Podcast Summary
Failure and success: Failure can open doors to new opportunities and greater success. Ben Goodwin's failed probiotic soda led him to create a successful prebiotic soda, and James Dyson's failed wheelbarrow invention led him to invent the vacuum cleaner.
Failure can lead to greater success. As heard in the podcast, Ben Goodwin's initial venture, OB, a probiotic soda, did not work out as planned. However, this setback led him to develop Ollipop, a prebiotic soda, which has become one of the fastest-growing sodas on the market. Similarly, James Dyson's failed attempt at creating a revolutionary wheelbarrow paved the way for his successful vacuum cleaner invention. These stories illustrate that setbacks and failures are often necessary steps on the path to success. Additionally, the podcast, Up First, offers a quick and informative take on the day's news, making it a valuable resource for staying informed. Lastly, the free newsletter from the podcast provides additional interesting, informative, inspiring, and fun content.
Personal engagement and inspiration: Personal engagement and fascination can lead to discovering new passions and pursuits, but creating a successful product requires a deep understanding of the process and potential challenges, as well as collaboration with experts.
Personal engagement and fascination are key to sticking with a project or pursuit. The speaker shares how they were inspired by Gary Erickson's book "Raising the Bar" to carve their own path and become an entrepreneur. Their experience working for a kombucha startup led them to learn about the importance of the microbiome and probiotics, which later influenced their decision to create a probiotic beverage. However, they emphasize that creating a successful product requires a deep understanding of the process and potential challenges, as well as collaboration with experts. Ultimately, the speaker's mission is to create products that offer better health to a larger population.
Determination and Innovation: With limited resources, determination and innovation can lead to success in creating a new product. However, having a business partner can help bring the product to market and balance out weaknesses.
Determination and innovation can lead to success, even with limited resources. Ben's journey involved working with a microbiologist to develop a probiotic beverage, creating a makeshift lab in a shed, and investing heavily in the R&D process. Despite facing numerous challenges and setbacks, Ben's persistence paid off when he finally created a product that tasted good enough to sell. However, he realized the importance of having a business partner to help bring the product to market and balance out any weaknesses. The process took four years and cost around $350,000, but Ben's dedication and innovative approach ultimately led to the launch of his probiotic beverage.
Finding the right business partner: Finding a business partner with a shared obsession and focus on business goals is crucial for entrepreneurial success. Valuable lessons can be learned from setbacks, and staying true to oneself is important.
Finding the right business partner is crucial for entrepreneurial success. It's essential to have someone who shares the same level of obsession and focus on the business goals. Even in the face of setbacks and challenges, it's important to learn valuable lessons and stay true to oneself. In the entrepreneur's journey, they eventually found a suitable partner in David Lester, who brought valuable industry experience and a corporate background. Together, they raised capital, packaged their product, and sold it in health food stores, finding success in a niche market. Their product, OB probiotics soda, filled a need for a fermented probiotic beverage that didn't taste like vinegar and looked like soda. Despite facing challenges, they persevered and found traction in the $42 billion soda industry.
Business Failure and Learning Opportunities: Even though business failure can be emotionally painful, it can provide crucial market data and relationships that can lead to personal growth and new entrepreneurial ventures.
Even in the face of failure and setbacks, valuable lessons and opportunities can be gained. In this case, the failure of a root beer probiotics business lasted for about two and a half years, and although it wasn't profitable, it provided crucial market data and relationships that proved the hypothesis of consumers' readiness for a health-contributing soda. After the business ended, the founder took a break, traveled to Japan to study their beverage market, and discovered prebiotics, which led to the creation of a new business focused on prebiotic-rich beverages. The experience was emotionally painful but ultimately led to personal growth and a new entrepreneurial venture.
Consumer preferences, taste: Understanding consumer preferences and delivering a delicious taste is crucial for creating a successful product, even in healthier or innovative categories.
Creating a successful product requires a deep understanding of consumer preferences and a focus on delivering a delicious taste, even if it's in a healthier or innovative category. Ben and David, the founders of Ollie Pop, learned this lesson from their previous beverage company and applied it to their new prebiotic soda. They experimented with various ingredients in their kitchen and focused on creating flavors that had a nostalgic hook. Despite the initial challenges of marketing a healthy soda, they found success by delivering a delicious product that consumers wanted to keep coming back to. Even before they got into stores, they were able to create intrigue and mental stickiness by presenting the idea of a healthy soda as an intriguing contradiction. Ultimately, their focus on taste and consumer preferences led to the creation of a cult classic product.
Ollie Pop's Success: Ollie Pop entered the market by appealing to health-conscious consumers, leveraging word-of-mouth, and focusing on fiber content as a unique selling point. Strategic partnerships and influencer marketing helped establish the brand, and continued growth is expected despite challenges like the pandemic.
Ollie Pop, a healthy soda brand, successfully entered the market by appealing to health-conscious consumers in natural food stores and leveraging word-of-mouth and strong initial sales data. The company's founder had faith in the product's unique concept and taste, which created enough buzz for people to try it. Ollie Pop's time had come as many Americans sought healthier alternatives to traditional soda. The product's fiber content, while not a replacement for a balanced diet, helped address the fact that 90% of Americans don't get enough fiber. The company's strategic partnerships with natural food stores and influencers, as well as its focus on creating a mainstream product, contributed to its success. Even during the pandemic, when in-store demos were not possible, customers continued to buy Ollie Pop as a regular part of their shopping habits. With triple-digit growth every year since inception and a focus on continuing to tap into the vast market opportunity, Ollie Pop aims to be a part of the third wave of soda, offering a healthier alternative to traditional and diet sodas.
Soda industry evolution: New players like Alipop are disrupting the soda industry, appealing to younger generations, but facing competition from established brands like Coca-Cola and Pepsi, who have distribution networks to expand reach.
The soda industry is evolving, and new players like Alipop are gaining ground with younger consumers, particularly Gen Z and Gen Alpha, who have shown a significant reduction in traditional soda consumption over the last decade. Ben Goodwin, the co-founder of Alipop, sees an opportunity to lead this evolution and keep soda as a thriving American institution. However, growing the company comes with decisions, such as going public or being acquired by larger brands like Coca-Cola or Pepsi, which have the distribution networks to take a brand to the next level. Goodwin emphasizes that he values the work he's put into Alipop and the role of luck in his journey, but also acknowledges that both factors have contributed to his success. Alipop's recent announcement of being sold at the LA Clippers' new sports arena is a significant milestone for the brand, as it usually faces competition from Coke and Pepsi at such venues.