1
00:00:15,356 --> 00:00:15,796
Speaker 1: Pushkin.

2
00:00:20,676 --> 00:00:24,676
Speaker 2: I just went into the world of motherhood expecting that

3
00:00:24,716 --> 00:00:29,716
Speaker 2: I would breastfeed, expecting it would be easy, and it wasn't.

4
00:00:30,236 --> 00:00:35,396
Speaker 2: I found myself feeding my daughter formula and having that

5
00:00:35,516 --> 00:00:39,596
Speaker 2: visceral feeling, that visceral feeling that I should be giving

6
00:00:39,596 --> 00:00:42,876
Speaker 2: her something better, the visceral feeling that I should feel

7
00:00:43,276 --> 00:00:46,436
Speaker 2: less guilty and I should feel better myself as a

8
00:00:46,516 --> 00:00:49,956
Speaker 2: mother that I'm giving her food and nutrition. But something

9
00:00:49,996 --> 00:00:53,076
Speaker 2: about me just feels bad about it. That hit me

10
00:00:53,796 --> 00:00:56,276
Speaker 2: in a way that I knew I had to do

11
00:00:56,316 --> 00:00:57,036
Speaker 2: something about it.

12
00:01:01,716 --> 00:01:04,436
Speaker 1: I'm Jacob Goldstein, and this is what's your problem. My

13
00:01:04,476 --> 00:01:07,516
Speaker 1: guest today is Laura Mode. Laura is the founder and

14
00:01:07,636 --> 00:01:11,116
Speaker 1: CEO of Bobby. Bobby is a company that makes baby

15
00:01:11,156 --> 00:01:15,196
Speaker 1: formula and sells it online directly to consumers, directly to parents.

16
00:01:15,916 --> 00:01:19,076
Speaker 1: There are a few ways to formulate Laura's problem. One

17
00:01:19,276 --> 00:01:22,556
Speaker 1: is a problem about regulation and competition. How do you

18
00:01:22,636 --> 00:01:26,036
Speaker 1: launch a startup in a highly regulated industry that for

19
00:01:26,116 --> 00:01:30,916
Speaker 1: decades has been largely dominated by two companies. Another way

20
00:01:31,036 --> 00:01:34,916
Speaker 1: to formulate the problem it's a marketing problem. But marketing

21
00:01:35,036 --> 00:01:38,436
Speaker 1: in kind of the broadest sense of the word. How

22
00:01:38,476 --> 00:01:40,996
Speaker 1: do you create a news story around what it means

23
00:01:41,036 --> 00:01:44,276
Speaker 1: to give your baby formula instead of, or in addition

24
00:01:44,356 --> 00:01:45,556
Speaker 1: to breastfeeding.

25
00:01:48,916 --> 00:01:51,756
Speaker 2: I wanted to develop a formula that US parents felt

26
00:01:51,836 --> 00:01:55,996
Speaker 2: truly proud of. I wanted to combat the feeling that

27
00:01:56,916 --> 00:01:58,996
Speaker 2: we were feeding them something that we weren't proud of,

28
00:01:59,236 --> 00:02:04,036
Speaker 2: that parents felt guilty of. And in many ways, they

29
00:02:04,036 --> 00:02:07,156
Speaker 2: were turning to an alternative solution, which was the black market.

30
00:02:07,756 --> 00:02:11,076
Speaker 1: And what black market formula? What black market formula?

31
00:02:11,116 --> 00:02:13,956
Speaker 3: You're talking about European black market?

32
00:02:14,676 --> 00:02:16,516
Speaker 1: Huh? What does that mean?

33
00:02:16,916 --> 00:02:17,676
Speaker 3: Great question?

34
00:02:18,116 --> 00:02:21,356
Speaker 2: What that means is that there was and there is

35
00:02:21,716 --> 00:02:25,476
Speaker 2: many sites out there that is selling infant formula to

36
00:02:25,596 --> 00:02:29,596
Speaker 2: US parents that is made and produced and seen as

37
00:02:29,596 --> 00:02:32,556
Speaker 2: infant formula in Europe, but it's not categorized as infant

38
00:02:32,596 --> 00:02:36,476
Speaker 2: formula here in the US. And a lot of parents,

39
00:02:36,516 --> 00:02:39,356
Speaker 2: I believe. The New York Times reported several years ago

40
00:02:39,516 --> 00:02:43,116
Speaker 2: that twenty percent of Brooklyn parents were importing from.

41
00:02:43,516 --> 00:02:48,156
Speaker 1: Brooklyn parents are as a Brooklyn parent, let me say, hey,

42
00:02:48,316 --> 00:02:50,276
Speaker 1: I was not in that twenty percent, and be weare

43
00:02:50,316 --> 00:02:50,716
Speaker 1: the worst.

44
00:02:52,396 --> 00:02:53,156
Speaker 3: It's so good?

45
00:02:53,556 --> 00:02:58,236
Speaker 1: Why why why do people in Brooklyn think European formula

46
00:02:58,276 --> 00:02:58,676
Speaker 1: is better?

47
00:02:59,916 --> 00:03:01,716
Speaker 2: So it's all over and the one caution I would

48
00:03:01,716 --> 00:03:03,996
Speaker 2: say is I think it is really important and also

49
00:03:04,036 --> 00:03:07,796
Speaker 2: really dangerous for us to refer to anything as better

50
00:03:07,916 --> 00:03:08,316
Speaker 2: or worse.

51
00:03:09,156 --> 00:03:13,516
Speaker 1: How people are doing this. Yeah, but why why why?

52
00:03:13,836 --> 00:03:18,676
Speaker 2: Because the ingredients there, and the ingredients chosen to put

53
00:03:18,676 --> 00:03:23,956
Speaker 2: in formula there are often seen as ingredients of choice,

54
00:03:24,396 --> 00:03:26,436
Speaker 2: and the ingredients of the parents would deam is better.

55
00:03:26,916 --> 00:03:30,236
Speaker 1: You start your company, you start making formula, and you

56
00:03:30,356 --> 00:03:34,876
Speaker 1: run into this fact, this FDA regulation in a very

57
00:03:35,196 --> 00:03:36,356
Speaker 1: dramatic way. What happened.

58
00:03:39,276 --> 00:03:45,036
Speaker 2: I knew it was regulated, but what I hadn't fully

59
00:03:46,196 --> 00:03:50,596
Speaker 2: consumed was that there was very little wiggle room within

60
00:03:50,676 --> 00:03:55,276
Speaker 2: those regulations to be creative, disruptive, or to at least

61
00:03:55,276 --> 00:03:57,316
Speaker 2: take a first step towards changing them.

62
00:03:57,436 --> 00:04:00,996
Speaker 1: Yes, the FDA is not into creative and disruptive. It's

63
00:04:01,036 --> 00:04:01,836
Speaker 1: out there thing.

64
00:04:02,916 --> 00:04:06,156
Speaker 3: No, two things that you'd never see come together.

65
00:04:06,676 --> 00:04:10,036
Speaker 1: And just to be clear, this is back in twenty nineteen.

66
00:04:10,076 --> 00:04:13,356
Speaker 1: It's well before the formula shortage. We had a last

67
00:04:13,436 --> 00:04:16,876
Speaker 1: year that was in the news, but specifically just what happened.

