Purpose-Led Growth: How this Startup Built Revenue & Social Impact

Intro 00:01
Welcome to Startup Success, the podcast for startup founders and investors. Here you’ll find stories of success from others in the trenches as they work to scale some of the fastest growing startups in the world, stories that will help you in your own journey. Startup Success starts now.

Kate 00:17
Welcome to Startup Success. Today we have a real treat in store for you, a startup that’s definitely caught my eye. The company is HOPE Hydration, and they deliver free water through their digitally connected water refill HydroStations across the country. And they’ve recently raised a $20 million Series A, which is no easy feat, especially in this market. I’d like to welcome Jorge Richardson and Cristina Gnecco. Jorge is the founder and CEO of HOPE Hydration, and Cristina is the co-founder and Head of Global Partnerships. Welcome.

Jorge Richardson 00:59
Thank you. Thank you. Thanks for having us.

Cristina Gnecco 01:01
Thank you. Kate. Yeah, thanks for having us.

Kate 01:04
I’m excited to talk to you both. So it’s an area that I’m obviously very interested in. So I want to start with just, you know, kind of a brief overview of both your backgrounds and how you found each other. Everyone loves to hear how co-founders found each other. So Jorge, tell us about this and what your background and what inspired this idea. I love this.

Jorge Richardson 01:30
Yes. So I’m Jorge Richardson. I am HOPE’s founder, CEO. I thought I wanted to be an investment banker. I lasted 91 days in New York, and it was a world for me, and like through life happenstance, there’s the whole story about meditating with monks in Nepal. (Oh, wow, that’s pretty cool.) I discovered the world of water, and I was in Europe for about two years, and we were building out a project. And towards the end of it, I found myself in New York, and I was like, right off the subway. I’m 47 seven, so like, peak times square. And I had an app in front of me that showed me every free drinking water fountain that New York had, and if you traveled, it showed you where you could, like, refill, basically anywhere. And I remember opening up the app, and it was about a 35 minute walk to the nearest water fountain. And I was thinking to myself, well, it’s, you know, at the time it was 2020, 2018, 2019, so we’re like, we’re in a digital, first user experience driven world. There’s no way that 99.99999% of the world is going to walk more than five minutes to refill when there’s a Duane Reade here and a CVS over here, and you could just go in and you can buy a single use bottle. And it seems like a very unsexy space, but you think about the scale and the magnitude. The order of questions that came were floating my head, and eventually that Cristina and I debated about and our third co founder, Dave came in and kind of like wrapped it up, was question number one: what would it take to fund / install free drinking water access on every street corner of Manhattan, starting on 47th and seventh and working our way across the entire city? (3:10) Well, our thesis is you need to build a beautiful product that people trust. Needs to be data-driven, because there is no real data in the space, and we need a brand new funding model, which Cristina can talk more about. The second question was, then, does that model scale to cities around the US, cities around the world? What does that look like? And then what really like got me excited was, okay, let’s just wave our magic wand, and everything has gone perfectly over the next 10 years. We deploy this vision in every major city across the world, right? So you go to Tokyo, you got free water on every street in Tokyo. You go to, you know, New York, and we’ve done the same there. Can that be the capital vehicle or the vehicle in general, to be able to help kind of make the link and solve the clean drinking water crisis that we have in the world. So it’s no longer a primarily nonprofit funded solution, but there’s an actual for profit vehicle that is, like, 360. Where we’re using the revenues, the infrastructure and the awareness that we’re getting in New York to be able to, like, actually help the people who need it the most. And that was, like, way too big of a question to just leave a question. And so we started HOPE(4:18) and through Cristina’s background in kind of this space, of like, how do we monetize, and Dave’s space of like, how do we build this thing? We’ve been around for a little over five years now. We’re in five US cities. We’re growing very fast. And, it’s really cool to be like, five years ago, this was a question, and now it’s sort of an answer.

Kate 04:41
Incredible, incredible. And I like how you thought about it, in terms of the for-profit vehicle to get to, ultimately, where you want to be. I think a lot of people that want to do good don’t look at it that way sometimes, and it makes it more difficult. So Cristina, you can wrap it up with how you found each other. That would be great.

