Podcast Summary
Discovering the Power of Location for Startups: Location can provide early exposure and influence for startups, as demonstrated by Pipcorn's success at New York's Smorgasburg market.
Location can be a significant advantage for startups looking to make a splash in a crowded market. As heard on NPR's "How I Built This," the founders of Pipcorn, a snack food company, discovered this firsthand. Although their business was initially started in Chicago, they seized an opportunity to sell their heirloom popcorn at the trendy New York food market, Smorgasburg, in Williamsburg, Brooklyn. This market attracted influential journalists, TV executives, and food bloggers, providing early and valuable exposure for Pipcorn. Despite the initial success and an eventual appearance on Shark Tank, the journey to build Pipcorn was not without its challenges. However, the outsized attention from New York's media scene helped turn a smaller brand into a much larger one. If you're a startup looking to make an impact, consider the potential advantages of being in a location that garners significant attention and influence.
Growing up with family values: The founders' emphasis on family and community shaped their values and helped them overcome challenges, leading to the success of Martin's Popcorn
The founders of Martin's Popcorn, Jennifer and Jeff Martin, differentiated their brand by using a unique heirloom corn and creating a line of gourmet corn-based snacks. Growing up, they emphasized the importance of family and community, instilling in them the value of being part of something bigger than themselves. Despite facing challenges of being a biracial family in a non-diverse town and dealing with off-color comments, they found solace in their close-knit family. Their diverse backgrounds taught them patience, communication skills, and the ability to carry themselves differently, making them resilient and adaptable. These experiences shaped their values and influenced the development of their successful business.
Family support during challenging times: Love and support from family can make a significant difference in someone's life, even during tough times. Everyone's journey is unique, and perseverance is key to overcoming challenges.
Love and support from family can make a significant difference in someone's life, especially during challenging times. The speaker shared how her parents' unwavering support helped her through her coming out process and her health struggles, despite being from a generation where such acceptance wasn't common. Moreover, their love and hard work created an environment filled with love. Another notable point is that everyone's journey is unique. The speaker went from studying social work to working at a health food store due to her dietary needs. Meanwhile, Jeff's career in finance was impacted by the recession, leading him to face layoffs. Despite these challenges, they both managed to persevere and continue on their paths. Lastly, the speaker's story highlights the improvements in gluten-free options and the impact of diet on overall health. In the past, the options were limited and often unappetizing, but today, they are much better. The speaker's experience also shows the importance of figuring out what works best for one's body and making necessary adjustments.
Unexpected events can lead to new opportunities and personal growth: Unexpected changes, like job loss or new friendships, can bring unexpected blessings. Stay open-minded and willing to take risks.
Unexpected changes, such as losing a job or meeting a new friend, can lead to new opportunities and personal growth. Jeff's sudden termination from his job led him to feel shocked and lost, but his mother's encouragement helped him see it as a chance to spread his wings and start anew. Meanwhile, Jennifer's friendship with Jay led to the creation of a juicing business, which began as a simple arrangement for her to juice for him and his friends. The discovery of heirloom corn at a health food store also presented an opportunity for Jennifer to find a popcorn that was easier for her to digest due to its smaller size and tender texture. These experiences demonstrate that unexpected events can lead to unexpected blessings, and it's important to keep an open mind and be willing to take risks.
Discovering the joy of heirloom popcorn: Heirloom farming preserves historic, nutrient-dense crops. Discovering heirloom popcorn led to a life-changing experience, inspiring siblings to share it with others.
Heirloom farming preserves the history of open-pollinated, nutrient-dense, and flavorful crops that have been bred out of modern commercial farming. Jennifer's discovery of heirloom popcorn kernels led to a life-changing experience as she rediscovered the joy of eating popcorn without digestive issues. Sharing this unique and delicious experience with her brother Jeff, they became serious about selling it to others who may also benefit from consuming heirloom popcorn. Initially, they were unsure if buying directly from the farmer and selling the popped corn was ethical. However, the farmer reassured them and encouraged them to share this special product with others. This discovery in 2011 marked the beginning of their journey to bring the joy and benefits of heirloom popcorn to a wider audience.
From a simple vision to a successful business: Stay true to your vision, put in the hard work, and find the right market fit to make your business a reality.