68
00:04:17,676 --> 00:04:21,756
Speaker 2: Specifically, what happened was I could not get product made

69
00:04:21,756 --> 00:04:24,276
Speaker 2: here in the US, so I decided to go to

70
00:04:24,276 --> 00:04:27,756
Speaker 2: Germany and I made my first product in Germany. The

71
00:04:27,876 --> 00:04:31,316
Speaker 2: challenge was is that because we made it abroad, it

72
00:04:31,356 --> 00:04:34,836
Speaker 2: didn't match the regulations in the US, meaning the FDA's

73
00:04:35,156 --> 00:04:37,796
Speaker 2: rags did not see this as an infant formula here

74
00:04:37,796 --> 00:04:41,076
Speaker 2: in the US. So I said, you know what, let's

75
00:04:41,116 --> 00:04:43,316
Speaker 2: just put this out as a toddler formula to begin with.

76
00:04:43,396 --> 00:04:45,996
Speaker 2: That puts it into a different category and it would

77
00:04:46,076 --> 00:04:49,036
Speaker 2: serve it to non infants, and it's a great way

78
00:04:49,076 --> 00:04:49,516
Speaker 2: to start.

79
00:04:50,596 --> 00:04:52,676
Speaker 1: And so, just to be clear, the idea is if

80
00:04:52,716 --> 00:04:55,596
Speaker 1: you call it poddler formula instead of baby formula, then

81
00:04:55,636 --> 00:04:58,596
Speaker 1: it's just like powdered milk or something. Then it's regulated

82
00:04:58,636 --> 00:05:01,596
Speaker 1: like food and has a much lower regulatory threshold.

83
00:05:02,156 --> 00:05:04,236
Speaker 3: Exactly exactly it's food.

84
00:05:05,156 --> 00:05:07,556
Speaker 2: There was one major problem though, is that it actually

85
00:05:07,596 --> 00:05:10,876
Speaker 2: was infant formula, and it would have been infant formula

86
00:05:10,916 --> 00:05:11,556
Speaker 2: in Germany.

87
00:05:11,716 --> 00:05:13,956
Speaker 1: And you knew that, right. You were just trying to

88
00:05:13,996 --> 00:05:16,076
Speaker 1: sort of do a regulatory arbitrage.

89
00:05:16,116 --> 00:05:18,596
Speaker 2: Basically, I was looking at this as a way to

90
00:05:18,596 --> 00:05:20,836
Speaker 2: be able to get high quality formula into the hands

91
00:05:20,876 --> 00:05:23,356
Speaker 2: of American parents in a way that I felt was

92
00:05:23,396 --> 00:05:24,596
Speaker 2: categorized differently.

93
00:05:24,956 --> 00:05:29,316
Speaker 3: Yeah. Disruptive, yes, but this.

94
00:05:29,436 --> 00:05:31,756
Speaker 2: Was a safe, high quality infant formula that was being

95
00:05:31,796 --> 00:05:35,036
Speaker 2: fed to millions of babies in another continent, and our

96
00:05:35,076 --> 00:05:39,156
Speaker 2: continent would not have categorized it as infant formula. And

97
00:05:39,556 --> 00:05:43,956
Speaker 2: ten days in to a very small pilot where we

98
00:05:43,956 --> 00:05:48,716
Speaker 2: were only selling it to folks within our city in

99
00:05:48,716 --> 00:05:52,076
Speaker 2: San Francisco, I want to say there was ninety three customers.

100
00:05:52,436 --> 00:05:56,796
Speaker 2: The FDA called, not just a phone call. They came

101
00:05:56,836 --> 00:05:59,876
Speaker 2: to visit our warehouse and I received a phone call

102
00:05:59,916 --> 00:06:03,476
Speaker 2: from our warehouse manager, and that warehouse manager says, the

103
00:06:03,516 --> 00:06:08,476
Speaker 2: FDA's here. And I in a state of disbelief because

104
00:06:08,876 --> 00:06:12,756
Speaker 2: in all of our research, the FDA, until you've reached

105
00:06:12,756 --> 00:06:15,476
Speaker 2: a certain size, and until there truly is a concern,

106
00:06:15,756 --> 00:06:17,116
Speaker 2: they're not showing up, Like.

107
00:06:17,076 --> 00:06:19,236
Speaker 1: How do they even know you exist? Right? You said,

108
00:06:19,396 --> 00:06:20,476
Speaker 1: ninety three customers?

109
00:06:20,916 --> 00:06:23,916
Speaker 3: Ninety three customers. It's a high quality infant forum.

110
00:06:23,996 --> 00:06:27,516
Speaker 2: There was no safety concerns, no issues reported, but there

111
00:06:27,636 --> 00:06:32,316
Speaker 2: was some press, and that press highlighted that the company

112
00:06:32,596 --> 00:06:35,316
Speaker 2: was the new infant formula company in the industry. Now

113
00:06:35,356 --> 00:06:38,676
Speaker 2: for a regulated body who regulates all infant formula, this

114
00:06:38,716 --> 00:06:40,876
Speaker 2: can also be a shock because where did it come from?

115
00:06:40,956 --> 00:06:46,796
Speaker 3: Who is this company? And at our warehouse they were met.

116
00:06:46,996 --> 00:06:50,036
Speaker 3: I was met with very friendly.

117
00:06:49,676 --> 00:06:55,036
Speaker 2: Officials in full uniform who very quickly said you can't

118
00:06:55,116 --> 00:06:56,476
Speaker 2: do this and shut us down.

119
00:06:58,356 --> 00:06:59,396
Speaker 3: And it was heartbreaking.

120
00:06:59,716 --> 00:07:02,636
Speaker 2: It was both heartbreaking and it was the first moment

121
00:07:02,796 --> 00:07:08,276
Speaker 2: of just very humbly realizing that just because an industry

122
00:07:08,316 --> 00:07:12,156
Speaker 2: needs to be disrupt did doesn't mean that you can

123
00:07:12,356 --> 00:07:17,036
Speaker 2: just bulldoze your way through. And there's many ways to

124
00:07:17,116 --> 00:07:20,596
Speaker 2: approach disruption and change. And it really was I think

125
00:07:20,636 --> 00:07:22,516
Speaker 2: it was one of those first moments I was like, Okay,

126
00:07:22,916 --> 00:07:24,916
Speaker 2: this is going to be a journey. This is this

127
00:07:24,956 --> 00:07:28,596
Speaker 2: isn't my previous history coming from tech, this is going

128
00:07:28,676 --> 00:07:30,396
Speaker 2: to be different, and it was.

129
00:07:30,756 --> 00:07:32,716
Speaker 1: I mean, the way the way you talk about it, it

130
00:07:32,716 --> 00:07:35,676
Speaker 1: sort of reminds me of when Uber was starting out

131
00:07:35,716 --> 00:07:39,116
Speaker 1: and there were all of these rules in different cities

132
00:07:39,396 --> 00:07:43,996
Speaker 1: about UH that that limited who could provide taxi service basically, right,

133
00:07:44,036 --> 00:07:47,676
Speaker 1: and clearly to me, those rules just benefited taxi services

134
00:07:47,796 --> 00:07:49,796
Speaker 1: at the expense of customers, right, And I feel like

135
00:07:50,956 --> 00:07:53,116
Speaker 1: that in a way was a model for what you're doing, Like, ah,

136
00:07:53,196 --> 00:07:56,356
Speaker 1: there's this duopoly, it hasn't changed in decades. Come on,

137
00:07:56,596 --> 00:07:58,956
Speaker 1: we're just going to do this and figure it out later.

138
00:07:59,036 --> 00:08:01,436
Speaker 1: And the FDA basically said, no, you are not. That

139
00:08:01,556 --> 00:08:02,356
Speaker 1: is not the way this one.

140
00:08:03,676 --> 00:08:06,556
Speaker 3: That's exactly what happened. Exactly what happened.

