I listen to startup podcasts so you don’t have to.
"Everyone said a meal kit business could not be built the way you've built it. And now with nine figures of revenue and one of the biggest retail partners around, I just have to give you a lot of credit."
Takeaway: • Persist with your vision despite skepticism from others. • Demonstrate success through tangible results and partnerships. • Focus on solving the customer problem effectively to validate your business model."I couldn't believe how much product they ship, how quickly they moved, how much the vision had expanded... I just think that that product velocity is such a great leading indicator of success."
Takeaway: • Prioritize swift execution and product development to stay ahead. • Continuously expand and adapt your vision in response to market feedback. • Build a team with deep industry networks to hire top talent efficiently."But I've learned so much about leadership communication, how to motivate people, what motivates people, how you get through tough times, how you not let a crisis go to waste."
Takeaway: • Use crises as catalysts for innovation and improvement. • Enhance your leadership skills by addressing challenges head-on. • Motivate your team by focusing on shared goals during difficult periods."I've been able to take some of those lessons around network effects and apply them in healthcare... how data gets connected and passed between different settings... how you can actually build really interesting businesses on top of a network effect."
Takeaway: • Explore ways to create networks among providers or patients to enhance value. • Use interoperability to build platforms that facilitate data exchange. • Embrace network effects to create scalable and defensible healthcare solutions."We've always thought Costco is the perfect partner for us, and we're road-showing across the country... giving people a taste of what Tovala has to offer."
Takeaway: • Identify and pursue partnerships that align with your brand and customer base. • Use strategic partnerships to increase brand exposure and reach. • Offer experiential promotions to engage potential customers through retail partnerships."We partnered with Omaha Steaks... and spent months developing an Omaha Steaks cheeseburger product... It was the best-selling menu product in the history of Tovala."
Takeaway: • Collaborate with well-known brands to enhance credibility and attract customers. • Develop products that align with market demand to boost sales. • Use partnerships to scale and expand your product offerings strategically."We knew as we marched towards profitability that the last thing we could ever compromise was the quality of our food. And so while we've been really rigorous about scrutinizing expenses up and down the PNL, one place that was really safe, I would say, is the menu."
Takeaway: • Prioritize product quality even when cutting costs elsewhere. • Identify areas where expenses can be reduced without affecting customer satisfaction. • Focus on delivering value to customers to maintain loyalty during financial adjustments."But getting through, managing through both of these times has been hard, tough emotionally, practically. But I've learned so much about leadership communication, how to motivate people, what motivates people, how you get through tough times, how you not let a crisis go to waste."
Takeaway: • Develop strong leadership communication during challenging times. • Use crises as opportunities to improve and transform your leadership approach. • Understand and address what motivates your team to navigate through hardships."I've over time realized that's a bit of a blind spot for me... I just, in reality, come to just appreciate the people side of it so much more... Over the past few years, I have put far, far more weight on the team's ability to execute quickly and to just hire really incredible talent."
Takeaway: • Invest in building a strong team with the ability to execute rapidly. • Recognize that a great team can adapt and improve the product over time. • Understand that team dynamics often outweigh initial product features in determining success."But what I learned there was around the power of network effects. And I think until I was able to see it in my career, I don't think I really understood how powerful they could be where if someone had created a social network in and around their personal lives, and that was Facebook, they actually had a desire to create a separate personal social network in and around their professional lives, which was LinkedIn."
Takeaway: • Recognize the potential of network effects in creating scalable platforms. • Consider how network effects can be applied to your industry to build competitive advantage. • Leverage network effects to build businesses on top of interconnected data or communities.