Cristina Gnecco 05:05
So I am Cristina Gnecco. I am the co founder of HOPE Hydration, and I lead all of our global partnerships. How did I meet Jorge and how did we get to where we are? So at NYU, I studied sustainable development. I’ve always been really passionate about understanding the world’s issues, kind of why some places have access to clean water, others don’t, environmental topics. I kind of started my career in the nonprofit space looking at how nonprofits address these issues. But throughout all of my past jobs, partnerships were really the way that we tackled these issues. It was by working alongside government, alongside brands, alongside nonprofits, that I saw that these issues were kind of best tackled so that really kind of inspired me to begin to think about this water crisis and what was out there, what the solutions were. And that is where I met Jorge, who was building a really interesting idea. And I thought I think advertisers would be interested in this. I think brands could be a way to fund this. So that’s a little bit about how I got involved with HOPE.

Kate 06:20
So what are the five cities you’re in right now?

Cristina Gnecco 06:24
Yeah, we’re currently in Miami, in New York, Minneapolis, Austin and Los Angeles. Those are kind of our core markets.

Jorge Richardson 06:34
We’ve got a couple more coming out in the next few months, so we’ll, we’ll share when we’re allowed to announce them.

Kate 06:41
Okay, great. And so tell us a little bit more about your solution, because we’ve all seen some of those water fill stations that are already out there in airports, but they’re not the greatest. I mean, it’s something. Tell us more about HOPE Hydration, your solution, what you’re doing, how it’s different, because it sounds like you’ve really put a lot of thought into this.

Cristina Gnecco 07:08
Yeah, I think when we first started tackling this problem, like Jorge said, we were looking at the access where, like it’s never gonna work if it’s not cheaper, easier and more convenient to refill your bottle than it is to go buy plastic, right? So that was kind of the root of it. And as we started exploring what other water solutions were out there, (7:32) we realized this is an industry that one affects absolutely everyone. Everybody drinks water. Everyone needs water, and it’s only becoming a more and more scarce resource. But two, is really stuck in the past. So you know today I can track exactly where Jorge went yesterday on Find My Friends, and how many times he looked at my story. There’s so much digital online information about almost everything that we’re doing, but where is that with water? You walk by that water station in the airport, and you look at it, and there’s a little red light that says the filter is not working. And you wonder, like, what’s in my water? Is this clean water? Where is it coming from? When was that filter changed? And it hasn’t caught up to the digital era the way most other industries have. And so bringing together both, you know, our water station, which is a smart water station, and tracks a lot of this data, and has a backend digital platform where venues, advertisers, people like you and me can log in and see this data, we realized this was really, really powerful, not really being done, and the scale of good that it can create when you have so much information is kind of untapped right now. (8:45) So that’s really where we started developing the product, is realizing there was a need for this digitalization, this data. And yeah, we wanted to create a more modern solution.(8:59)

