#16 Stuart Macdonald: The Best Peanut Butter in the World … But People Come First

#17 Giles Humphries: It's All About MVP ... and a "Fuck It, Let's Do It" Attitude!

In this episode, I am joined by Giles Humphries, the Co-founder of Mindful Chef. Giles runs a healthy recipe box business and, in his own words, is “building a brand that is a force for good whilst maintaining a premium position in the market”. The market he is talking about is expanding quickly and there are already a number of established players with very deep pockets. Nevertheless, he and his team have scaled quickly largely thanks to the fact they have identified and focused on a single USP, tapped into key consumer trends and implemented a successful fundraising strategy. Whether or not you are a foodie or a food entrepreneur, you are going to love this episode. It is full of advice on everything from co-founder agreements to raising money, and from hiring staff to expanding your business into different channels at the right time and in the right way. So, what are the key takeaways? Firstly, Giles is adamant that Mindful Chef would not be where it is today without the combined efforts of all three co-founders. The advice here is simple; look for co-founders with different but complementary skill sets and don’t overcomplicate things. Mindful Chef also proves how critical it is to niche down, both in terms of your target market, your value proposition and also your operations. This will ensure you can reach your audience and then actually utilise the funds you have to deliver what they expect. Niching down also means staying focused and resisting the temptation to try new things, introduce new products and spend on anything other than your core offering. There is some great advice on how life-changing external investment can be and how to successfully get through your first few rounds of investment. It takes time, hard work and a lot of coffee meetings, but it is all about finding the right investors. These could be your clients or institutional investors, in which case you should always ask what else (other than money) they might bring. In Giles’ words, these investors should “not be sharks but should be razor-sharp people” who challenge you as a founder. But for me, the key takeaway is the importance of adopting an MVP approach as a startup. You need to reach your customer as quickly and early as possible and find out whether they are willing to buy what you are offering. And if you are ever in doubt here, follow Giles’ advice and adopt a “fuck it, let’s do it” attitude.

#16 Stuart Macdonald: The Best Peanut Butter in the World … But People Come First

In this episode, I am joined by Stuart Macdonald, the Founder of Manilife. Stuart is shaking up and “premiumising” the peanut butter category by introducing a deep roast, craft product. In the process, he has built a great team, a beautiful brand and attracted both external investment and the attention of major retailers. I am a massive fan of peanut butter and of Stuart’s also - so I knew I would enjoy this episode. But it is also full of fantastic advice and insight. So, what are the key takeaways? Firstly, Stuart recommends that you only quit your job when you are ready to break, which recognises that working for an established company not only offers stability, it also provides you with a platform on which you can begin to work on your startup. Stuart has also shares insights into what being a founder really requires; like taking your time with recruitment and finding the time to celebrate your successes. What he described as the “founder:team dilemma” is also a tough lesson that many founders really struggle with - there are simply instances where you have to accept that no one loves your baby as much as you do! Stuart, like many of my guests who started their journey as a sole founder, also states categorically that if he were to start another business, he would 100% look for a co-founder. I always find this interesting, not least because you rarely see the reverse (i.e. co-founders who vow never to start another venture with someone else). But the biggest takeaway for me lies in Stuart’s ‘why’. Why did he start Manilife? It is often thought that every business needs a problem. This also plays out in 99% of investor decks … problem slide followed by solution slide. However, what this episode has shown is that it is not necessary for every startup story to begin with a personal problem that the founder then sets out to find a solution for. For Stuart, Manilife has always been about the people more than the problem and even the product. Even so, let me reassure you that the product is making a lot of peanut butter lovers (including myself) very happy! ENJOY!

#15 Robert Rowland: Putting the Fun into Sweat and Why the Wrong Hire can Cause Chaos