Starting a business involves a lot of experimentation and persistence. Jen and Jeff's journey to create Pipcorn began with a simple vision and a supportive mentor. They didn't follow a traditional path, but instead focused on testing their product and finding the right market fit. They spent time on the road, brainstorming a name, and eventually settled on Pipcorn. Despite having the support of their parents, they put an immense amount of attention to detail into every decision, which may have been beyond what their parents anticipated. The low startup costs and growing popularity of popcorn also contributed to their success. Overall, their story highlights the importance of staying true to your vision and being willing to put in the hard work to make it a reality.
Starting a business involves overcoming challenges: Starting a business requires creativity, resourcefulness, and determination to overcome challenges, even with limited resources.
Starting a business requires determination, creativity, and resourcefulness. Jennifer and Jeff started their popcorn business, Pipcorn, with a small investment and a dream. They faced numerous challenges, including securing a booth at Smorgasborg, a Brooklyn outdoor food market. They pitched their idea to Smorgasborg, highlighting their unique heirloom popcorn and the potential for take-home bags. The organizers were intrigued, and Pipcorn was accepted. However, they couldn't afford a print job for their packaging. Instead, they used coffee bags and hand-stamped their logo on them. Their packaging was simple but effective, and it fit perfectly with Smorgasborg's hipster vibe. They also faced challenges in producing the popcorn itself, using a small food incubator and hand-shaking the pot to sift out unpopped kernels. Despite the hard work and inefficiencies, they persevered and made their product. Their story demonstrates that starting a business involves making the most of limited resources and being willing to adapt to challenges along the way.
Learning from mistakes in business: Making mistakes can lead to valuable lessons and unexpected opportunities. Be open to advice and opportunities, even if they seem unconventional.
Making a mistake can lead to valuable lessons. The founders of PIP Snacks learned this the hard way when they debuted their popcorn at Smorgasburg in Brooklyn in 2012. Their first batch was stale, and they had priced their product too low. But they received advice to sell it for double the cost to make a profit. Despite these initial setbacks, they were eventually discovered by a scout from Oprah's Favorite Things, leading to a significant boost in sales. Another important lesson they learned was to be open to opportunities and offer shade or shelter to those in need, as this unexpected encounter with the Oprah scout led to a major business opportunity. Overall, the founders of PIP Snacks learned that mistakes and unexpected opportunities are all part of the entrepreneurial journey.
Founders' perseverance and innovation led to collaboration with Oprah: Through hard work, creativity, and persistence, small businesses can secure partnerships with industry giants.
Perseverance and innovation paid off for the founders of Popcorn, Indiana when they secured a deal with Oprah Winfrey. Excited about the possibility of collaborating with her, they worked tirelessly to create unique holiday flavors for her audience. Through experimentation and collaboration with Oprah's team, they eventually landed on a truffle lemon popcorn that Oprah liked, but not loved. Undeterred, they focused on presentation and arrived at her office with a beautifully packaged crate. Unbeknownst to them, they had already been filmed for an episode about how Oprah selects her favorite things. When they arrived, they were instructed to present their product and leave, but to their surprise, Oprah herself appeared and tried their popcorn. Their determination and creativity ultimately led to a successful collaboration with one of the most influential figures in media.
Meeting Oprah and the unexpected surge in demand: Being prepared is crucial, but being able to adapt and pivot when unexpected opportunities arise is just as important for success.
Preparing for a high-profile event or opportunity, such as appearing on Oprah Winfrey's show, can be overwhelming and require quick action. Jennifer and Jeff's experience of meeting Oprah and then scrambling to prepare for the subsequent surge in demand for their product illustrates this. They were left in a state of disbelief and awe, but they quickly regained their composure and focused on the logistical challenges at hand. They didn't have the resources or infrastructure in place to meet the demand, and they had to act fast to secure commercial popping equipment and perfect their holiday flavors. This experience highlights the importance of being prepared, but also the ability to adapt and pivot when unexpected opportunities arise. It's a reminder that success often requires a combination of hard work, determination, and flexibility.
From manual stirring to Oprah's endorsement: With determination, hard work, and a little help, a small business can grow from humble beginnings to a successful enterprise.
Determination and hard work, along with a little help from Oprah, can turn a small business idea into a successful enterprise. The founders of Pipcorn started by making popcorn in a large, powerful pot with wooden paddles in a shared commercial kitchen. When they couldn't afford the automatic stirring mechanism, they stirred the corn manually, even when it occasionally popped into their faces. When their website crashed during an Oprah segment due to high demand, they worked around the clock to fulfill orders, even during the holiday season. With the support of Teresa, who kept her banking job to provide financial backing, they were able to buy equipment, move to a dedicated space, and produce popcorn on a larger scale. Despite the challenges, they persevered and turned their passion into a thriving business.