141
00:08:07,796 --> 00:08:09,676
Speaker 2: Yeah, and you know there's I think when you go

142
00:08:09,716 --> 00:08:12,676
Speaker 2: through these things as well, Like I was looking around,

143
00:08:12,876 --> 00:08:15,276
Speaker 2: and I think for any parent listening to this, you

144
00:08:15,396 --> 00:08:19,236
Speaker 2: either are or you've heard of someone importing European formula

145
00:08:19,276 --> 00:08:22,836
Speaker 2: off a black market. And wherever there's a black market,

146
00:08:23,036 --> 00:08:26,036
Speaker 2: there tends to be an opportunity. And that's exactly as

147
00:08:26,036 --> 00:08:30,316
Speaker 2: a parent at the time, importing black market European formula,

148
00:08:30,636 --> 00:08:33,716
Speaker 2: You're almost looking at this going, well, it's happening in

149
00:08:33,756 --> 00:08:36,236
Speaker 2: many ways, but it's not being done in a way

150
00:08:36,276 --> 00:08:39,116
Speaker 2: that's meeting consumers where they're currently at. And this seemed

151
00:08:39,156 --> 00:08:42,396
Speaker 2: like a different approach to something that was rampant and

152
00:08:42,476 --> 00:08:44,396
Speaker 2: already happening all over the country.

153
00:08:45,076 --> 00:08:50,596
Speaker 1: So the FDA's basically shutting you down. You're a brand

154
00:08:50,636 --> 00:08:53,076
Speaker 1: new company and the FDA is saying you cannot be

155
00:08:53,156 --> 00:08:54,756
Speaker 1: a company in the way that you were planning to

156
00:08:54,756 --> 00:08:55,356
Speaker 1: be a company.

157
00:08:55,676 --> 00:08:56,236
Speaker 3: What do you do?

158
00:08:58,436 --> 00:09:01,636
Speaker 2: So you go through an identity crisis for a hot minute,

159
00:09:01,996 --> 00:09:04,396
Speaker 2: you go, who am I what's this about?

160
00:09:04,516 --> 00:09:07,836
Speaker 3: How do we tackle it. Why did I do this?

161
00:09:07,956 --> 00:09:12,996
Speaker 2: But also how else would I have done it? Because,

162
00:09:13,196 --> 00:09:15,636
Speaker 2: as we all have come to learn, there was no

163
00:09:15,796 --> 00:09:19,316
Speaker 2: other options for a new company to be born within

164
00:09:19,356 --> 00:09:23,316
Speaker 2: the country. That is why it duopoly exists, and that

165
00:09:23,436 --> 00:09:26,556
Speaker 2: is why this industry is so concentrated. There was no

166
00:09:26,676 --> 00:09:30,236
Speaker 2: Yellow Pages of infant formula manufacturers here in the US.

167
00:09:30,716 --> 00:09:32,756
Speaker 2: If I decided to make baby food, I would have

168
00:09:32,756 --> 00:09:35,756
Speaker 2: had a choice of two hundred manufacturers to call, But

169
00:09:35,836 --> 00:09:39,876
Speaker 2: I chose a hard regulated product because I believe that

170
00:09:40,036 --> 00:09:43,676
Speaker 2: truly needed to change. The challenge was that the industry

171
00:09:43,836 --> 00:09:46,636
Speaker 2: was not set up for a newcomer to enter, which.

172
00:09:46,436 --> 00:09:48,036
Speaker 1: Is why there were no newcomers.

173
00:09:48,116 --> 00:09:48,236
Speaker 2: Right.

174
00:09:50,636 --> 00:09:52,236
Speaker 1: It's a high barrier to entry.

175
00:09:52,636 --> 00:09:56,596
Speaker 2: But one of the things that really opened doors was

176
00:09:56,636 --> 00:10:01,356
Speaker 2: that the national shutdown that we had from the FDA

177
00:10:01,676 --> 00:10:04,916
Speaker 2: got public attention. And when I say public attention, it

178
00:10:04,956 --> 00:10:07,756
Speaker 2: got more headlines than us launching the company.

179
00:10:08,556 --> 00:10:11,516
Speaker 1: Right, it's great press. It's almost the case been shutting

180
00:10:11,516 --> 00:10:11,956
Speaker 1: you down?

181
00:10:12,116 --> 00:10:12,356
Speaker 2: Right?

182
00:10:12,836 --> 00:10:14,436
Speaker 1: So did you find that?

183
00:10:14,476 --> 00:10:14,596
Speaker 2: Like?

184
00:10:14,596 --> 00:10:14,676
Speaker 3: So?

185
00:10:14,756 --> 00:10:17,156
Speaker 1: Wait, so the FDA comes in, they basically shut you down,

186
00:10:17,196 --> 00:10:19,596
Speaker 1: and then suddenly does everybody want to buy your formula

187
00:10:19,636 --> 00:10:20,836
Speaker 1: that you could no longer sell?

188
00:10:21,356 --> 00:10:24,276
Speaker 2: It was half and half. It was a lot of curiosity.

189
00:10:24,556 --> 00:10:27,076
Speaker 2: A lot of curiosity was coming my way on just

190
00:10:27,396 --> 00:10:28,516
Speaker 2: hold on, what happened?

191
00:10:28,596 --> 00:10:29,516
Speaker 3: Why did this happen?

192
00:10:29,596 --> 00:10:33,036
Speaker 2: And it started peaking people's interest for this, Maybe is

193
00:10:33,076 --> 00:10:34,396
Speaker 2: an industry to pay attention to.

194
00:10:35,036 --> 00:10:35,676
Speaker 3: And then you're right.

195
00:10:35,716 --> 00:10:38,236
Speaker 2: The other side of it was, oh, my gosh, I

196
00:10:38,276 --> 00:10:40,316
Speaker 2: want to get your formula. What can we do to help?

197
00:10:41,196 --> 00:10:43,756
Speaker 2: And the peaking interest in the curiosity came from two

198
00:10:43,796 --> 00:10:45,996
Speaker 2: different groups that helped me figure out what path I

199
00:10:46,036 --> 00:10:48,876
Speaker 2: was going to go on. The first group was an investor,

200
00:10:49,276 --> 00:10:53,716
Speaker 2: multiple investors, who saw what I was trying to do,

201
00:10:53,916 --> 00:10:56,796
Speaker 2: saw the market opportunity and also how regulated it was,

202
00:10:57,076 --> 00:10:59,796
Speaker 2: and called me and said, I really believe in what

203
00:10:59,836 --> 00:11:02,716
Speaker 2: you're doing, and I think you have the persistence to

204
00:11:02,796 --> 00:11:03,356
Speaker 2: keep going.

205
00:11:03,596 --> 00:11:07,076
Speaker 3: Can I give you a few million dollars to keep going? Now?

206
00:11:07,076 --> 00:11:08,796
Speaker 2: That was the kind of phone call you want when

207
00:11:08,836 --> 00:11:10,516
Speaker 2: you're in the middle of an identity crisis, trying to

208
00:11:10,516 --> 00:11:11,196
Speaker 2: figure out where to.

209
00:11:11,236 --> 00:11:13,316
Speaker 1: Go, and when you just got shut down and know

210
00:11:13,396 --> 00:11:15,156
Speaker 1: that you're not gonna have any revenue coming in the

211
00:11:15,196 --> 00:11:16,116
Speaker 1: door for some time.