Jorge Richardson 09:01
And then I’ll piggyback off that. I think when we, when we then looked at the those three questions, right? We asked, what would it take to put it on every street corner of New York? How does that scale across the world? I’ll start with those two. Cristina touched on three things. Needs to be cheaper. It needs to be more convenient. People need to trust it, right? The cheaper piece was a big one. When we then started, we had really serious conversations with a lot of several major US city, we’ll call them like mayors in there, in our earliest kind of, you know, phase. And access to funding to be able to support the purchase of the equipment, the install of the equipment. And like, really, the longevity of maintaining that equipment was one of the biggest hurdles, right? Okay, maybe we have $5,000 to buy the machines, but we don’t have any money to install them. Even if we can scrape the other money to install them, we definitely don’t have money to maintain them. And that, to me, was, like, such a no-brainer. Light on. And like, this is the issue, right? If there is infrastructure, it’s like, barely snuck by in terms of costs, there is no money to maintain it. If it’s not maintained, then the infrastructure degrades. If it degrades, we don’t trust that people don’t use it, and we have very bad association with public drinking water fountains because of that. So we were like, we need to solve the capital problem, yeah. From a VC perspective, I’ll do TAMs. If you look at like the TAM of, what the drinking water fountain industry is, it’s in the low to mid digit billions of dollars a year, right? Purchase and sale of here’s my water fountain. You pay me. Here’s my filter. You pay me. We needed to have a transformational business model, something that like gave us a capital source for the lifetime of this equipment that also upgraded our ability to make better products. Because if there’s only $5 on the table, I can only make a product that is as good as $5, but we wanted to deliver a $5,000 product. And so in our initial conversations, we said, well, we’re not going to sell this unit, and it actually it has to be free, and it actually has to be free forever, right? We want to turn this into a cost center for these people to either net net zero or ideally, a revenue center. That’s going to help us grow faster, and it’s going to solve a lot of these problems. It’s going to allow us to build better quality infrastructure. It’s allowing us to maintain it for life. And that’s where we landed on advertising, right? Digital Advertising is an 800 billion growing at a cage here, which I don’t even know, but an insane rate annually. It’s like, hold on, (11:33) if our MO from a business standpoint, is to get as many people to stop and refill so we’re going to put these things in the coolest places in the world. We have a lot of eyeballs. What do advertisers pay for? They pay for eyeballs and they pay for conversion. Like this seems like a really natural fit. And so we launched under that premise like, this is going to be the newest, most innovative, really, the greenest digital media platform you can find out there. So if you’re a massive brand and you’re spending tons of money on your campaign for the same cost, can we get you both the eyeballs that you want, but also a ton of impact and the community and the story and this map. And the thesis was right. It’s, you know, (12:13) brands are spending tons of money every year, you know, some in the sums of hundreds of millions on their digital advertising budgets. Why not take a very small piece of that? You’re going to buy the billboard anyway. You might as well buy a billboard that also does a lot of good and is getting people to stop. And, in layman’s terms, if it’s really hot on a summer afternoon and you’re like, I really need water, and you then refill and it’s cold and it’s filtered, and you trust the product, and it’s brought to you by a brand like that is brand loyalty that is way, it’s quantifiable, but the ROI is so much higher than here’s my ad on a huge billboard I walk past. The summary is, when you layer on what Cristina talked about, what I talked about, we said we wanted to design a product that was beautiful. We want to integrate deep layers of data, and we wanted a transformational business model. That is what HOPE Hydration is.(13:11)

Kate 13:13
Incredible. I mean, I can tell your investment banking days paid off. The 90 days paid off because so many founders don’t get that there has to be a compelling business case, right? And you did, and you came up with this one that really speaks to where the world is, right now. You’re absolutely right. What people will pay for that kind of impact with digital advertising is so incredible. I think you hit a home run and you’re doing something really great. So congratulations. It’s amazing. A lot of founders on here don’t get it. They have the idea, but they don’t know how to monetize it correctly or make it compelling to VC so that it can scale, and you’ve done that, it’s really incredible. Have you found that you needed to partner, or, like, work with those advertisers to give them a platform that works for them too? I mean, that’s got to be part of this, right?

Cristina Gnecco 14:16
100%. Yeah, I can take that one. I think we’ve been honestly really lucky that we didn’t get super funded early. And so our only means of survival was finding a client who would pay for us to build a prototype, who would pay for us to go to our first event, who wanted to pay to put one permanently. And like Jorge said, our whole model is like, under this premise that for an event venue or for the airport or for the city, you can install this for free. So we were like, desperately needing a brand who would help us prove that our model worked. So because we didn’t have that funding, because we needed to rely on this advertiser funding to prove our model, we went out into the market directly, even before we had a water station, and we were like, Hey, would you want to be the sponsor of a water station at this conference? And we did that probably 1000 times until somebody said yes. And then in that time, we built our first prototype. So we got the Yes before we built the product, and we knew that the event wanted the water station, we knew that the brand wanted to sponsor it, and that allowed us to create our first prototype, partnership and advertising sponsorship. So we were able to, like, use that to learn. And our entire sales strategy has been led by our brands, that’s what we continued to do. We kept asking brands, where do you want to show up next? What’s going to work for you? Oh, great. You want to show up at Advertising Week. We’ll go talk to them. We’ll get you in there. Oh, great. You want to go to Los Angeles Airport, let’s go talk to them. So we were so led by the advertisers and the market that we knew by the time we accomplished getting a station in that location, or at that event that we had someone committed for the funding, and now that we’re at scale, we have more funding. We have a more of an opportunity to choose where we are, but we are still very sales led, because we like to get those commitments and know that, you know, the revenue model is there before we, you know, kind of pay to play. So, yeah, in that sense, our advertisers have really taught us a lot about what the market wants, where the opportunities are. And like Jorge was saying earlier, what advertisers want is to be in really cool places, in front of a lot of people. So they’ve, you know, it’s led us to some really awesome places we’ve been able to install at, you know, Formula One in the paddocks, at major international airports, at Coachella. Really fun kind of media moments that brands are like dying to get into, and also that people really love.(16:57)

Jorge Richardson 16:58
Need water.