Adapting to challenges and building strong relationships: Facing unexpected challenges and maintaining strong industry relationships can lead to significant opportunities and growth for a business.
During Smorgasburg's early days, they faced numerous challenges, including a massive backorder during the holiday season and the sudden focus on being an online gift item, which required a quick pivot back to wholesale. Despite these hurdles, they managed to secure a unique opportunity with Whole Foods through their relationship with Smorgasburg, which led to significant visibility and sales. This experience taught them the importance of being adaptable and the value of building strong relationships in the industry. They leveraged this opportunity by being present in the store every day, demoing their product to customers and even inspiring other stores within the Whole Foods network to carry their product. Through it all, they proved that their brand was not just a fun hobby but a viable business.
Unexpected growth poses challenges for small businesses: Small businesses need to be prepared for unexpected growth, have a solid business plan, and be financially and operationally ready to handle it.
Unexpected massive success can pose significant challenges for a small business. The founders of Pipcorn experienced this firsthand when they secured a large order from the Columbus Circle Whole Foods location in New York. They were thrilled with the volume of sales, but they weren't prepared for the logistical challenges that came with fulfilling such a large order. They quickly realized they needed more efficient equipment and a larger workforce to keep up with demand. However, they didn't have the cash flow to make these investments, as they were paid net 60 days but owed bills net 15 days. To make matters worse, they were also juggling direct-to-consumer orders and trying to expand to other stores. They managed to keep up by recruiting family members and friends to help pop the popcorn. The Columbus Circle Whole Foods almost put them out of business due to the extreme volume, but they learned valuable lessons and adapted to the situation. This experience taught them the importance of being prepared for unexpected growth and having a solid business plan in place to handle it financially and operationally.
Navigating Shark Tank with a strong team and focus: Preparation, focus, and a strong team can help small businesses succeed on Shark Tank, even amidst distractions and competition.
Building a strong team and focusing on growth can help small businesses navigate challenges and prepare for opportunities like national exposure on shows like Shark Tank. In 2013, a popcorn business, which had grown from a family operation to an extended family, had a successful year with $200,000 in sales. They were approached to apply for Shark Tank but felt unprepared and declined the offer. The following year, they reapplied and were selected. To maintain focus and avoid distractions, they were instructed not to communicate with other contestants. This experience helped them stay focused and not be influenced by others, ultimately leading to a successful pitch and investment from a shark on the show.
Preparation and calm under pressure are crucial for Shark Tank success: Founders who know their business, practice quick recall, and stay calm during negotiations can secure deals on Shark Tank despite criticism and lower valuation offers.
Preparation and staying calm under pressure are key to success in high-stakes business situations, such as appearing on Shark Tank. The founders of the company discussed in the text prepared themselves by knowing their business inside and out and practicing quick recall of information. They also focused on staying calm and not letting the personalities of the Sharks rattle them. Despite facing criticism and negotiations for lower valuations, they held firm to their asking price and eventually secured a deal with Barbara Corcoran for a 10% stake in their company. Additionally, Corcoran negotiated a 10% draw from their salaries, emphasizing her role as an active investor and partner in the business. Overall, their preparation and composure paid off, leading to a successful outcome on the show.
Shark Tank propelled Popcorn, Indiana's growth in Whole Foods and beyond: Shark Tank exposure helped Popcorn, Indiana eliminate hand-packing, expand distribution, and target non-Whole Foods retailers, leading to national growth in Whole Foods and beyond.
Appearing on Shark Tank was a game-changer for Popcorn, Indiana. Before their appearance, they were still hand-packing their popcorn and could only fulfill small orders. However, after Shark Tank, they were able to eliminate the hand-packing process, which allowed them to fulfill more orders and expand their distribution. This exposure led them to get into more Whole Foods regions and other retailers. By 2017, they were distributed nationally in Whole Foods and doing significant sales. They also began to target non-Whole Foods retailers through their distributor. The Shark Tank appearance not only helped them grow within Whole Foods but also opened up opportunities for growth outside of it. Despite receiving multiple term sheets during their fundraising process, they ultimately did not receive the investment they were expecting, but the experience and preparation were valuable in their continued growth.