212
00:11:16,396 --> 00:11:18,796
Speaker 2: Yeah, that's right, no revenue and yet a lot of

213
00:11:18,796 --> 00:11:21,756
Speaker 2: capital to get to that next phase. The second phone

214
00:11:21,756 --> 00:11:25,356
Speaker 2: call was the one that really sealed a deal. And

215
00:11:25,396 --> 00:11:28,276
Speaker 2: that phone call was from the only and the one

216
00:11:29,116 --> 00:11:33,316
Speaker 2: contract manufacturer that outside of the duopoly in the US

217
00:11:34,156 --> 00:11:38,596
Speaker 2: makes infant formula for the country. And that phone call

218
00:11:38,876 --> 00:11:41,676
Speaker 2: was a turning point because I tried for two years

219
00:11:41,756 --> 00:11:44,796
Speaker 2: leading up to it for them to make my formula,

220
00:11:44,876 --> 00:11:46,996
Speaker 2: and I was interesting.

221
00:11:47,396 --> 00:11:50,116
Speaker 1: So this company, it's perrygo Am I saying it the

222
00:11:50,196 --> 00:11:53,116
Speaker 1: right way. Err, I read it, so you're saying, and

223
00:11:53,236 --> 00:11:55,476
Speaker 1: just to be clear, so they are a US manufacturer

224
00:11:55,476 --> 00:11:58,956
Speaker 1: and they make lots of sort of generic formula, right

225
00:11:58,996 --> 00:12:01,676
Speaker 1: like if you buy formula Costco or whatever, they make

226
00:12:01,716 --> 00:12:03,596
Speaker 1: that formula. And you're saying you had been trying to

227
00:12:03,636 --> 00:12:07,436
Speaker 1: get them to make your formulney and you were not

228
00:12:07,556 --> 00:12:11,796
Speaker 1: worth their time. Basically, yes, they weren't really calls. We

229
00:12:11,796 --> 00:12:13,396
Speaker 1: don't know what they were thinking, but we only know

230
00:12:13,436 --> 00:12:16,116
Speaker 1: that they wouldn't return your calls. Yeah, correct, And then

231
00:12:16,156 --> 00:12:18,276
Speaker 1: they called you. And then when this news came out,

232
00:12:18,316 --> 00:12:18,836
Speaker 1: they called you.

233
00:12:19,636 --> 00:12:20,436
Speaker 3: There you go, Jacob.

234
00:12:20,476 --> 00:12:23,436
Speaker 2: That's exactly how it went down. And it's so funny

235
00:12:23,436 --> 00:12:25,116
Speaker 2: when people are like, would you have done it differently?

236
00:12:25,116 --> 00:12:26,916
Speaker 2: I'm like, that phone call wouldn't have come in. But

237
00:12:27,916 --> 00:12:30,316
Speaker 2: keep in mind they also needed to change their business

238
00:12:30,316 --> 00:12:33,356
Speaker 2: model as well, because they were used to making formula

239
00:12:33,476 --> 00:12:36,756
Speaker 2: for store brands, and here I was, I had a

240
00:12:36,876 --> 00:12:39,756
Speaker 2: unique formula and I wanted someone to make it. So

241
00:12:39,796 --> 00:12:42,356
Speaker 2: that was also them going, huh, would we approach this

242
00:12:42,396 --> 00:12:45,916
Speaker 2: differently and also take on a new incomer and do

243
00:12:46,196 --> 00:12:50,876
Speaker 2: chaking on a new business model as well. So I'll

244
00:12:50,876 --> 00:12:53,636
Speaker 2: never forget that call. And one of the most important

245
00:12:53,636 --> 00:12:56,916
Speaker 2: things that hit me during that moment was there was

246
00:12:56,956 --> 00:12:58,876
Speaker 2: a lot of support to be able to get us

247
00:12:58,916 --> 00:13:01,396
Speaker 2: to the next level, not because they saw it as

248
00:13:01,436 --> 00:13:05,996
Speaker 2: an opportunity, but because they saw how we handled the shutdown.

249
00:13:07,156 --> 00:13:10,116
Speaker 2: And it is something I canntinue to remind the team

250
00:13:10,156 --> 00:13:12,436
Speaker 2: of too. Turbulence may come very often, but it's how

251
00:13:12,476 --> 00:13:14,956
Speaker 2: you handle that turbulence. And we handled it with a

252
00:13:15,036 --> 00:13:20,116
Speaker 2: level of grace and managed our message and hung up

253
00:13:20,116 --> 00:13:22,276
Speaker 2: our hat and said, yeah, this is how we approach

254
00:13:22,356 --> 00:13:24,796
Speaker 2: the market. And it hasn't landed, so we're going to

255
00:13:24,796 --> 00:13:28,636
Speaker 2: take a different path. And we weren't defensive, we didn't

256
00:13:28,636 --> 00:13:33,076
Speaker 2: push back, we weren't defiant, and that landed, and that

257
00:13:33,196 --> 00:13:35,156
Speaker 2: landed in a way that the respect that came from

258
00:13:35,196 --> 00:13:37,996
Speaker 2: both investors and future manufacturers.

259
00:13:38,556 --> 00:13:42,196
Speaker 1: It landed tell me, well, tell me how your formula

260
00:13:42,276 --> 00:13:45,196
Speaker 1: is different than that, you know big formula brands in

261
00:13:45,196 --> 00:13:47,236
Speaker 1: the christ country.

262
00:13:47,316 --> 00:13:51,596
Speaker 2: So we've designed her based on and I refer to

263
00:13:51,636 --> 00:13:55,516
Speaker 2: as as a her. We've designed her really inspired by

264
00:13:55,556 --> 00:13:58,276
Speaker 2: European formula. So the first thing we did from a

265
00:13:58,316 --> 00:14:03,596
Speaker 2: recipe standpoint was say, how are recipes designed for European

266
00:14:03,636 --> 00:14:06,076
Speaker 2: infant formula? And that means you start to look at

267
00:14:06,116 --> 00:14:09,516
Speaker 2: the levels. So we are the only infant formula that

268
00:14:09,676 --> 00:14:16,436
Speaker 2: mirrors European nutritional standards. And put another way, there's no

269
00:14:16,676 --> 00:14:20,436
Speaker 2: US infant formula where their recipe would pass the bar

270
00:14:21,196 --> 00:14:25,436
Speaker 2: set for European infant formos. So that's the first thing

271
00:14:25,476 --> 00:14:27,716
Speaker 2: the recipe. The second thing that makes us different is

272
00:14:27,756 --> 00:14:30,916
Speaker 2: the choice of ingredients. We've chosen to leave out ingredients

273
00:14:31,036 --> 00:14:36,236
Speaker 2: like corn syrup, use organic grass fed milk and not

274
00:14:36,356 --> 00:14:41,156
Speaker 2: conventional milk, leave out palm oil, which is a leading

275
00:14:41,756 --> 00:14:46,036
Speaker 2: ingredient towards constipation for a baby, So making it easier

276
00:14:46,076 --> 00:14:48,396
Speaker 2: to digest by leaving out things like palm oil and

277
00:14:48,436 --> 00:14:52,356
Speaker 2: putting in things like coconut oil. So between the choice

278
00:14:52,356 --> 00:14:57,596
Speaker 2: of our fat blend ingredients and the recipe which mirrors

279
00:14:57,596 --> 00:15:02,076
Speaker 2: European nutritional standards. That's ultimately the differentiator that we hang

280
00:15:02,116 --> 00:15:02,556
Speaker 2: our hat on.

281
00:15:04,076 --> 00:15:09,436
Speaker 1: So I have two kids and we gave them formula.