Kate 17:00
Yeah, yeah, you do need water.

Jorge Richardson 17:02
Coachella in the desert, you need water.

Cristina Gnecco 17:07
And, you need some cold water.

Kate 17:09
Right. Is the infrastructure to do what you’re doing, like this, HydroStations, is that part been difficult to figure out? I mean, you’ve clearly mastered the partnerships and the digital advertising. But is getting cold water to Coachella, is that hard?

Jorge Richardson 17:26
It’s so much harder – people are like, Oh, you just make water fountains. I’m like, let me see you build a machine that is cloud connected, that’s delivering water that doesn’t stop, because you can’t stop in the middle of the desert and, like, good luck finding a water source.

Cristina Gnecco 17:43
It’s not easy.

Jorge Richardson 17:45
I think if you, if you break up our org, we’ve got several departments, none of them are easy, right? You’ve got the sales process, which is finding the locations. The locations have to be both high performing in terms of advertising and really high performing in terms of, like, refills. So put an example like we could put right at the entrance to any of the freeways here in Miami, we could put a station. And it would get so many people to pass by and make a lot of money, but you would have absolutely zero refills. We have no stations on highways for that reason, right? So far out example, but you’ve got the sales process. Once it then sells, you’ve got the operational process. How do we get stations built, deployed, maintained? We built a lot of IP around auto tracking software. So it used to be that you would have a bunch of infrastructure, ie, your construction manager, and you have 400 cranes, and you have to send someone out there, and you have to make sure the cranes are working and this is working, whatever. And like, we were like, No, and in the era of digitalization, it should be automatic. (18:45) And now, with the layers of AI that we can, like, build in, there’s preventative maintenance. So like, hey, the system is kind of thinking that in six months, this part might fail because of these data inputs like that is really the data sets become so large that, like, AI is the enabler for that. So, like, very lucky in terms of timing.(19:03) You have the operational piece, you have the hardware piece, you have to build the product, software piece, you have to do all this. And then the last piece is marketing. You have to be able to tell the right story, get the right brands. You know, it can’t just be a media moment where, like, you’re buying a billboard. It’s got to be something where, like, one of our core partners came to us and said, they we want more community aspect. And so not only do we put hydro stations, like in front of a Nike store, but we helped organize run clubs, three, 400 weekly runners that are like sweat. You know, it’s just so aligned with the space. And so we try to go above and beyond, but each one of those pieces is its own company. The secret sauce is like, how does it all piece together?

Kate 19:46
All tie together? I love that AI has worked out for you in the deployment. I mean, that’s got to be a competitive advantage in a sense, right?

Cristina Gnecco 19:57
Totally, yeah, I think. What we’re doing is we’re realizing one that hardware is very hard. The operation supplier, on site labor like you have to send out someone to reinstall the hose. There’s nothing AI can do about that. But what right trying to figure out, and we work with our software team a lot, on, is, how can the software make this process easier? Can there be like a check where, you know, we can reset the water connection from a computer we don’t necessarily need to send someone out. If we find out that doesn’t work, Great. Now let’s send someone out to go fix the hose and replug it in so it’s a little bit of there’s a reality there, of like, you need boots on the ground, you need partners you can trust that are good at that. We are not hardware people, so we rely on our partners, venues, local contractors. But how can we build systems around that, using technology and software that will allow us to win, allow us to be ahead of our competitors in this sense, and I think that’s where the really exciting opportunity of HOPE is is like we’re not just creating a water station that’s going to sit there and potentially need a filter change in a year. We’re using that information. We’re changing the way this happens, and hopefully we’re changing that industry wide. I think our goal is that, first off, we have HOPE stations everywhere. But second that we’re pushing the industry forward to have better measures and ultimately, better water for people. (That’s great.)

