Building a Business with Cofounders Siran Cao & Mel Faxon of Mirza

Siran Cao is the Co-Founder/CEO of Mirza, a femtech meets fintech company on a mission to close the gender pay gap. She firmly believes in the potential in business to be a force for good, and with the right match for the bottom line and positive social impact, to plant the seeds for structural change. Siran graduated with a degree in Gender Studies from Harvard and had expected to go into academia or nonprofit, but what started as the pursuit of a short skill in the private sector turned into a passion for leadership, management, and operations. Siran built the driver support organization for Uber in New York and oversaw the support business for the US Northeast, before moving to London for a degree in Social Business & Entrepreneurship at the London School of Economics. With Mirza, she’s gone full circle and looks forward to bringing together her passions: women’s empowerment, structural change, and building a company of the future. 

Mel Faxon is the Co-Founder/COO of Mirza, a femtech meets fintech company on a mission to close the gender pay gap. After graduating from UVA, Mel launched a career focused on building fast-growth companies. From launching and scaling sales territories in Europe to making college education more accessible, to managing a luxury real estate portfolio, Mel fell in love with the process of building a concept from the ground up. A lifelong ideator, Mel had launched side hustles and passion projects while working, but it was during her time at London Business School that she realized she wanted to go all-in on her own business. Mirza is her second company and is the manifestation of her passion for equitable access for all womxn and the desire to operate in the social impact space. 

Can you tell our readers about your background? 

Siran: I’m a New Yorker in London - born in Beijing and moved a good bit when I was little. My family settled in Pittsburgh when I was 8, and I went to public school in a district that had a stunningly wide income gap. In our initial years in America, my single mother raised me on the lower end of that range, and those years watching my mother - a biochemist in China - learn a new profession in a foreign language shaped my career aspirations, my systems thinking, and my dedication to financial empowerment for marginalized folx. I went to Harvard thinking that I’d go into policy and politics, but my experiences at school and a major in Gender Studies pushed me to take an approach that blends public and private. The most substantial part of my career was spent at Uber, and I left to get my Master’s from LSE in Social Business & Entrepreneurship. That degree encapsulated my thinking that blurring lines between public and private will drive the future. 

Mel: I am also an American in London, but I grew up in Rhode Island. My dad is a professional golfer and my mother is a personal trainer; I grew up traveling almost every week and meeting people from all over. That experience, combined with having parents who worked for themselves, has definitely had an impact on where my life has taken me. After graduating from UVA in 2011, I spent the next six years working for a multitude of startups in a variety of industries, both in the States and abroad. When I went to London Business School to get my MBA in 2017, it was with the goal of finally joining a corporate and building “a career” for myself. That was very short-lived. Building something from the ground up is addicting; knowing that what we’re building with Mirza will truly change lives is what has me bouncing out of bed every morning.

What inspired you to start your business?

There’s a reason so many businesses emerge during MBA study. After our years spent building and executing in tech, school reintroduced us to the wealth of research and insights that live in academic papers, and that mostly stay in the realm of the ivory tower. So when we started researching the gender pay gap, we realized there’s a wealth of insight that can and should be made accessible and applicable to working women. So much of it too was the fact that the motherhood penalty is especially significant for women with graduate degrees; women who have the experience to be leading businesses can’t because society doesn’t have structures in place to support them. 

How many people are in this fortunate position of having access to world-class insight and the time to reflect on its application? We were in a unique position, and we felt an obligation to share what we learned. When we first decided to do this, well, it was a no-brainer for us. But at the same time, we were on the same page that there was no downside: even without a profitable business, our impact would be making powerful and necessary information accessible to support women’s financial empowerment. That alone is worth the investment.

Where is your business based?

We met in London while we were both getting our Master’s, and we’re still here today with Mirza.

How did you start your business? What were the first steps you took?

There’s always the boring stuff: we registered the business and set up a website. But for us, the most important and first thing was to create our mission and vision, and agree that we wanted a business model that tied the bottom line to positive social impact. We spent a lot of time identifying and testing business concepts, workshopping those ideas with mentors, and doing our market research to truly understand the need. Oh, and reading absurd volumes of academic papers. We talked to a lot of people in the space and hustled to get in front of organizations, researchers, and policymakers for feedback. 

What has been the most effective way of raising awareness for your business? 