282
00:15:09,756 --> 00:15:11,556
Speaker 1: We gave them. I think it was similar, just one

283
00:15:11,556 --> 00:15:17,156
Speaker 1: of the big American brands, Like should I have given

284
00:15:17,196 --> 00:15:19,836
Speaker 1: them some European style formula? Body didn't exist? But if

285
00:15:19,836 --> 00:15:21,556
Speaker 1: it should I have done that instead?

286
00:15:21,996 --> 00:15:27,116
Speaker 2: Absolutely not. Okay, and this, oh, I love that you're

287
00:15:27,156 --> 00:15:29,036
Speaker 2: asking this because I always I always have a note

288
00:15:29,076 --> 00:15:30,956
Speaker 2: by my desk to make sure that this is a

289
00:15:30,996 --> 00:15:35,036
Speaker 2: reminder of something to repeat, because I don't believe that

290
00:15:35,036 --> 00:15:38,156
Speaker 2: there is anything any such thing is a bad formula.

291
00:15:38,236 --> 00:15:40,876
Speaker 2: And I truly mean that. And I don't just mean

292
00:15:40,916 --> 00:15:44,276
Speaker 2: that because I want to make sure that people don't

293
00:15:44,316 --> 00:15:48,996
Speaker 2: see Bobby as coming across as elite or differentiated that way.

294
00:15:49,116 --> 00:15:51,876
Speaker 3: I truly believe that whatever.

295
00:15:51,556 --> 00:15:58,276
Speaker 2: Product is both available affordable is the right formula for you,

296
00:15:58,516 --> 00:16:01,796
Speaker 2: and your child will have the same chances as every

297
00:16:01,836 --> 00:16:05,436
Speaker 2: other child out there, and I do I truly truly

298
00:16:05,476 --> 00:16:05,716
Speaker 2: mean that.

299
00:16:05,716 --> 00:16:07,276
Speaker 1: Well, that's a relief, thank you.

300
00:16:07,396 --> 00:16:11,036
Speaker 2: I appreciate that your kids will be fabulous and they

301
00:16:11,076 --> 00:16:13,356
Speaker 2: will have the same chances as everyone else.

302
00:16:13,396 --> 00:16:18,036
Speaker 1: I'm a fan. So, I mean, there's something really interesting

303
00:16:18,076 --> 00:16:19,516
Speaker 1: here and I've been trying to think of the right

304
00:16:19,556 --> 00:16:21,436
Speaker 1: way to talk about it. Well, there's a few things.

305
00:16:21,436 --> 00:16:24,436
Speaker 1: One let's just say MABBY is way more expensive than

306
00:16:25,716 --> 00:16:28,916
Speaker 1: most formulas. Right, It's like a fancy, high end formula.

307
00:16:31,276 --> 00:16:35,876
Speaker 1: And you're saying, it's not like gonna make my kids smarter,

308
00:16:36,076 --> 00:16:40,956
Speaker 1: happier or whatever. So so what's the pitch.

309
00:16:41,916 --> 00:16:44,436
Speaker 2: Yeah, yeah, it's it's a it's a great it's a

310
00:16:44,436 --> 00:16:47,876
Speaker 2: great point to raise, and I'll like underscore again what

311
00:16:47,956 --> 00:16:51,516
Speaker 2: I said. I believe parents need choices, not just choices

312
00:16:51,556 --> 00:16:53,636
Speaker 2: when it comes to infra formula. I think across anything

313
00:16:53,676 --> 00:16:55,516
Speaker 2: that people consume, there needs to be choices because you

314
00:16:55,596 --> 00:16:59,876
Speaker 2: got preferences. Now, at the end of the day, milk

315
00:16:59,956 --> 00:17:02,876
Speaker 2: is milk, but some parents, and I would be one

316
00:17:02,916 --> 00:17:05,556
Speaker 2: of them, I want to make sure that the milk

317
00:17:05,596 --> 00:17:08,116
Speaker 2: that I'm feeding them is preservative free.

318
00:17:08,676 --> 00:17:12,356
Speaker 3: Organa grass fed, conventional dairy is.

319
00:17:12,356 --> 00:17:14,316
Speaker 2: Still going to give you the nutrients your baby needs

320
00:17:14,356 --> 00:17:17,756
Speaker 2: to grow and develop, but on a spectrum they are different.

321
00:17:18,716 --> 00:17:22,236
Speaker 2: Now that's just using one example, and you can point

322
00:17:22,276 --> 00:17:27,916
Speaker 2: to any industry where whether it's a fabric in the

323
00:17:27,956 --> 00:17:33,556
Speaker 2: retail and clothing industry, or whether it's something within cosmetics

324
00:17:33,876 --> 00:17:37,636
Speaker 2: where people choose to have something that is slightly richer

325
00:17:37,636 --> 00:17:40,196
Speaker 2: in collagen than a moisturizer that doesn't at the end

326
00:17:40,236 --> 00:17:42,036
Speaker 2: of the day, it is moisturizer and it's going to

327
00:17:42,036 --> 00:17:42,756
Speaker 2: give you what you need.

328
00:17:43,316 --> 00:17:46,436
Speaker 1: Yeah, my kids are now at the age where they're

329
00:17:46,476 --> 00:17:50,156
Speaker 1: super into skincare, and so I appreciate that point too,

330
00:17:50,436 --> 00:17:54,636
Speaker 1: because you see the different care well, you see the

331
00:17:54,636 --> 00:18:00,476
Speaker 1: difference in price for sure. Exactly in a minute, we'll

332
00:18:00,516 --> 00:18:03,196
Speaker 1: talk more about marketing in the biggest sense of the word,

333
00:18:03,556 --> 00:18:06,276
Speaker 1: and also about what happened to Bobby during last year's

334
00:18:06,316 --> 00:18:17,916
Speaker 1: big formula shortage. Now back to the show, So let's

335
00:18:17,916 --> 00:18:21,076
Speaker 1: talk about Like, marketing is really interesting to me here, right,

336
00:18:21,636 --> 00:18:25,196
Speaker 1: So let's talk about marketing, because you know there's one

337
00:18:25,596 --> 00:18:27,436
Speaker 1: when I first started thinking about this, I was like, oh,

338
00:18:27,476 --> 00:18:30,596
Speaker 1: maybe it's just marketing. But then like I objected to

339
00:18:30,636 --> 00:18:36,436
Speaker 1: that word just right, because I feel like marketing is

340
00:18:36,436 --> 00:18:39,036
Speaker 1: a big deal, right, Like whatever we tell ourselves stories

341
00:18:39,036 --> 00:18:45,036
Speaker 1: in order to live, you know, Joan didon and just

342
00:18:45,036 --> 00:18:48,876
Speaker 1: when you will look at look at say Simolac. I

343
00:18:48,916 --> 00:18:52,196
Speaker 1: think we gave our kids Simolac a can of Simolac,

344
00:18:52,196 --> 00:18:54,956
Speaker 1: one of the big brands, and then a can of Bobby.

345
00:18:55,076 --> 00:18:59,836
Speaker 1: Like they're telling such different stories, right, Like Similac came

346
00:18:59,876 --> 00:19:03,236
Speaker 1: out in what the nineteen fifties, right, this era of

347
00:19:03,316 --> 00:19:06,316
Speaker 1: like better living through chemistry was kind of the you know,

348
00:19:06,356 --> 00:19:08,556
Speaker 1: the fremailing belief. And when you look at Simolac, it

349
00:19:08,556 --> 00:19:12,476
Speaker 1: looks like it looks very much like a medical product.

