Podcast Summary
Commitment, hard work: On shoes' founders fully committed to their company, wrote shareholder agreement to prevent outside jobs, and with unique design and complementary skills, became 4th most valuable footwear company despite starting with no capital and experience
The founders of On shoes, Olivier Bernhard and Casper Capetti, were fully committed to their company and put all their efforts into it, even writing in their shareholder agreement that they would have to give back their shares if they took on other jobs. This dedication, along with their complementary skills and the unique design of their shoe, helped On become the fourth most valuable footwear company in the world despite starting with no capital and no experience in apparel. The story of On is a reminder of the importance of commitment and hard work in building a successful business.
Adversity and growth: Individuals can turn adversity into opportunities and growth through determination and resilience, as demonstrated by Casper and Olivier's experiences.
Even in the face of adversity and financial hardship, the determination and resilience of individuals can lead to unexpected opportunities and growth. This was evident in Casper's experience when his father's business failed, leading him to pursue his own path and eventually meet and represent Olivier, a successful athlete. Olivier, too, showed determination when he was falsely accused of doping and worked to clear his name. Their experiences demonstrate the importance of perseverance and trust in oneself and others, even during challenging times. Additionally, the intersection of their careers showcased the power of passion and synergy in building successful relationships and achieving personal and professional goals.
Innovative Running Shoes: Aging athlete's passion for running led to inventing unconventional shoes, facing rejection, but ultimately founding his own brand, only to face bankruptcy of manufacturer, yet continuing the pursuit of innovation.
Olivier, a professional runner, faced the inevitable reality of aging and retirement, but instead of settling for coaching or other post-athletic careers, he sought out new passions. His love for running and the sensation it gave him led him to experiment with unconventional methods, such as attaching garden hoses to the bottom of his shoes for a softer landing. This discovery not only alleviated his long-standing Achilles issues but also sparked a newfound inspiration for designing and creating innovative running shoes. Despite being rejected by major shoe companies, Olivier and his partner persisted, eventually founding their own brand. However, just as they were gaining traction, their manufacturer went bankrupt. Despite the setbacks, Olivier's story is a testament to the power of passion, determination, and the pursuit of innovation.
American History, Determination and Innovation: Individuals and events throughout American history have shaped the country through radical actions, unique contributions, and defying the odds in various fields including politics, entrepreneurship, and scandal
Throughout American history, there have been individuals and events that defied the odds and shaped the course of the country. John Brown's radical abolitionist crusade brought the United States to the brink of civil war, while the first ladies have contributed to American history in their unique ways. In the realm of scandal, the Teapot Dome scandal exposed the greatest corruption scheme in US history. Legacy explores the lives of famous figures like J. Edgar Hoover, who held immense power and left lasting impacts on American politics. Meanwhile, entrepreneurs like Olivier and Casper defied the odds to revolutionize industries, from running shoes to investigative journalism. No matter the field or time period, the stories of these individuals remind us of the power of determination and the impact of innovation. Listen to American History Tellers, American Scandal, and Legacy on the Wondery app to delve deeper into these stories and more.
On Running's commitment to vision: The founders' commitment to their vision, including a clause in the shareholders agreement that required them to leave other jobs, and their distinct design helped On Running stand out in a crowded market.
The founders of On Running were fully committed to their vision and put all their efforts into the company, even going as far as including a clause in their shareholders agreement that required them to leave if they took on another job. They were inspired by premium design and innovation, and their unique shoe design, which included a rigid plate in the sole, was polarizing but ultimately successful. They started in six countries at once and financed their production run with their own savings and a win at a major sporting goods show. Their unwavering dedication and distinct design helped them stand out in a crowded market.
Defying odds: Tenacity, innovation, and a willingness to take risks are crucial for achieving great things, even when faced with skepticism and challenges.
Success often comes from pushing boundaries and defying the odds. Olivier and Casper, the founders of On Running, faced numerous challenges when introducing their innovative cloud technology running shoes. They encountered skepticism from both runners and retailers, but their persistence paid off. They ran with retailers to demonstrate the shoes' performance, and the unusual design helped generate buzz. Despite being told that their design was impossible to manufacture affordably, they refused to compromise and instead focused on the impossible. Their determination led to the creation of a viral brand and a successful business. The story of On Running serves as a reminder that tenacity, innovation, and a willingness to take risks are essential for achieving great things.
Unexpected success with clear vision: Having a clear vision for your business can lead to unexpected success, even if you initially aim for smaller goals. Focusing on unique products and staying true to your brand can help you stand out in a crowded industry.
Starting a business without a clear business plan or market sizing can lead to unexpected success. Casper and his team aimed for a $10 million company in the niche running shoe market, but they surpassed their goals by entering the US market and gaining the attention of athletes. Despite challenges with branding and early financial struggles, their unique tech and focus on premium products helped them stand out in a crowded industry. Ultimately, their success came from staying true to their vision and playing their own game, even when faced with adversity.
Unexpected partnerships: Unexpected partnerships or collaborations can significantly transform a business, leading to new markets, increased customer base, and ultimately, success.
Sometimes unexpected partnerships or collaborations can significantly transform a business. In the case of this Swiss running shoe company, the unexpected encounter with Roger Federer led to a shift from a niche running brand to a sportswear brand, attracting a larger customer base and ultimately, a successful IPO. Initially, the company saw jeans and casual wear as a threat to their brand identity, but they later embraced the idea of becoming a lifestyle brand. The partnership with Federer was risky for both parties, but it paid off, resulting in a doubling of search traffic and the addition of new categories like training and lifestyle shoes. The company's independence and entrepreneurial spirit were important to the founders, but they eventually decided to go public to provide a way for early investors and employees to cash in on their success.
On Running Shoes going public: Going public has given On Running Shoes access to more resources while maintaining entrepreneurial freedom, viewed as the starting line, not the end, with a focus on innovation and responsibility, attributed to hard work and luck, and a commitment to creating a carbon-neutral shoe without fake credits.
Key takeaway from this conversation with Casper David, Olivier Bernhard, and David Alamon, the co-founders of On Running Shoes, is that going public has allowed them to maintain their entrepreneurial freedom while gaining access to more resources. They view the IPO as the starting line, not the end, and are committed to building a lasting company with a focus on innovation and responsibility. They attribute their success to a combination of hard work and luck, emphasizing that luck only comes to those who put themselves in the best position to receive it. The founders are not retiring anytime soon and continue to be motivated by the challenge of making their company even better. They are working on creating a carbon-neutral shoe and are committed to doing so without the use of fake carbon credits. They view their journey as a risk worth taking, with the potential for both success and failure.