It’s us - using our networks, asking for advice, very simply, sharing and speaking about it. And an incredible PR person who is worth her weight in gold. 

What have been your biggest challenges and how did you overcome them? 

One of the biggest hurdles is just simply how much work there is to do, and the very real need to prioritize when we want to run and do it all. We were extremely lucky to have found some incredible, brilliant interns to help support our research and product development. Humility is key here: it’s important for any leader, especially founders, to work with people smarter than we are. Having had managed an organization of 200+ people, defaulting to empowering and trusting people is second nature. That’s helped us tremendously. We had no qualms knowing our strengths, priorities, and getting support to build around that.

The other challenge is resisting the urge to just build the entire vision all at once. We believe so much in the mission and in our approach, that we have to deliberately make sure we slow down and test out every assumption. And it’s beyond simply testing what we think. We reminded ourselves probably once a day in the first few months that we had to understand our market’s needs. It helped that we’re both focused on root causes and systemic issues, so listening, understanding, and getting feedback came naturally. It also helped to have two founders! One has always balanced out the other, be it an impulse to move fast on an assumption, feeling down and lost, and all the other challenges along the way.

How do you stay focused?

Siran: In our pandemic world, it’s hard! I rely on a lot of planning and making good use of my calendar. Throughout my career, it’s helped me to think ahead for each week: what’s my goal, and what work will get me there? I then block out time on my calendar as chunks for each big deliverable. I also think it’s important to recognize that we have limited focus and productivity each day, so knowing when my “peak” times are and what habits facilitate the kind of work I need to do is key. I take a walk at least twice a day. Fresh air just helps me reset my brain and serves as a reward for finishing something. It’s also brilliant for future thinking. 

Mel: I’ve been saying that lockdown was actually a perfect time to launch a business; there has been no FOMO, no feeling of “sacrificing” other elements of life to work on Mirza. That being said, conceptualizing all of the pieces of what we’re building takes a lot of mental energy! I take steps to make sure that my mental health comes first and foremost - for me, that looks like daily exercise, walks outside to reset focus, and a LOT of to-do lists. Also, every conversation that I have with someone about what we’re doing is so invigorating and validating that I’ve been feeding off that energy. 

How do you differentiate your business from the competition? 

It’s our approach. Our business is focused on systemic issues, tackling the root cause. There are many ways to band-aid and build on top of what already exists, but our business is entirely different. We think about how to build a future that completely reshapes existing structures, then we work backward: how can we take short-term, medium-term, and long-term steps towards that future? 

And a note on the competition. The mission to close the gender pay gap, and ultimately, the mission to create equitable futures regardless of gender, race, class, is so massive that we don’t believe in competition. We see collaborators, not competitors. 

What has been your most effective marketing strategy to grow your business? 

Collaborations! Sharing human stories, collaborating with our friends, featuring voices not our own. 

What's your best piece of advice for aspiring and new entrepreneurs? 

Siran: Mine is twofold. First, take the leap. If you believe in something - an idea, your mission - so much that you’re considering taking such a big risk, then I think it’s worth it. Second, once you’ve jumped, never hesitate to ask for help. This doesn’t just help in something you may not know how to do; so for us, we have a wonderful, creative gem of a human creating the art in our social channels. We simply don’t have those skills! But it’s not just that. Ask for help from potential mentors and advisors. When so much of our world and so much of success relies on having a network, that first step of reaching out for advice has no downside. Even if you’re sending a cold email or LinkedIn message, what’s the worst that can happen? 

Mel: Tell everyone you meet about your idea. So many entrepreneurs are scared to share their concept because they think someone might steal their idea, but statistically, that almost never happens. And everyone you talk to will look at what you’re building with a different context and view of how it could be better. Also, as long as you are smart about your personal financial choices, ask yourself - what do you really have to lose? The experience gained by launching a new business is invaluable and will help you in any role you take after, even if you fail.  

What's your favorite app, blog, and book? Why?

Siran: Does my calendar app count? As for why it’s my organization!  I’m going to take a wider interpretation of “blog,” and include podcasts as audio blogs. That’s got to be Radiolab’s “More Perfect.” First of all, I’m obsessed with the Supreme Court. I love how deeply “More Perfect,” and Radiolab in general, delves into each topic. They weave together stories and histories to probe into complex issues. Favorite book is Susan Bordo’s Unbearable Weight. It’s a fundamental feminist text in my mind, and Bordo peels away every layer of how our culture - and its patriarchy, its current manifestation of capitalism - devastates the modern female psyche, self-image, and body. 