350
00:19:12,516 --> 00:19:15,756
Speaker 1: It actually says number one brand fed in hospitals on

351
00:19:15,796 --> 00:19:18,796
Speaker 1: the can, and there's like these acronym for some thing

352
00:19:18,876 --> 00:19:20,436
Speaker 1: that I don't know what it is. And then you

353
00:19:20,476 --> 00:19:23,436
Speaker 1: look at the Bobby can, it's like a line drawing

354
00:19:23,516 --> 00:19:27,076
Speaker 1: of a cow, right, And like the biggest letters are organic, right,

355
00:19:27,116 --> 00:19:30,396
Speaker 1: And so it's like one is medicine, science and then

356
00:19:30,396 --> 00:19:34,636
Speaker 1: other was like nature cows. Am I reading that?

357
00:19:34,756 --> 00:19:34,956
Speaker 2: Right?

358
00:19:34,996 --> 00:19:37,716
Speaker 1: I mean is that part of sort of what you're selling.

359
00:19:38,716 --> 00:19:42,276
Speaker 3: I like that you underscored that it's not just yeah.

360
00:19:42,436 --> 00:19:46,716
Speaker 1: I really think that, especially because this is formula and breastfeeding.

361
00:19:46,756 --> 00:19:49,356
Speaker 1: It's for which itself. Like when you look at the

362
00:19:49,396 --> 00:19:53,236
Speaker 1: amount of narrative around breastfeeding versus formula versus the amount

363
00:19:53,276 --> 00:19:57,196
Speaker 1: of science, like it's so much narrative, it's so much marketing.

364
00:19:57,276 --> 00:20:00,316
Speaker 1: The sort of breastfeeding versus formula story, and and that

365
00:20:00,476 --> 00:20:06,276
Speaker 1: story makes people, especially women in my experience, moms feel

366
00:20:06,356 --> 00:20:08,996
Speaker 1: so bad when they can't breastfeed, right, And I feel

367
00:20:08,996 --> 00:20:12,596
Speaker 1: like the marketing piece, the storytelling piece of what you're

368
00:20:12,636 --> 00:20:15,156
Speaker 1: doing fits with that, right.

369
00:20:15,916 --> 00:20:19,156
Speaker 3: It does. Look there's a huge universe out there.

370
00:20:19,196 --> 00:20:23,156
Speaker 2: You're like, ah, whatever, I mean, it's all bs. People

371
00:20:23,156 --> 00:20:25,636
Speaker 2: shouldn't be guilty about it. But it's hard for that

372
00:20:25,676 --> 00:20:27,636
Speaker 2: person to really judge if you haven't been in the

373
00:20:27,636 --> 00:20:29,756
Speaker 2: other person's shoes. Yeah, and there is going to be

374
00:20:29,796 --> 00:20:32,276
Speaker 2: many people who will hear this, and we've been on

375
00:20:32,316 --> 00:20:35,516
Speaker 2: the journey with them where in their postpartum state and

376
00:20:35,556 --> 00:20:38,556
Speaker 2: in that state of is this right for my child?

377
00:20:38,636 --> 00:20:40,676
Speaker 3: How am I feeling? Do I feel guilty?

378
00:20:41,356 --> 00:20:44,596
Speaker 2: You grow up dreaming of breastfeeding and then you realize

379
00:20:44,596 --> 00:20:47,516
Speaker 2: that you can only put out two ounces. That's heartbreaking.

380
00:20:47,636 --> 00:20:50,156
Speaker 2: This is not like, Oh I chose that granola bar

381
00:20:50,276 --> 00:20:54,436
Speaker 2: over this one. This is a completely different moment in life.

382
00:20:54,036 --> 00:20:58,516
Speaker 2: And again, my job is to make sure that we

383
00:20:58,556 --> 00:21:04,276
Speaker 2: play such a radically centrist position. Unfortunately, the war of

384
00:21:04,476 --> 00:21:06,716
Speaker 2: breastfeeding versus formula got to a place where it was

385
00:21:06,716 --> 00:21:10,236
Speaker 2: pretty bad, and I think we all need to start

386
00:21:10,276 --> 00:21:13,436
Speaker 2: realizing that it's not about what your child is fed,

387
00:21:13,996 --> 00:21:16,276
Speaker 2: that we need to just all accept how they're being

388
00:21:16,276 --> 00:21:19,116
Speaker 2: fed and just say, your baby's being fed and that's

389
00:21:19,116 --> 00:21:22,716
Speaker 2: a good thing. And we have to And that's the

390
00:21:22,796 --> 00:21:25,356
Speaker 2: whole goal that I have in our messaging, is that

391
00:21:25,916 --> 00:21:28,196
Speaker 2: you just need to feel good that you are feeding

392
00:21:28,196 --> 00:21:30,516
Speaker 2: your child something, to be proud of that, whatever it

393
00:21:30,556 --> 00:21:32,716
Speaker 2: is for you. And by the way, some other parents

394
00:21:32,716 --> 00:21:34,996
Speaker 2: who doesn't need that message might be totally fine and

395
00:21:34,996 --> 00:21:37,756
Speaker 2: proud of whatever they've chosen to feed their child. And

396
00:21:37,796 --> 00:21:39,956
Speaker 2: there should be no shame, no pointing fingers, and we

397
00:21:39,996 --> 00:21:44,796
Speaker 2: need to accept that. And I am very, very proud

398
00:21:45,116 --> 00:21:48,756
Speaker 2: to not look at our branding, our marketing as a

399
00:21:48,916 --> 00:21:53,996
Speaker 2: sales tool, but rather as a culture changer. And again

400
00:21:54,196 --> 00:21:55,956
Speaker 2: I know that there's going to be and there has

401
00:21:56,036 --> 00:21:59,996
Speaker 2: been many people go ugh whatever, And yet until you

402
00:22:00,036 --> 00:22:03,956
Speaker 2: are in someone's shoes who's truly going through that, do

403
00:22:04,076 --> 00:22:07,156
Speaker 2: you really understand the importance of changing a narrative.

404
00:22:07,756 --> 00:22:11,236
Speaker 1: So we got to talk about last year's formula shortage

405
00:22:11,316 --> 00:22:13,716
Speaker 1: right this moment. Last year, it was big national news

406
00:22:14,076 --> 00:22:17,276
Speaker 1: when one of the big factories that makes formula in

407
00:22:17,316 --> 00:22:20,756
Speaker 1: this country shut down, and suddenly there was not enough

408
00:22:20,796 --> 00:22:22,356
Speaker 1: baby formula in America.

409
00:22:22,876 --> 00:22:24,356
Speaker 3: I mean, you couldn't write this story.

410
00:22:24,436 --> 00:22:26,996
Speaker 2: And every time I just hear these these moments back

411
00:22:27,036 --> 00:22:29,276
Speaker 2: to back like we're doing today.

412
00:22:30,676 --> 00:22:35,036
Speaker 3: Oh, I get PTSD. Oh this all went down.

413
00:22:36,476 --> 00:22:40,396
Speaker 2: So what happened was that it was February seventeenth. I

414
00:22:40,396 --> 00:22:43,436
Speaker 2: remember so clearly, sitting at my desk and I saw

415
00:22:43,476 --> 00:22:47,556
Speaker 2: the news that this recall was happening for a large player.

416
00:22:48,476 --> 00:22:50,796
Speaker 2: And because I have spent the last five to six

417
00:22:50,876 --> 00:22:55,316
Speaker 2: years researching, understanding the industry and seeing what needs to change,

418
00:22:55,756 --> 00:22:58,956
Speaker 2: I knew within sixty seconds of reading that that recall

419
00:22:59,036 --> 00:23:01,436
Speaker 2: went down. I knew that this was going to cause

420
00:23:01,436 --> 00:23:05,236
Speaker 2: a national shortage. And I remember turning to the team

421
00:23:05,316 --> 00:23:06,676
Speaker 2: and I was like, here's what is going to mean.

