Podcast Summary
Identifying customer needs and product-market fit: Success depends on understanding customer needs and offering a product or service that meets them. Persistence, empathy, and staying true to your vision are key in building a successful business.
Understanding the needs of your customers and providing a product or service that meets those needs is crucial for business success. This was evident in Holly Thaggard's journey to create Supergoop, a sunscreen brand. She identified a gap in the market for a sunscreen that people would want to use daily, and she took matters into her own hands by stocking shelves with her product to ensure availability. The concept of product-market fit was also highlighted, where the success of a business depends on whether there is a market for the product or service being offered. The discussion also touched on the importance of innovation, whether it's in the form of creating a unique singing voice like Bjork or advancing technology for the greater good at the National Security Agency. Overall, the episode emphasized the importance of persistence, empathy, and staying true to your vision in building successful businesses.
Creating a market for a product: Despite initial failures, entrepreneurs can pivot and build markets for their products through perseverance and adaptability.
Having a product without an initial market fit doesn't mean failure. Companies like Airbnb and Lyft created their markets, and Holly Thaggard did the same with Supergoop. Her mission was to make people use sunscreen daily, and although her initial business model didn't work, she pivoted and built a market for her product. Holly's entrepreneurial background, influenced by her parents, played a role in her success. As a child, she started playing the harp and saw potential in turning it into a business. Despite facing competition, she charged high prices and began her entrepreneurial journey in high school. Holly's story highlights the importance of perseverance and adaptability in entrepreneurship.
Struggling to fit in can lead to unexpected opportunities: Embrace unexpected twists and turns in life, they may lead to fulfilling experiences and new passions
Sometimes not fitting in or facing setbacks can lead to unexpected opportunities and new directions. The speaker shared how they struggled in music school and felt out of place, but managed to play with musical legends like Aretha Franklin despite feeling underprepared. They then discovered a passion for teaching, but faced challenges fitting in with their peers and ultimately left the profession after a year. Though initially devastated, they came to realize that this experience pushed them to explore new possibilities and ultimately led to a fulfilling career. This story highlights the importance of staying true to oneself and embracing unexpected twists and turns in life's journey.
Pursuing a dream in Dallas: Determination and persistence led Holly to build a successful harp business, teaching her valuable skills. Later, she retired to focus on family but found a new passion in dermatology.
Determination and persistence can lead to building a successful business, even at a young age. The speaker, Holly, moved to Dallas to pursue her harp business after helping her brother move in college. She cold-called country clubs to offer her services and, through hard work and dedication, built a reputation and a profitable business, "Holly the Harpers." This experience taught her valuable skills in networking, time management, and customer service. Later in life, when she met her future husband through her work, she decided to retire from performing to focus on her personal life and family. However, an encounter with a friend diagnosed with skin cancer led her to pursue a new passion in dermatology, demonstrating that one chapter of life can lead to another with the right opportunities and motivation.
Bringing Sunscreen to Schools: A business was created to provide schools with sunscreen dispensers and promote daily use of safer, non-controversial sunscreen to prevent skin cancer in children.
The importance of using sunscreen every day to prevent skin cancer is often overlooked, especially in schools where children spend a significant amount of time outside. In 2005, the sunscreen market was dominated by large retailers who promoted sunscreen as a seasonal product, and the majority of sunscreens contained controversial ingredients. The speaker, who had experienced sunburns as a child and recognized the need for education and access to sunscreen, aimed to change this by exploring the possibility of getting sunscreen into schools. This led her to create a business that not only provided schools with sunscreen dispensers but also prioritized the use of safer, non-controversial ingredients in their sunscreen formulations. The goal was to make sunscreen a daily habit for children, just like brushing their teeth, and to help prevent the high rate of skin cancer cases that could be curable if detected early.
Founder's determination to create natural, effective sunscreen: Determined founder identifies gap, learns sunscreen science, collaborates with experts to create natural, high-efficacy sunscreen
Holly, the founder of a sunscreen brand, identified a gap in the market for effective, natural, and aesthetically pleasing sunscreens. She was determined to create a product without oxybenzone, parabens, and other questionable ingredients. However, she faced skepticism from industry experts who believed it was impossible to create a high-efficacy sunscreen without these ingredients. Undeterred, Holly became obsessed with learning about sunscreen science and reached out to experts for guidance. She discovered that UVA rays, which penetrate deeper into the skin and contribute to aging and skin cancer, are present in all seasons and weather conditions. She also realized that creating a sunscreen that is both effective and natural would require collaboration with a manufacturer. Holly's journey demonstrates the importance of perseverance, expertise, and innovation in creating a product that addresses a specific consumer need while adhering to ethical and environmental standards.