In this episode, I am joined by Robert Rowland, Co-founder and Chief Boom Officer of Boom Cycle. Boom Cycle exploded onto the London boutique fitness scene in 2011 and is a true pioneer in the market. The brand is grounded in personality and community and carefully balances health and hedonism. The company now has 5 studios, significant financial backing and ambitious plans for expansion. Together with his wife and co-founder, Hilary, Robert has been on an incredible journey - a journey that has seen them leverage their strengths, learn from their mistakes and build a seriously impressive business. It is also a journey that we can learn a lot from. So, what are the biggest takeaways? Firstly, aspiring entrepreneurs should not necessarily expect a dramatic eureka moment. Robert’s decision to start Boom Cycle was the culmination of various experiences, conversations and market research. And even then, Boom Cycle started as a hobby before it became obvious that it was destined to be a full blown business. PR has played a big part in the marketing and growth of Boom Cycle. A lot of startups struggle in the space, typically because of the difficulty of tracking the return on investment. But it is clear that Robert and Hilary had faith in the process from the beginning. At the same time, they know that PR is only one part of the process and Boom Cycle has clearly focused on creating multiple positive touch points at every opportunity, which is something every startup can learn from.  Another massive takeaway is the importance of understanding your why. Why are you doing what you are doing? Why does your business exist? Boom Cycle is on a mission to make fitness fun, to introduce personality, to build community and to hammer home that it is about how you feel and not just how you look. Two things struck me when listening to Robert speak about this (1) happiness and euphoria are almost s a KPI at Boom Cycle; and (2) knowing your why saves time and money by making every decision ten times easier. But the biggest takeaway for me relates to recruitment. Robert considers hiring the wrong people to be the most damaging mistake he and Hilary have made. Their approach initially was, in Robert’s words, relaxed and almost flippant - an approach that has the potential to cause chaos within your company. But things have clearly changed and the recruitment process is more considered, structured and professional. And there is even a BoomUniversity. But the biggest sign of the progress made in this area can be seen when Robert describes what he is most proud of - the team he has built and the 72 people that take a wage from Boom Cycle.

#14 Laurence Kemball-Cook: Turning Footsteps into Electricity and Data

In this episode, I am joined by Laurence Kemball-Cook, Founder and CEO of Pavegen. Pavegen converts human footsteps into electricity, data and rewards using groundbreaking technology. This technology is installed in smart cities, transport hubs, retailers and companies, and as pedestrians walk across it, the weight from their footsteps compresses electromagnetic generators and produces energy. They have successfully rolled out over 250 projects in 36 countries around the world and have captured over half a billion steps. The goal is a billion a month. This episode is full of great advice and insight, including the difficult lesson that our biggest failures in life can often open up our greatest opportunities. There is also a valuable reminder of the importance of self-belief and understanding what drives you. Laurence clearly believes that what he is doing is important and necessary and it is this belief that has helped him to persevere, even when he was shown the door by over 150 VC funds. Laurence believes that sales are the lifeblood of any business, that the CEO should be the best salesman in the team and that selling is all about building relationships and storytelling - solid advice that every entrepreneur should listen to. Pavegen has raised finance in a very specific way, favouring smaller and more frequent rounds. In effect, this has required Laurence to constantly remain in fundraising mode, something that doesn’t appear to have negatively affected either his ability to raise or to grow the business. There is certainly something to be said for a young business that is able to capitalise at short notice and take advantage of opportunities as they present themselves. But the biggest takeaway for me is that entrepreneurs need to learn how to, in Laurence’s words, have a “normal, human life”. The default mode is all too often 16hr+ days, 7 days a week. As this episode shows, this can have horror-show scale consequences on your personal life. The goal is finding the right balance, which Laurence clearly is these days. And when you do find this balance, it is not only your health and happiness that will improve but the health and happiness of your business as well.

#13 Nic Oliver: Democratising Data, Taking on Google and Facebook, and Burning Out.

In this episode, I am joined by Nic Oliver, Founder and CEO of people.io. Nic is on a mission to give people back ownership of their data and let each and every one of us connect with the value of our own personal information. In a way, he is democratising data but he is also challenging the status quo and attempting to “invert the global data model”. In effect, this means picking a fight with the companies that control the global data landscape today - namely, Google, Amazon, Facebook, Apple and Microsoft. If this were not enough of a challenge, he has also been fighting against the unavoidable fact that most people don’t actually care that much about their personal data. There is a lot in this episode: Nic is a passionate visionary, there has been multiple rounds of investment, groundbreaking partnership agreements and explosive user growth. But there have been many mistakes and lessons learnt. Nic also admits to burning out on more than one occasion. In short, there is loads we can learn from. Firstly, Nic is an expert on data - how it’s created, moved, stored, used and abused. He also makes it clear that it is not the data itself that is valuable; rather, it is the insight that data can provide. And this is something that even the earliest stage startups can learn from and take advantage of. This episode is also a prime example of how you need purpose and vision, but these must be matched by drive and energy in order to succeed. Businesses need to understand their customers and people.io know that this means understanding psychographics as well as demographics. As is often the case, the most useful lessons in life lie in failure and not success and the biggest takeaway for me from this episode is that entrepreneurs need to take care of themselves, mentally and physically. Nic has hit walls, been paralysed by decision fatigue and has burnt out on more than one occasion. You need to be able to step back, switch off and relax - not only for yourself but for the health of your business as well. Crucially, you will need to resolve the feeling of inner guilt caused by not working on your business all the time. But, as Nic points out, the challenge is stopping yourself from always wanting to do more.