422
00:23:07,716 --> 00:23:11,436
Speaker 2: It means that for what period of time the rest

423
00:23:11,436 --> 00:23:14,436
Speaker 2: of the players are going to have to feed America. Yeah,

424
00:23:15,556 --> 00:23:19,396
Speaker 2: and within one week post that shortage, our customer count doubled.

425
00:23:20,316 --> 00:23:22,716
Speaker 2: Now for a small players just entered to see your

426
00:23:22,756 --> 00:23:24,316
Speaker 2: customer count double that quickly.

427
00:23:25,516 --> 00:23:27,036
Speaker 3: On one side, yes, I.

428
00:23:26,956 --> 00:23:29,396
Speaker 2: Think as a CEO, you're sitting there going, oh my god,

429
00:23:29,436 --> 00:23:29,956
Speaker 2: this is great.

430
00:23:30,036 --> 00:23:31,356
Speaker 3: We're taking off right.

431
00:23:31,516 --> 00:23:34,516
Speaker 1: Well, if you are selling software. It would be your dream,

432
00:23:34,596 --> 00:23:37,516
Speaker 1: right because you can sell as many licenses for the

433
00:23:37,556 --> 00:23:39,436
Speaker 1: software as you want. You could sell a billion of them.

434
00:23:39,476 --> 00:23:41,516
Speaker 1: You can just get more service space you give it in.

435
00:23:41,796 --> 00:23:44,036
Speaker 1: But you're not selling software, right, You're selling a thing,

436
00:23:45,156 --> 00:23:47,716
Speaker 1: and presumably you can't just keep doubling the amount of

437
00:23:47,756 --> 00:23:50,076
Speaker 1: it that your manufacturer is making for you.

438
00:23:51,316 --> 00:23:53,716
Speaker 3: And we're also not just selling anything.

439
00:23:54,276 --> 00:23:56,396
Speaker 2: We're not selling a piece of furniture where if someone

440
00:23:56,436 --> 00:23:58,476
Speaker 2: comes and it says we're sold out, they go, ooh, I.

441
00:23:58,436 --> 00:23:59,756
Speaker 3: Want that more. It's so cool.

442
00:24:00,396 --> 00:24:03,276
Speaker 2: We're selling an essential good that feeds babies, and that

443
00:24:03,396 --> 00:24:06,556
Speaker 2: essential good it's not cool to be out of infant formula.

444
00:24:06,676 --> 00:24:08,356
Speaker 2: It's not cool to be out of your baby's food.

445
00:24:08,836 --> 00:24:12,156
Speaker 2: And that's where being a mom plays into this as well,

446
00:24:12,156 --> 00:24:15,716
Speaker 2: because what it means to solve for these moments, you

447
00:24:15,756 --> 00:24:20,316
Speaker 2: get a different level of empathy and relatability to what

448
00:24:20,716 --> 00:24:24,396
Speaker 2: all American parents are going through. And my head of

449
00:24:24,436 --> 00:24:29,076
Speaker 2: growth sharene an exceptional woman whose job is to grow

450
00:24:29,116 --> 00:24:31,716
Speaker 2: the business, was the person who sat in front of

451
00:24:31,756 --> 00:24:36,596
Speaker 2: me and said, Laura, we are growing too fast. And

452
00:24:36,636 --> 00:24:39,476
Speaker 2: here's the problem. We are depleting inventory faster than our

453
00:24:39,476 --> 00:24:44,716
Speaker 2: ability to keep up, and if we keep depleting product,

454
00:24:45,036 --> 00:24:48,996
Speaker 2: we won't be able to continue and reliably serve those

455
00:24:49,036 --> 00:24:53,116
Speaker 2: that have already made a commitment to us. And in hindsight,

456
00:24:53,156 --> 00:24:55,316
Speaker 2: it was not a hard decision. Within twenty four hours

457
00:24:55,356 --> 00:24:58,116
Speaker 2: of that, we made the decision to stop growing the

458
00:24:58,196 --> 00:25:02,476
Speaker 2: company and to just give a promise to those who

459
00:25:02,556 --> 00:25:05,276
Speaker 2: signed up for Bobby that we will continue and reliably

460
00:25:05,316 --> 00:25:06,276
Speaker 2: be able to serve them.

461
00:25:06,716 --> 00:25:07,476
Speaker 3: So, even though we.

462
00:25:07,516 --> 00:25:09,956
Speaker 2: Kept making product, that product was for those who made

463
00:25:09,956 --> 00:25:12,716
Speaker 2: a commitment to us already, and we were not about

464
00:25:12,716 --> 00:25:15,476
Speaker 2: to grow too fast in a world that we had

465
00:25:15,476 --> 00:25:18,196
Speaker 2: no control in and then run out one day.

466
00:25:19,516 --> 00:25:23,276
Speaker 1: So do you like just flip a switch so there's

467
00:25:23,316 --> 00:25:26,196
Speaker 1: no sign, Like, do you turn off your website? Like,

468
00:25:26,236 --> 00:25:27,516
Speaker 1: what do you actually do?

469
00:25:27,596 --> 00:25:29,756
Speaker 3: Practically? That's exactly what we did.

470
00:25:29,876 --> 00:25:32,916
Speaker 2: We you know, you go to your product page to

471
00:25:32,956 --> 00:25:36,556
Speaker 2: go buy something, and we had a letter on the

472
00:25:36,596 --> 00:25:39,716
Speaker 2: page that basically said, we have a customer promise that

473
00:25:39,756 --> 00:25:41,636
Speaker 2: if you sign up for us, we sign up for you.

474
00:25:42,276 --> 00:25:45,836
Speaker 2: And right now we are serving seventy thousand babies across

475
00:25:45,876 --> 00:25:47,996
Speaker 2: this country and during the shortage we want to continue

476
00:25:48,036 --> 00:25:50,316
Speaker 2: and reliably serve them, and right now we can't accept

477
00:25:50,316 --> 00:25:53,756
Speaker 2: more customers. At the time, I thought, maybe this will

478
00:25:53,796 --> 00:25:54,556
Speaker 2: go on for a month.

479
00:25:55,076 --> 00:25:57,556
Speaker 3: You just don't know what it was.

480
00:25:57,596 --> 00:26:00,076
Speaker 1: Seems like a long time. It was seven months.

481
00:26:00,516 --> 00:26:06,716
Speaker 2: Seven months, we turned our side off seven and it

482
00:26:06,756 --> 00:26:07,756
Speaker 2: felt like a lifetime.

483
00:26:08,036 --> 00:26:11,636
Speaker 1: So you made it. You made it through that period,

484
00:26:11,756 --> 00:26:14,836
Speaker 1: you turned your site back on. You're back to grow

485
00:26:14,876 --> 00:26:18,636
Speaker 1: in the formula business. Now, what's the next thing you

486
00:26:18,676 --> 00:26:19,116
Speaker 1: want to do?

487
00:26:19,596 --> 00:26:21,516
Speaker 2: I think as we continue to grow, we will be

488
00:26:21,556 --> 00:26:25,876
Speaker 2: given the permission by our consumers to say, maybe we

489
00:26:25,876 --> 00:26:27,916
Speaker 2: should start looking at other ways that we can tap

490
00:26:27,956 --> 00:26:28,316
Speaker 2: into the.