Mel: It’s a tie between Google Maps and WhatsApp - the latter because that’s how Siran and I communicate all day and I don’t know where Mirza would be without it. The former because I don’t know where I would be without it! In terms of the blog, I may also take a wider interpretation and say I will forever worship at the altar of The Atlantic and any of the pieces they produce. The quality of writing is exceptional and I will always spend the time reading their longer pieces. To be completely honest my favorite book is probably Harry Potter, but my favorite book of lockdown has been Girl, Woman, Other By Bernardine Evaristo. It was gorgeous, I fell in love with the prose, and the stories of different Black womxn in London and how their lives intertwine was poignant and exceptional. 

What's your favorite business tool or resource? Why?

Siran: I think the “How I Built This” Podcast counts as a business resource! It’s a source of inspiration each week, to remember that building this business takes time, that we’re going to keep facing hurdles, that human grit and willpower can blend with sheer luck to create something great.

Mel: Slack or Zoom! It has been such a bizarre albeit great experience to build a team virtually. I love that there is a way for all members of our team, located in both the US and UK, to be able to communicate and interact even without having met (yet!) in real life. 

Who is your business role model? Why? 

Siran: Jose Andres! I admire his fearlessness and commitment to doing good. And his approach with World Central Kitchen has been to serve as the model, the proof of concept, for how the government should act. I love that. That’s what we look to do with part of Mirza, too. We can be the blueprint for successful government social policy. 

Mel: I’ll keep it in the kitchen and say, Danny Meyer. I remember reading Setting the Table while I was working in Barcelona, and I was so inspired I came back to the States and worked at a restaurant in Boston called Craigie on Main for a year. There are so many lessons from hospitality that translate directly into how I think about business - to quote him, “Hospitality exists when you believe the other person is on your side.” Everything that we’re building with Mirza is because we want to enhance the experience of our users - we are fundamentally on the side of women and parents. 

How do you balance work and life? 

Siran: When your mission at work is your mission in life, balance is a strange concept. I will say, I fiercely protect what I need in my life to feel good and to be happy. I’ll carve out the time to work out every day that I want to, and since I plan my weeks ahead of time and also plan my workout schedule, I deliberately schedule in ways to facilitate both. There’s a reason the calendar app is my favorite!

Mel: While I said the benefit of lockdown was no FOMO, the other side of that coin is that you can constantly work when your office is also your bedroom. Echoing Siran - when you’re this passionate and excited about what you’re doing, sometimes it doesn’t even feel like work and the line can get blurred. However, I know that I am happiest when I am physically active, and when I consistently see friends and family. I start every day by working out. When I am spending time with friends and family, I keep my phone hidden so that I can be present with them. 

What’s your favorite way to decompress? 

Siran: Depends on the time of day. In the morning? Deadlifts and burpees. In the evening? Drag Race! I’m a Superfan for sure. I just love how self-aware the show is, has no problem making fun of the category and of itself. I think RuPaul has also created something so beautiful, in opening a space for the queens to be authentic and vulnerable, to grapple with identity and experience, and to receive love and support for who they are. And for the audience, LGBTQ+ kids are able to see themselves, to feel seen and loved, and folx outside the community has the opportunity to question assumptions and views. I think this is the most powerful show on TV.  

Mel: I’m a certified yoga teacher, and the ability to center in on a mat and focus solely on breathing and moving for a certain period of time has always been one of the best ways for me to decompress. I also box, and there’s something so satisfying about punching things for an extended period of time. 

What do you have planned for the next six months? 

On the product front, we’re piloting our MVP and doing our beta test, then building the full app from there. At the same time, we’ll be starting conversations with companies that are our bread and butter revenue drivers to ensure we’re building the best service for their needs. And on our marketing and more personal fun front, keep an eye out for our podcast launch! 

How can our readers connect with you?

We’re on all the socials: Hey Mirza on LinkedIn, @MirzaSaysHey on Instagram and Twitter, and you can follow along by subscribing on our site: heymirza.com - and with our podcast launching in November, there’s plenty to learn around closing the gender pay gap!