Jorge Richardson 21:29
I’ll give like a 10 year in the future case of like, why, just the system that tells us, Hey, filter life is down we need to replace. But where it ends up scaling, right? So I think if we, if we look at the infrastructure that we have traditionally, people don’t use it, people don’t trust it, maybe it doesn’t work. One like operationally, the system allows us to make sure 100% uptime filters are changed, whatnot. (21:07)But I think as we build more touch points, so as you go to Coachella, and you’ve refilled. And you go to the airport, you’ve refilled, and then you go home, fly to a different state, you go to the park, and you’ve refilled from a HOPE platform. If all of those experiences are good, which is enabled by the software, then we’re building trust, we’re building trust. We’re building trust. We’re building trust. Tomorrow, if we’ve built enough trust with you, you’re halfway across the world, in Bali, and you read online, on the blogs, Hey, you’re not allowed to drink the tap water. You see a HOPE station, and you say, I trust HOPE. I know I can drink in the station. If we can get to that point. And it’s you know, trust is earned, right? So for us, every drop, every pour, every refill, is a moment of trust. We can build that where we get to the point where you’re in Bali and you just blindly trust that we have done our homework, and we have the right tech, we have the right systems, all this stuff, then it is truly a global, like integrated platform for each individual person. (22:49) And that is, it’s like an intangible defensibility that like you just when, when people are saying, I want drinking water fountains, people are also saying, I don’t want just any, I want HOPE. (23:00)

Kate 23:05
Right? Yeah, absolutely. I love that. I love that you see that bigger picture. And one of the things I keep hearing, and you talked about it when I met you, was like, this whole impact. And you, I remember you all said to me that you’re a B Corp. Talk to me about that, because, I mean, you’ve created something that is, you know, I love the whole revenue play and you see that, but the fact that you haven’t forgotten that part of it was inspiring to me.

Cristina Gnecco 23:33
Yeah, I want to start with a little story. When we were trying to get our first investors and VC funding. I have a strong nonprofit background, and Jorge and I were pitching this. And you know, you follow that structure of like, what is the problem in the world? How does your solution tackle that? And this is why you should invest. And the problem in the world that we were like, talking about and pitching was the amount of plastic out there, like this is a plastic crisis. Like this is an unsustainable situation that we’re in where the amount of plastic continues to grow. We’re filling our oceans. We’re filling our bodies. Today, I think the average amount of plastic a person consumes, like microplastic, is like the size of a credit card, which is crazy. Babies are being born with microplastic.

Kate 24:24
Disgusting. It’s disgusting.

Jorge Richardson 24:24
A credit card a week, yeah.

Cristina Gnecco 24:28
Babies are born with microplastics in their bloodstream. Like, this is an issue, right? So we’re really focused on that problem, and being like, HOPE is going to solve that with our refill stations, and investors were like, That’s cute. Sounds like a nonprofit.

Kate 24:45
Right? That’s what I mean. That’s why I say kudos to you all for figuring it out, right? They normally don’t care.

Cristina Gnecco 24:53
Yeah, and, well, they didn’t. And (24:52)one of our investors was like, why don’t you focus on the business side? Talk about the business problems and the business solution. And like, keep that like, you don’t have to focus on it any less, you don’t have to stop doing what you’re doing. You don’t need to change your commitment to doing good in the world. But like, you’re talking to investors, talk about the business side, right? Great advice. And automatically, we had a ton of investors that were interested.(25:22)

Jorge Richardson 25:21
And came in, like, three months.

Kate 25:22
I bet. That’s a pretty cool story, yeah.

Cristina Gnecco 25:26
But we were like, Great, let’s continue to keep this, (25:33)let’s make sure we’re not a nonprofit. But how do we solidify this commitment to impact? And so we looked into our incorporation, and we decided that the B Corp was the best route forward. Because yes, all the things about a corporation and you know, all the structures that that entails, but it holds us accountable to putting impact and the good in the world even above our shareholder value, which was really, really important to us. Because while both are critical, ultimately, we want to do good in the world, and we want HOPE to be a part of the solution. And I think our name also alludes to that(26:06), like, we want to create a better world.

