Yangyel Lhaden
“Sharing your entrepreneurial story is crucial. The more you tell your story and value of your products, more people will understand and connect with your products. Even if your products don’t reach the mass market, you will attract a following that values your story and the authenticity of your products,” said Stacey Edgar, the Executive Director of the International Folk Art Market (IFAM) in Santa Fe, New Mexico.
Stacey Edgar is an award-winning social entrepreneur, educator, and researcher, who helps market artisanal crafts from around the world.
She shared her business insights, provided training, mentorship opportunities, and market avenues at an event hosted by the Bhutan Association of Women Entrepreneurs (BAOWE) yesterday.
Stacey Edgar was also a speaker at Bhutan Echoes on women leadership, sharing lessons from social enterprise. She is the first individual sponsored by the U.S. Embassy to visit Bhutan to engage with local entrepreneurs in the country.
During the event, entrepreneurs discussed various challenges they face, from scaling up and marketing products internationally to finding appropriate training and support.
The Proprietor of Tara Noodles, Yangchen Dema, expressed her desire to produce instant noodles but lacked the knowledge to do so. Similarly, the founder of Yang’s Candle learned everything from YouTube and is seeking training while the Founder of FINN Food, Sonam Zangmo, wants to market her products internationally but does not know how to proceed.
She provided valuable information on available avenues for applications and mentorship, emphasising Bhutan’s potential to share its stories with the world. “There are key terms helpful in marketing, such as ‘organic,’ ‘crafted by local artisans,’ and ‘authenticity of your products,’” she said.
She added that there are always niche people who value the authenticity of crafts, whether they are dying or being revived by young people. “Finding customers who value your products starts with valuing yourself first. By sharing your story, you will attract a loyal following.”
Stacey Edgar also mentioned that when she was planning her visit to Bhutan, she struggled to find information and had a difficult time connecting with Bhutanese on LinkedIn. “Get your stories out, or how will anyone hear about you?”
She shared that her recent IFAM event attracted over 20,000 attendees and generated USD 3.64 million in two weeks. “The products were not cheap and are not aimed at the mass market,” Stacey Edgar said. “The reason for the good sales is the authenticity, uniqueness, and the beautiful stories behind the products and their entrepreneurs.”
At the festival, a hand-stitched dress from Thailand sold for USD 2,000, and a basket from Rwanda sold for USD 600.
She said that only one Bhutanese entrepreneur participated in her festival and expressed hope that many more Bhutanese with authentic and compelling stories about their products would join her festival in the future.