491
00:26:28,236 --> 00:26:29,076
Speaker 3: World of nutrition.

492
00:26:29,916 --> 00:26:33,036
Speaker 2: So while I think we've started with the first one

493
00:26:33,036 --> 00:26:36,756
Speaker 2: of the hardest, most regulated products, I'm excited for the

494
00:26:36,796 --> 00:26:40,156
Speaker 2: innovation that's happening right now to say, how else can

495
00:26:40,236 --> 00:26:43,356
Speaker 2: we look at nutrition, especially in those first thousand days

496
00:26:43,396 --> 00:26:46,796
Speaker 2: for a child, and also looking at nutrition for a mom.

497
00:26:47,476 --> 00:26:49,996
Speaker 2: So I'm excited to see where Bobby takes our next

498
00:26:49,996 --> 00:26:53,356
Speaker 2: steps to solve for a broader nutritional set.

499
00:26:57,156 --> 00:26:59,196
Speaker 1: We'll be back in a minute with the light Now

500
00:27:07,996 --> 00:27:11,236
Speaker 1: back to the show. Okay, let's do the lightning round.

501
00:27:12,116 --> 00:27:15,356
Speaker 1: It's just a bunch of semi random questions that I

502
00:27:15,356 --> 00:27:18,476
Speaker 1: hope will be fun for you. You used to work

503
00:27:18,476 --> 00:27:23,996
Speaker 1: at Airbnb. Give me one secret hack for renting a

504
00:27:23,996 --> 00:27:25,396
Speaker 1: place on Airbnb.

505
00:27:28,996 --> 00:27:33,596
Speaker 3: I would filter for SuperHost good will. It will truly be.

506
00:27:33,636 --> 00:27:35,996
Speaker 2: That nine or ten that you're looking for, and you're

507
00:27:36,036 --> 00:27:36,876
Speaker 2: not rolling the dice.

508
00:27:39,836 --> 00:27:42,396
Speaker 1: And to be clear, SuperHost they're identified on Airbnb. There

509
00:27:42,396 --> 00:27:44,876
Speaker 1: are people who have hosted for a long time, gotten

510
00:27:44,956 --> 00:27:45,716
Speaker 1: very good reviews.

511
00:27:46,076 --> 00:27:49,996
Speaker 2: Correct, they have a badge, they're dedicated, they're fantastic. And

512
00:27:50,036 --> 00:27:51,956
Speaker 2: if you're not a super host and you're listening, go

513
00:27:52,036 --> 00:27:52,876
Speaker 2: become a SuperHost.

514
00:27:54,836 --> 00:27:56,636
Speaker 1: I read that you used to be a day trader,

515
00:27:57,036 --> 00:28:00,716
Speaker 1: and you know, I was an economics reporter for ten years,

516
00:28:00,716 --> 00:28:03,236
Speaker 1: and if there's one thing I learned, it's don't be

517
00:28:03,316 --> 00:28:05,916
Speaker 1: a day trader. Yeah, are you're wrong? I also read

518
00:28:05,956 --> 00:28:08,116
Speaker 1: that you did well as a day trader. So were

519
00:28:08,116 --> 00:28:09,436
Speaker 1: you lucky? Were you good?

520
00:28:09,516 --> 00:28:10,036
Speaker 3: What? Like?

521
00:28:10,636 --> 00:28:11,996
Speaker 1: Give me one thing on day trading?

522
00:28:13,276 --> 00:28:14,356
Speaker 3: Oh my god, I love that.

523
00:28:14,876 --> 00:28:17,996
Speaker 2: And the one advice I would have is don't day

524
00:28:17,996 --> 00:28:22,636
Speaker 2: trade if you can't watch the market. And what I

525
00:28:22,676 --> 00:28:25,596
Speaker 2: mean by that is I worked on Google Finance. I

526
00:28:25,716 --> 00:28:29,156
Speaker 2: was staring at the I was staring at stocks all day.

527
00:28:29,316 --> 00:28:31,476
Speaker 2: I was staring at the ups and downs. I was

528
00:28:31,556 --> 00:28:35,116
Speaker 2: watching the news that related to the ups and downs,

529
00:28:35,356 --> 00:28:37,756
Speaker 2: and essentially I was in it. And when I hear

530
00:28:37,836 --> 00:28:40,396
Speaker 2: of people just jumping in and day training, but then

531
00:28:40,916 --> 00:28:44,676
Speaker 2: they're like out of it for a few hours, it's

532
00:28:44,756 --> 00:28:47,476
Speaker 2: dangerous And yeah I was.

533
00:28:47,476 --> 00:28:48,156
Speaker 3: I was in it.

534
00:28:49,876 --> 00:28:55,356
Speaker 1: You're Irish, gon do a couple of Ireland questions. Besides

535
00:28:55,396 --> 00:28:58,676
Speaker 1: your family and friends? What do you miss most about Ireland?

536
00:28:59,716 --> 00:28:59,876
Speaker 2: Oh?

537
00:28:59,996 --> 00:29:03,876
Speaker 1: The banter, Well, the banter, the crack, my right to

538
00:29:03,876 --> 00:29:05,156
Speaker 1: call it crack? What is crack?

539
00:29:05,276 --> 00:29:05,916
Speaker 3: What is crack?

540
00:29:06,116 --> 00:29:10,516
Speaker 2: I know? And I hope you never cut this one

541
00:29:10,556 --> 00:29:12,436
Speaker 2: piece that says Laura misses the crack.

542
00:29:14,636 --> 00:29:16,156
Speaker 3: What I mean by that is that it is banter.

543
00:29:16,356 --> 00:29:20,156
Speaker 2: It's the fun, it's the levity, and it's the hospitality

544
00:29:20,156 --> 00:29:23,876
Speaker 2: of Irish humans, even if they're strangers, you will always

545
00:29:23,876 --> 00:29:24,316
Speaker 2: have fun.

546
00:29:27,236 --> 00:29:29,316
Speaker 1: Is Guinness overrated or underrated?

547
00:29:30,796 --> 00:29:31,116
Speaker 3: Oh?

548
00:29:31,356 --> 00:29:36,836
Speaker 2: Extremely underrated, stunning, It's nutritional and unfortunately you can't pour

549
00:29:36,876 --> 00:29:38,036
Speaker 2: a good pint here in the US.

550
00:29:38,356 --> 00:29:40,236
Speaker 1: Guinness is like formula for grownups.

551
00:29:41,796 --> 00:29:44,516
Speaker 2: Again, you can't quote me on that, but maybe I'm

552
00:29:44,556 --> 00:29:45,636
Speaker 2: winking you.

553
00:29:45,676 --> 00:29:53,756
Speaker 1: No, I definitely am going to Laura Mody is the

554
00:29:53,796 --> 00:29:57,956
Speaker 1: founder and CEO of Bobby. Today's show was produced by

555
00:29:58,116 --> 00:30:01,996
Speaker 1: Edith Russolo, edited by Sarah Nix and engineered by Amanda K.

556
00:30:02,236 --> 00:30:02,476
Speaker 2: Wong.

557
00:30:02,916 --> 00:30:05,476
Speaker 1: You can email us at problem at Pushkin dot fm,

558
00:30:05,556 --> 00:30:07,796
Speaker 1: or you can find me on Twitter at Jacob Goldstein.

559
00:30:08,116 --> 00:30:10,396
Speaker 1: I'm Jacob Goldstein and we'll be back next week with

560
00:30:10,476 --> 00:30:13,916
Speaker 1: another episode of What's Your Problem MHM