Jorge Richardson 26:11
Like, the nuance of it is our legal counsel at the time was, like, you do not want to become a PBC. Like, there’s just not enough history in Delaware to be able to fight it. This is going to cost you more in the long term. It’s going to be a pain. I remember she told us, when you close your Series A it’s very painful, like, mark my words. And all of that was irrelevant to the other con, which was like, if we remain a C Corp, we may have an investment group, we may have a partner who’s like, I need stations on the side of the highway. It’s like, no. Like, you know, my personal thesis is, as an entrepreneur, is some of the next deka-corns that we’re going to see is 10 billion plus. Are going to be in this kind of middle space. You’ve got pure nonprofit. You got pure for profit, pure nonprofit, looking at issues in the world, and pure for profit making money. And they live in this middle space of like, (27:04) we’re solving a societal, planetary issue in a very scalable way. And we didn’t want to just like, well, read this story. We wanted to be part of the byline in one of the pages of like, this is an example of a company that like did it, and it was harder for them. It was easier for us because someone else has done it before us. It’s going to be easier for the people behind us, because we’re just pushing a little bit more. And that was, that was really important. It’s like you can do both. And that’s, you know, I think all of the success we’ve had so far, and hopefully continue to have, is just proving that you can do really well focusing on something that’s really important, really, really big. And you can also build a really insanely scalable business.(27:46)

Cristina Gnecco 27:48
Just one thing to add to that is that I think nowadays it’s a risk not to address climate change. Any company that’s operating like, Oh, that’s not going to affect me. Or like, maybe it’s more expensive to make the right decision now, but maybe consumers aren’t pressuring me to do that. That’s going to be a risk down the line. And the sooner that your company can be a part of the solution and addressing change, the more success I think we’ll have in the long term. And so I think by living that value ourselves and acting and operating that way, we’re hopefully pushing things in that direction. But I really believe that like, if companies aren’t thinking about how climate is going to affect their business, mitigating those risks and doing something about it, it’s going to be hard. It’s going to be inevitable that we have to face these challenges, and that businesses are going to have to step up to do something about it so

Kate 28:43
Well, I think that you, too taught us a lot today, because we I have a lot of respect for you, and I think those listening because you’ve done it, you’ve done both. You know, and so many people come on and they talk about climate change, but they it doesn’t scale. It doesn’t work. The company doesn’t go anywhere, and so it’s hard, it’s just hard to get behind it. So congratulations on doing both. I can’t believe we’re at time. I want you to share where listeners can go learn more about HOPE Hydration, but also, Jorge, you mentioned that listeners can send in ideas on where they want you to be. So tell us about that too.

Jorge Richardson 29:21
Yeah, our plugs. We are on all social platforms. I personally respond to almost every DM. So you’ll hear from me. Feedback is amazing. If you use a HOPE station and you like it, you don’t like it, you want to see new feature like that’s the easiest thing. I will read it. I will respond. But you know, as we grow, our ability to scale is as quickly as our resources. Welcome to the team. If you have a place that you want to install, it’s a park near you, an airport, you know, a beach, anywhere that you are, like I live here, and we need a drinking water fountain that I can use, that I can trust. HOPE Hydration.com. All the way at the bottom of the page, we have a contact form. Submit those ideas, and that helps inform our growth plan, the same way that Cristina said, the brands help shape it. So do you and like again, we’re the two of us are reading those things every day and saying, oh, it’s really interesting getting a lot of people in Arizona. Should we go there next?

Cristina Gnecco 30:15
That actually that’s happened. We had a TikTok go viral, people requesting water stations, and then we got to follow those TikToks and install them permanently.

Kate 30:26
Wow. In Arizona?

Cristina Gnecco 30:28
Not Arizona, we’re in Los Angeles.

Kate 30:31
Oh, neat. Okay, well, come to Northern California. Come work with the new mayor of San Francisco. I mean, come on, yeah. I mean seriously.

Jorge Richardson 30:39
We will maybe share some announcements in the next 3 months.

Kate 30:44
I mean, seriously, we need you there. You two are incredible. And congratulations. What you’re doing. I mean, I love it, what you’re doing. But then also the whole business case behind it, all those founders listening, you can learn something. And I think all the VCs listening, we’re going to want to be a part of it. So congratulations to you both. Thank you for your time today. Appreciate you being here.

Jorge Richardson 31:08
Thank you as well.

Cristina Gnecco 31:09
Thank you, Kate. It’s been lovely talking to you.

Intro 31:14
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