Pivoting in the Face of Challenges: Adapting to setbacks and exploring new product ideas can lead to business growth and success.
Setbacks and financial instability can force a business to pivot and explore new product ideas. In the case of Pipcorn, the loss of a potential investment left them in a tough spot, but they were able to regroup, secure funding, and develop new products. During this time, they shifted their focus from just being a popcorn company to creating other snack items using their high-quality heirloom corn. The result was the creation of a corn chip-like product and their successful cheese balls. This experience shows the importance of being adaptable and open to new possibilities when faced with challenges.
Transforming from a popcorn company to a snack foods brand: PIP overcame manufacturing challenges to create unique, organic cheese balls, expanded product line, and focused on fun, different, and free of artificial ingredients.
PIP (Purely Innovative Products) transformed from a popcorn company into a snack foods brand by creating unique, nostalgic, and organic cheese balls made entirely from real cheese, without any artificial or natural flavors. This innovative approach required overcoming challenges in the manufacturing process, using whole grain heirloom corn and leaving in the germ for a whole grain snack. Through partnerships with Whole Foods and co-packers, PIP expanded their product line to include chips and crackers, upcycling corn flour from cheese ball production. Their focus on creating snacks that are fun, different, and free of artificial ingredients drove their success in innovation.
Securing investment brings new pressures and adaptations: Company pivoted quickly during pandemic, saw significant increase in online sales, and projected $12 million in revenue for the year despite initial challenges
Securing external investment brings new pressures and requires significant adaptations for a business. For a company like Heirloom Audience, which had been operating without external funding for seven years, raising $6 million in 2019 introduced a new way of doing business. The goals became more defined, and the business had to pivot quickly when the pandemic hit and retail sales plummeted. Heirloom Audience responded by improving their digital presence, making their website more conversion-focused, and building a stronger community through email and SMS marketing. Although the business was still primarily wholesale, they saw a significant increase in online sales and were projecting $12 million in revenue for the year. Despite being close to profitability, the business had to adapt to the new realities of the market and the impact of the pandemic. Additionally, the attention on Black-owned businesses in 2020 led to some positive impact on their sales.
Identity and mission of minority-founded brands intertwined: Minority founders navigate complex support, maintain brand values, and seek authentic partnerships in uncertain business landscape
The experiences of being a minority founder intertwine deeply with the identity and mission of their brand. The last year has brought this connection to the forefront, making it harder to separate personal and business lives. The support and interest in minority-owned businesses, spurred by social justice movements, can feel bittersweet and confusing. Some support is genuine, while others may be opportunistic. Regardless, founders have gained a newfound sense of power and refusal to tolerate discrimination. As for the future, the prospect of an acquisition could bring significant opportunities and resources, but it's essential to find the right partner who aligns with the brand's values and mission.
The power of partnerships and hard work in entrepreneurship: A good work ethic, humility, and staying grounded are crucial in entrepreneurship. Success can be influenced by luck and timing, but it's important not to let these factors define your journey.
The right partnerships and hard work can help take a business to new heights, even with the support and encouragement of family. Jennifer and Jeff Martin, co-founders of Pipcorn, emphasized the importance of a good work ethic, humility, and staying grounded during the highs and lows of entrepreneurship. They also acknowledged the role of luck and timing in their success, but stressed the importance of not letting either extreme define their journey. From popping popcorn in a solar cooker in Death Valley to securing deals with Oprah and Shark Tank, the Martin siblings have persevered and pivoted, reminding us that a combination of hard work, humility, and a bit of luck can lead to remarkable outcomes.
Creating Meaningful Connections in Insurance and Travel: Amica prioritizes protecting lives and adventures while Viator simplifies travel planning with personalized options, free cancellation, and 24-7 customer support.
Amica and Viator prioritize making insurance and travel feel more personal and human. Amica goes beyond just offering home and auto insurance; they aim to protect the lives and adventures connected to those policies. Their representatives are available when needed, and as a mutual company, they work solely for their customers. Viator, on the other hand, simplifies travel planning by offering a wide range of guided tours, excursions, and experiences for customers to book in one place. With over 300,000 options and features like free cancellation and 24-7 customer support, Viator ensures a worry-free travel experience. In summary, Amica and Viator focus on creating meaningful connections with their customers, making insurance and travel feel more personal and human.
