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Brand Growth Heroes ranks in the top 1.5% of ALL podcasts globally. With +25 years' experience working for brand giants and as coach to over 400 challenger brand founders, Fiona Fitz asks the questions you need the answers to from the founders of wildly successful consumer goods brands driving transformational growth.
Description
This episode explores the entrepreneurial journey of David Lester, co-founder of Olipop. Starting with his previous venture Obi, David reflects on the challenges faced and the lessons learned. The founding of Olipop, the company's journey to success, and the importance of packaging and branding are discussed. Additionally, insights into the functional soda industry, success factors, marketing strategies, and personal growth in entrepreneurship are shared.
Insights
Embracing failure leads to improvement and growth
David Lester's experience with his previous venture Obi taught him valuable lessons that contributed to the success of Olipop.
Being alive is a sign of success
Despite facing challenges and failures, David's determination and desire to prove himself led him to continue his entrepreneurial journey with Olipop.
No current plans to visit the UK mentioned
KEY TOPICS COVERED
Entrepreneurial Journey
Founding Olipop
Olipop's Journey to Success
Packaging and Branding
Functional Soda Industry
Success Factors and Marketing
Personal Growth and Entrepreneurship
Entrepreneurial Journey
00:09 - 07:15
David Lester, co-founder of Olipop, shares his entrepreneurial journey starting with a previous venture called Obi before founding Olipop.
The experience with Obi was stressful and challenging, leading to self-reflection and the realization of personal growth needed for entrepreneurship.
Lessons learned from Obi include the importance of staying alive in business, managing ego and self-confidence, and avoiding burnout.
Despite challenges, David's determination, taste of success, and desire to prove himself led him to continue his entrepreneurial journey with Olipop.
Founding Olipop
06:50 - 13:40
The founders of Olipop believed in the potential of functional drinks with probiotic elements.
The co-founders, Ben and the speaker, had different motivations and had to work through challenges in their partnership.
Ben's background and mission-driven mindset heavily influenced the creation of Olipop.
The founders took unconventional approaches like seeking research partners instead of raising capital for Olipop.
Reflecting on their failed venture Obi, they realized it was not just about the product but also their own shortcomings as entrepreneurs.
Lessons learned from Obi led to improvements in Olipop's product, packaging, and branding.
Deciding to start again involved personal sacrifices and setting boundaries for a more successful second attempt.
Olipop's Journey to Success
13:27 - 19:48
The company Olipop faced failures before finding success, making it a 10-11 year journey.
Entrepreneurs need to convince people to take risks and make unreasonable decisions to succeed.
Olipop's initial success came from convincing distributors and retailers to carry their product.
Early signs of traction for Olipop were seen when orders increased from health stores like Arrow on and Whole Foods.
Confidence in the product and co-founder, along with market research, fueled Olipop's growth despite inaccurate financial projections.
Packaging and Branding
19:37 - 26:36
The speaker discusses the importance of packaging and branding in the success of a product like Olipop.
Consumer perception and categorization play a crucial role in the success of a brand in the market.
Understanding consumer dissatisfaction and providing solutions is key to product development and marketing strategies.
Creating memorable experiences for consumers can be more impactful than focusing solely on functional benefits.
Functional Soda Industry
26:06 - 33:08
Consumer preferences indicate a desire for soda with added functionality like vitamins.
Breaking one rule while keeping everything else consistent can help avoid confusion among consumers.
Being first to market in the functional soda industry requires getting it right and maintaining quality to stay ahead of competitors.
Discipline in decision-making and saying no to certain things are crucial for business growth.
Supplier relationships are important in the consumer packaged goods industry, with some suppliers even investing in the business.
Success Factors and Marketing
32:39 - 39:21
Bootstrapping the company is emphasized as crucial for success, regardless of investors.
Venture capital investors are seen as riding to the rescue of success, and it's important to maintain a strong 'with or without you' energy.
Famous investors are supportive but mostly stay out of the way unless needed.
Engaging in interesting projects like partnering with the Minions can lead to unexpected opportunities and brand recognition.
Marketing is considered overrated for early-stage entrepreneurs, with a focus on sales, distribution, supply chain, and finance instead.
The importance of getting products into stores, ensuring visibility, pricing, restocking, and having a clear concept that sells itself is highlighted.
Personal Growth and Entrepreneurship
38:53 - 45:29
Focus on being great at sales as a founder instead of trying to be a marketer.
Social media can be a cost-effective tool for promotion, but it's easy to get distracted and waste money.
Personal growth is crucial for scaling yourself as a founder, especially in rapidly growing companies.
Having a growth mindset is essential for overcoming failures and embracing mistakes.
Moving from fear and ego-driven behavior to self-confidence and curiosity is key for personal development.
Entrepreneurship is both a professional and personal journey that requires continuous growth and learning.
Embracing failure, learning from it, and staying focused on personal development are empowering experiences in entrepreneurship.