Creating a compelling vision leads to innovative solutions: Determination and a clear vision can lead to the creation of innovative products, even with the help of industry experts. Persistence and collaboration can lead to breakthroughs and the discovery of alternative solutions.
Determination and a compelling vision can lead to the creation of innovative products, even with the help of industry experts. The founder of Goop, Holly, shares her journey of creating a sunscreen formula that felt good on the skin and was healthy, despite the challenges of formulating it. She found a chemist willing to work on the project through conversations at the National Sunscreen Symposium and sold her vision of making the sunscreen available in every school across America. The collaboration between Holly and the chemist involved a lot of communication through phone calls and mailing samples, with Holly seeking feedback from her family. Holly's obsession with the project led her to create an educational curriculum to change consumer behaviors and make sunscreen use fun and playful for children. She discovered that while oxybenzone was commonly used in sunscreens due to its low cost, there was an alternative, Ava benzone, that could achieve the same efficacy but at a higher cost. Holly's perseverance and innovative approach ultimately led to the creation of Goop, a sunscreen that was both effective and enjoyable to use.
From setbacks to opportunities: Entrepreneurs can transform failures into successes through perseverance and adaptability.
Perseverance and adaptability are key to entrepreneurial success. Holly Thaggard spent two years developing a sunscreen formula, only to discover that it was prohibited in schools as an over-the-counter drug. Instead of giving up, she pivoted and focused on retail sales. She hired a publicist she couldn't afford and made a connection at Sephora that she couldn't afford to lose. With her husband's help, they formed an LLC and registered a trademark. The name of their brand, Supergoop, came to her in the moment when she finally found a formula that felt amazing on the skin and tested effectively as SPF 50. Despite the initial setback, Thaggard's determination and ability to adapt allowed her to turn a failed business model into a successful one. The story of Supergoop serves as a reminder that setbacks are inevitable, but with perseverance and a willingness to adapt, entrepreneurs can turn challenges into opportunities.
AI-powered tools and educational platforms boost teamwork and growth: AI tools like Atlassian Intelligence enhance collaboration, while platforms like Masterclass provide access to expert instructors for individual learning and growth. A strong company culture, as demonstrated by Holly Thaggard, is essential for business success.
Technology, specifically AI-powered software from Atlassian and educational platforms like Masterclass, can significantly enhance teamwork and individual growth. Atlassian Intelligence empowers human-AI collaboration, providing new insights, eliminating menial tasks, and enabling faster, more informed decisions. Masterclass offers access to world-class instructors, helping learners improve and grow in various fields. Additionally, creating a strong company culture, as we learned from Holly Thaggard's experience, is crucial for business success. By following her persistence and optimism, we can overcome obstacles and achieve our goals.
Struggling to sustain her business during early stages: Creative solutions like maxing credit lines, convincing manufacturers to warehouse goods, and taking harp jobs were used to keep business afloat, but a solid financial plan and potential family support were crucial for growth.
During the early stages of her business in 2007, Holly's financial situation was tight. She relied on creative solutions like maxing out her credit line, convincing product manufacturers to warehouse her goods and pay as she pulled from the warehouse, and even taking harp jobs to cover costs. Despite these challenges, she continued to pursue growth by targeting prestige children's retailers and attending trade shows to showcase her product. However, her sales were not yet sufficient to sustain the business, and she eventually had to ask her father for a $25,000 loan to attend a crucial trade show and scale the business. This experience underscores the importance of having a solid financial plan and the potential role of family support in entrepreneurial success.
Staying determined and open to unexpected opportunities: Determination and openness led Holly to partnership with Sephora despite financial struggles. Meeting Roxanne Quimby provided valuable insights and press coverage, ultimately securing a deal.
Persistence and being open to unexpected opportunities can lead to significant business growth. The speaker, Holly, needed money for a trade show and received a call from a Sephora buyer who was intrigued by her fun and playful approach to serious skincare technology. Sephora suggested Holly focus on getting more press to increase her brand's visibility, but she struggled to afford it. However, she met Roxanne Quimby, the founder of Burt's Bees, at the trade show who offered to help without revealing her identity. Holly learned valuable insights from Roxanne and eventually secured press coverage, leading to Sephora's interest and partnership. This experience underscores the importance of staying determined, being open to advice, and seizing opportunities when they arise.
A woman's determination lands her a PR firm despite financial challenges: Believing in your product and being persistent can lead to unexpected partnerships and opportunities, even with financial limitations.
