce and report their carbon footprint. 

Entrepreneur sat down with Collins to learn more about her business journey and the advice aspiring entrepreneurs can take into their own. 

Be the first hire on an early-stage team 

In 2010, Collins became the first employee to work at Mexicue, a Mexican-American barbecue chain founded by her friends Thomas Kelly and David Schillace. The concept began as a food truck in New York City before expanding into brick-and-mortar locations. 

Being the first hire on an early-stage team is an effective way to understand if the beginning stages of entrepreneurship are a good fit for you — and involves less risk than immediately founding your own company, Collins says. 

“ That experience taught me a tremendous amount about capital efficiency,” Collins adds. “We didn’t have venture backing or a small business loan. We just had to be profitable out of the gate and fund our growth through the ongoing profitable operations of our business.” 

As a result, Collins also learned a lot about product-market fit: how easy it is to grow a business when it fills a real need, and how difficult it is when it doesn’t. 

The experience also taught her the value of building the right team.

“ No matter what business you’re in, no matter what product you think you’re selling, it is always about the people behind that product,” Collins says. “Even in a world where AI is disrupting the way that we think about value creation and intelligence, at the end of the day, it is all about the humans who are coming up with the solution.”

Don’t conflate your value with the value of your company 

As someone who’s raised more than $500 million in venture capital, Collins acknowledges it can be a difficult experience, especially for founders new to the scene. 

One common mistake she always cautions founders against? Conflating your value as a person with the value of your company.

“ Because almost certainly, that valuation is either too high or too low,” Collins explains. “Therefore, you will be valuing your own success in an unrealistic way on either side. So you cannot value yourself based on the valuation of your company. You have to really separate those two.”

More money isn’t always better either. 

“When  you see these term sheets come in with more zeros than you’re accustomed to, it can really boggle your mind,” Collins says. “And there’s often a temptation to take the term sheet that’s the most money or has the best terms.”

Instead, Collins encourages founders to take a step back and consider their potential investor. How have they treated other founders? Get references from founders who saw big exits, medium-term outcomes and even failures. 

Figure out where capital can meet impact — then lean in

When Collins stepped away from Zume to found Planet FWD in 2018, she had a clear goal: She wanted to focus on the climate-related impacts of the food system. 

“ When most people think about addressing climate change, they think about windmills and solar panels and decarbonization,” Collins says. “All of those things are incredibly important. But most people don’t realize that between a quarter and a third of all greenhouse gas emissions come from land use and food systems.” 

Planet FWD raised a total of $16.8 million with its Series A round in 2022 and has expanded its mission beyond food brands to help fashion and beauty companies and other major retailers. 

What’s more, Collins put Planet FWD’s impact to the test when she founded Moonshot Snacks in 2019. Inspired by Collins’ son, the sustainable snack line for kids was built on an organic and regenerative supply chain.  

“ We took off like a rocket ship,” Collins says. “I could not have predicted the growth around Moonshot.” 

Moonshot even caught Patagonia’s attention. Patagonia Provisions, the company’s food and beverage division, acquired the brand for an undisclosed amount in 2023. It was Patagonia’s first acquisition in more than 20 years. 

Be a purpose-driven leader who gives people permission

Early in her career, Collins received a lot of leadership coaching from people who meant well — but tried to dissuade her from being too nice. 

“And even some subtle coaching around being too feminine,” Collins recalls. “But when I tried to be less nice, and I tried to be less feminine, I sounded ridiculous.” 

Over time, Collins realized she would be the most powerful leader if she stayed true to her values: being kind and caring deeply about people.

 If you have employees and investors who share your passion for purpose, you’ll do very well.

Although it’s important to deliver your best and hold yourself to a high standard, you should always lead from a truly authentic place, Collins says. 

“ When you do that, you give people permission to also be who they are, and I think that is how people give their best work, when they feel safe, when they feel valued, and when they feel like they can show up in their own skin,” she explains. 

Leading with purpose comes with advantages across the board — whether you’re managing employees or raising capital.

“ If you have employees and investors who share your passion for purpose, you’ll do very well,” Collins says. “If you don’t, it will become increasingly hard to put the purpose with the profit.” 

“ I’ve always been deeply interested in how businesses come to life,” says Julia Collins, a serial entrepreneur based in San Francisco, California. “This is something that was taught to me through my family. My grandparents and parents were entrepreneurs. So I didn’t even think there was anything special or different, let alone strange, about wanting to be someone who built my own business.”

Over the years, Collins, who holds an MBA from Stanford University, has raised more than $500 million in venture capital and built companies spanning hospitality, consumer products, robotics, artificial intelligence and climate technology. 

In 2015, Collins and Alex Garden co-founded Zume Pizza, a venture-backed Silicon Valley startup focused on the automated production and delivery of pizzas. She became the first Black woman to co-found a unicorn company when Zume surpassed a valuation of $1 billion in 2018.