Author Archive for PlominskiCC18

A Whale of a Story — Vineyard Vines

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Shep and Ian Murray, CEOs and brothers (as they like to be called) created the now iconic clothing brand Vineyard Vines. The two brothers were working for in Manhattan in 1998 when they both decided to quit the corporate life to pursue their dream of living the good life hence their slogan “Every Day Should Feel This Good.” They say their story began with the reminiscence of their childhood on Martha’s Vineyard. Before quitting their jobs in NYC they signed up for as many credit cards as they both could (and used their health plan just as much, they like to say). With their credit cards they used all they could to personally finance their dream of living the good life.

July, 1999 the two brother began selling their ties off their old boat and out of backpack on Martha’s Vineyard. That summer saw the largest growth their new company Vineyard Vines (VV) had ever seen. By the end of the season VV moved to a small office on the island. By 2004, the Murray brothers’ company grew to multiple boutique shops along the East Coast. Between their expansion in ’04 and ’07 the new company’s revenue tripled. And, in 2015, VV christened its new 91,000 sq. ft. headquarters in Stamford, CT.

The story of the Murray brothers and Vineyard Vines goes to show that investing in yourself without a safety net is always the best motivator for any entrepreneur. Risk it all to get the best reward because “Everyday Should Feel This Good.”

LifeProof and Their Brand Loyalists

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Everybody knows a LifeProof case when you see one. They are nearly as iconic as the iPhone itself. But what is the story behind them and why is it when you go LifeProof you never go back?

First the story behind the company. It was started in 2009 by then Queensland University of Technology grad Gary Rayner. His idea for a completely shock, dirt, dust, ice, and waterproof case became a reality for him. The idea took 18 months and $1 million to develop, but at the LAUNCH Conference in 2011 Rayner made the first case’s debut with a dramatic presentation involving a lot of ketchup and mustard. Watch the YouTube video of Rayner’s debut, it’s pretty funny!

After Rayner’s debut his product quickly became popular among sport enthusiasts. Once his brand acquired its fist brand loyalists that pool rapidly grew and LifeProof began sponsoring sports programs as a result. in 2012, the company sponsored Ironman Triathlon in Hawaii. In late 2012, LifeProof announced participating sponsorship in all 2013 XTERRA Triathlon events and many more FRĒ FOR iPHONE 8 PLUS AND iPHONE 7 PLUS in DROP INevents. LifeProof’s popularity frightened its competitor OtterBox in 2011, shortly after their debut, a patent suit was filed by OtterBox against LifeProof; however, by 2013 LifeProof agreed to be acquired by OtterBox at an undisclosed price.

With their popularity, what draws the customer base to become hardcore brand loyalists? As a LifeProof brand loyalist I can say that their business model and product design draws me to buy one every time I get a new iPhone. The product is slim not bulky (like OtterBoxes). Being on the boat or near the pool during the summer, it’s also nice to know it will float and is completely waterproof if it ever fell in or got wet. But a little on their business model. The company offers a great one-year warranty on your phone and/or case if anything were to get damaged. In my 3 years of brand loyalty to LifeProof and 4 cases later I have only had to use the warranty once. With all that, you certainly do get a lot for the $80+ that you might spend on the case.

Uncharted Power & Jessica O. Matthews’ Vision for Clean Energy

Jessica O. Matthews is the creator of Soccket — the soccer ball that develops power through kinetic energy. Jessica had a vision while traveling to visit family in Nigeria that she used to create what she calls her Image result for soccket ball“Anti-Silicon Valley” startup named Uncharted Power. Using her intellectual property rights to kinetic energy products Matthews used her initial capital to expand her toy product line. But she realized something bigger could come of her inventions. After unveiling her new power-generating products, Matthews told Forbes that she has been in communication with Disney to develop full-scale energy production in “light poverty” areas.

Matthews also talks about her experience as a female CEO and her “Anti-Silicon Valley” Energy Company. She talks about strategic location. Matthews says that she originally had Uncharted Power’s headquarters located in downtown Manhattan, but considering relations with lower incoming areas she moved her headquarters uptown to Harlem. 

Matthews, interestingly, noted that not only people matter but you matter. She gives her experience, or lack thereof, in the energy sector following her re-brand to Uncharted Power. Matthews says that she tried and failed to bring in experts in the field, that even though experts say they are “experts,” for her they did not get what she wanted done. After an overhaul of management and taking the reign herself, she says that less is more. Currently employing 17 people and 17 serving as advisers, Uncharted Power is working to accomplish great things for those who do not have clean energy.

Read more about Jessica Matthews and Uncharted Power in the link:

https://www.forbes.com/sites/tanyaklich/2018/11/12/uncharted-power-founder-jessica-o-matthews-on-building-the-anti-silicon-valley-energy-startup/?ss=entrepreneurs#d13735e44ffa

Protein Bar Millionaires

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Protein bar company RXBAR created by two friends Peter Rahal and Jared Smith began with a $10,000 influx and continues with a $600 million buyout by Kellogg. Rahal and Smith began with an idea to innovate the existing protein bar market. They marketed RXBAR on simple ingredients. But how can you market just a protein bar with simple ingredients? You don’t normally just pick up an item at the grocery store and start reading the ingredients. So Rahal and Smith used Microsoft PowerPoint to create a simple label. RXBAR labels on four, maybe five lines boldly list the ingredients. You’ve likely seen them on most store shelves. But this idea of taking a relatively uneventful market and adding some flare to it is one to be recognized. Sometimes just a simple pivot of preexisting products can make some serious money. Read more about RXBAR’s story on FOX Business .

 

 

 

The Billion-Dollar Basement Startup

Beginning his career in IT consulting, Carl Rodrigues quit his sound job in 2001 with a mission to innovate something extraordinary. It is said that Rodrigues quit his job without any real idea. A risky move for someone who had relatively little savings. After a month, Rodrigues created a software platform which integrated the use of your mobile phone from your laptop.

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This is a very useful platform for business professionals who work on their computers all day but might have their assistant answer calls during the day. It allows for the executives, per say, to control their phone from their computer. Rodrigues named his company Soti. His first twelve months were slow, according to the BBC article. Today, Soti is valued at over $1 billion. Rodrigues’ success is a tribute to hard work, dedication, and the willingness to believe in himself despite what others say.

https://www.bbc.com/news/business-40504764

 

What Next for Berkshire Hathaway’s Entrepreneurial Empire?

Berkshire Hathaway has been the leader in acquiring large, profitable venture. But, with Warren Buffet nearing 90, what is in store for the billion dollar company? Buffet has set up a succession plan for the next few years, according to Lorie Konish at CNBC. But what does that mean for the entrepreneur’s empire?

I think it will look something like this: Investing at Berkshire Hathaway is supposed to change drastically when Buffet leave. Although, the company claims that all habits implemented by Buffet are to stay in place. What will this do to the raging stock now nearing $32o,000 per share? My guess is this stock will fail.

Look out entrepreneurs, it might just be our turn to take a chunk out of this billion dollar monopoly! Take a look at the CNBC article and let me know what you think.

 

Cheers,

Cole Plominski