Persistence and confidence in one's product can lead to unexpected opportunities and partnerships. In this story, a woman named Holly sought out a PR firm, Berman Communications, to help promote her sunscreen brand, Supergoop. On the last day of a trade show, Holly expressed her need for a PR firm to Roxanne Quimby, who then put her in touch with Nancy Berman, the founder of Berman Communications. Impressed by Holly's determination and potential, Nancy agreed to meet with her, even flying to Texas to do so. Despite having limited revenue, Holly and her team put on a show of a larger company to secure meetings with other PR firms. Holly ultimately signed a 12-month contract with Nancy, which required a significant investment. However, the partnership paid off, resulting in placements in beauty magazines and a launch at Barney's New York. This story illustrates the importance of believing in one's product and being persistent in pursuing opportunities, even when faced with financial challenges.
Staying focused on goals despite setbacks: Determination and persistence led Holly to a successful partnership with Sephora for Supergoop!
Persistence and determination are key to business success. Holly's story illustrates the importance of staying focused on goals, even when faced with setbacks and obstacles. She recounts how she launched her product in Barneys and received opportunities to showcase it at events like the TED conference, but was not yet profitable. Despite this, she continued to grow her business and, in 2010, made a desperate attempt to reconnect with Sephora by flying to San Francisco in person. Her determination paid off when Sephora finally agreed to meet with her, leading to a successful partnership for Supergoop!
Persisting through rejection in business pitches: Believe in yourself and your product, identify your ideal customer base, and persistently follow up with potential partners to secure deals.
Persistence and confidence are key when pitching a business idea to potential partners. The speaker shared her experience of pitching to Sephora and Nordstrom, where she was not immediately accepted but continued to follow up and eventually secured deals with both companies. She emphasized the importance of believing in herself and her product, even when faced with rejection. Additionally, she highlighted the significance of identifying the ideal customer base for her brand and tailoring her pitch to each company's demographic. Despite the initial silence from Sephora and Nordstrom, the speaker did not give up and eventually secured investments that allowed her to continue growing her business.
Creating a buzz through unconventional methods: Persistence and innovation led to a successful distribution deal with Sephora, but unconventional methods like self-stocking ensured products were always available, boosting sales from $150 to $600.
Persistence and innovation paid off for the founder of Zavora when she secured a 12-month distribution deal with Sephora. This deal, which was initially for only 12 weeks during the summer, allowed her to showcase her products in a prominent end cap display. However, she soon realized that the demand for her sunscreen swipes was greater than the available supply, leading her to take matters into her own hands by "reverse stealing" and stocking shelves herself. This unconventional approach helped ensure that her products were always available for customers, leading to a significant increase in sales from $150 to $600. The experience taught her the importance of creating innovative, game-changing products that consumers would reach for in both summer and shoulder seasons.
From $1M to $40M: Supergoop!'s Journey to Profitability: Securing investment and expanding team helped Supergoop! grow from $1M to $40M in sales and finally achieve profitability.
For Holly Thaggard, the founder of Supergoop!, scaling her business required both a strong vision and the ability to raise capital. Starting in 2011, Supergoop! experienced exponential growth, surpassing $1 million in sales in 2012. To continue this growth, Holly recognized the need to expand her team and secure outside investment. This involved convincing investors of the importance of Supergoop!'s mission to change the way people think about sunscreen and eventually led to a $2 million investment from various sources, including tennis star Maria Sharapova. As the company grew, Holly opened a New York office and hired a president to help manage operations, a decision made with the support of her investors. Supergoop! continued to grow, reaching $40 million in revenue by 2018, and finally achieving profitability in 2019. Overall, Holly's story highlights the importance of both a clear vision and financial resources in scaling a business.
From Music to Entrepreneurship: Lessons from Holly Fager's Journey: Break down complex tasks, gain confidence from performing, recognize the role of luck, and remain determined for business success
Success in business, as well as in music, requires a combination of hard work, strategy, and a healthy dose of luck. Holly Fager, the founder of Supergoop, shared her story on How I Built This, discussing how her experiences as a musician helped her become an entrepreneur. She emphasized the importance of breaking down complex tasks into manageable parts and the confidence gained from performing in front of large audiences. Fager also acknowledged the role of luck in her business success, such as meeting key people at the right time. Despite the importance of luck, Fager's determination and strategic approach were crucial in turning opportunities into successes. Since the conversation, Supergoop has continued to grow, reaching $250 million in sales in 2022. The company's success has even led to changes in laws allowing kids to use sunscreen in schools, and Supergoop now gives it out for free.
