From Concept To Company: Alexandra Smith, Co-founder and Partner of FuturePlus Co-founder and Partner of FuturePlus Alexandra Smith on building a business that champions making sustainability accessible and affordable for business.

Alexandra Smith, co-founder and Partner of FuturePlus, champions making sustainability accessible and affordable for business, a commitment that earned her and her co-founder Mike Penrose, a nomination for the 2023 Sustainability Entrepreneur of the Year at the Great British Entrepreneur Awards. In an interview with Entrepreneur UK, Smith discusses her entrepreneurial journey, from securing initial funding through Vala Capital to navigating scaling challenges, underscoring her commitment to driving positive change in the industry.

What inspired you to start your business?

My journey to be a founder was a combination of my career trajectory and a serendipitous partnership. Throughout my career, I had always gravitated towards impact roles and projects, driven by a desire to make a positive difference. However, starting a business was never really part of my plans. That changed when I met my co-founder, Mike Penrose. His excitement about the potential of the idea was contagious, and it sparked a new level of enthusiasm in me. Together, we began to build on that idea, transforming it into the company that exists today, The Sustainability Group. Our shared vision turned uncertainty into action, and that partnership became the foundation of our business.

What has been your biggest challenge so far in your entrepreneurial journey, and how did you overcome it?

The biggest challenge we face is scaling the company through its various growth and funding phases. As we expand, the team dynamics evolve significantly with each new addition. This has required us to carefully manage the integration of new members while maintaining our core culture and values. To overcome this, we focus on supporting our growing organisation without stifling our innovative spirit. We work hard to nurture the culture we are building, ensuring that it matures alongside the company. By supporting open communication, promoting a strong sense of community, and remaining adaptable, we are able to navigate the complexities of scaling effectively. This approach has helped us maintain cohesion within the team and successfully move through each stage of our growth.

How did you secure your initial funding?

Our initial pre-seed funding was secured through Vala Capital. During our discussions with Vala Capital founder Jasper Smith and the wider team, we proposed a comprehensive and comparable sustainability management and environmental, social, and governance (ESG) reporting platform that captures and quantifies ambition. From the outset, they understood our goals, and they supported our vision to create something unique and valuable across sectors and geographies. The process was a huge learning curve, but my co-founder and I leveraged our business, sponsorship, and fundraising experience to highlight the commercial potential and narrative.

Related: 6 Ways to Build Sustainable Principles Into Your Business

How do you stay motivated during tough times?

Staying motivated during tough times requires a combination of belief in our original vision and mission, and leaning on each other as co-founders and the wider team. Ambition is the very basis of everything we do, and serves as a constant driving force. The hard times do remind us to capture the milestones and recognise the wins, no matter how small they may seem. By celebrating these achievements and supporting each other, we maintain our drive and continue pushing forward with a certain resilience and determination.

How do you handle failure or setbacks?

Handling failure or setbacks involves several strategies. First, we return to our core message and strategy, ensuring that our foundation remains solid. By quickly recognising when something isn't working, we can promptly address issues, and make the necessary adjustments. Failure, unfortunately, remains an important aspect of any business journey, but it can lead to greater learning and more inclusive discussions, helping us understand how to achieve success next time. By embracing these lessons, we can support a culture of continuous improvement and resilience. This approach enables us to turn setbacks into valuable experiences that strengthen our team and drive us forward.

What advice would you give to someone starting their own business?

When starting your own business, one piece of advice is to embrace the multifaceted nature of the role. The quote, "jack of all trades, master of none, though oftentimes better than a master of one," rings very true in early-stage entrepreneurship. In a single day, you might find your focus shifting from product development and marketing to human resources (HR), operations, sales, and fundraising. Initially, you need to embrace this diversity, and wear multiple hats. However, as your business grows, it's crucial to recognise when to seek help. Hiring well and bringing good people on board can make all the difference. Surround yourself with talented, diverse individuals who share your vision, and can take on specific roles to drive the business forward.

In addition, as an entrepreneur, always trust in your capabilities. You are probably more capable than you think, and it's essential to have confidence in yourself. There's little room for imposter syndrome, and you must remind yourself that you know more about your business than anyone else. Trust your instincts, leverage your knowledge, and lead with conviction.

What are your tips for achieving success?

Success can look different to everyone and every business; so, the first step is to define what it means for you, and do not deviate from the solution to the problem you're solving. Focus more on the solution than the problem. For early-stage companies and startups, begin by building a solid team around a validated idea. Focus on a customer-centric approach to ensure your product or service meets real needs. Embrace adaptability and innovation to stay competitive in the market. Manage your finances to sustain growth and stability. Seek guidance from mentors, and leverage networks to gain access, insights and support. Finally, remain positive and exercise! Those endorphins are important to running and building your business.