1 00:00:02,160 --> 00:00:04,520 Speaker 1: I'm with Lucas and this is black Tech, Green money. 2 00:00:05,600 --> 00:00:09,039 Speaker 2: Beatrice Dixon is the co founder, CEO, and Chief Innovation 3 00:00:09,160 --> 00:00:12,760 Speaker 2: officer of the Honey pot Kel, game changing feminine wellness 4 00:00:12,800 --> 00:00:16,639 Speaker 2: brand that started with the dream. Literally from launching with 5 00:00:16,680 --> 00:00:19,280 Speaker 2: a twenty one thousand dollar loan to building a multi 6 00:00:19,320 --> 00:00:23,120 Speaker 2: million dollar business, Doctor made your retailers be as, navigated 7 00:00:23,160 --> 00:00:26,079 Speaker 2: the challenges of fundraising as a black woman, scaled the 8 00:00:26,120 --> 00:00:29,960 Speaker 2: company without losing its soul, and remained unapologetic about her 9 00:00:30,040 --> 00:00:33,920 Speaker 2: vision with success. So I'm very interested in your take 10 00:00:33,960 --> 00:00:37,600 Speaker 2: on this because I've lived by this idea of not 11 00:00:37,720 --> 00:00:41,080 Speaker 2: being romantic about business, and I read that you also 12 00:00:41,360 --> 00:00:47,080 Speaker 2: practiced unromantic relationships with the business. And you know, you said, 13 00:00:47,080 --> 00:00:48,720 Speaker 2: you like, don't look at your business. 14 00:00:48,479 --> 00:00:49,159 Speaker 1: As your baby. 15 00:00:49,320 --> 00:00:52,360 Speaker 2: You know, I've read as you said, so many of 16 00:00:52,440 --> 00:00:55,120 Speaker 2: us start because we're so passionate about the idea. So 17 00:00:55,160 --> 00:00:58,760 Speaker 2: how do you admonish us to think about that? 18 00:01:01,080 --> 00:01:04,520 Speaker 3: I think that, you know, because you know, every now 19 00:01:04,520 --> 00:01:07,240 Speaker 3: and again somebody asked me do I have kids. I 20 00:01:07,240 --> 00:01:10,000 Speaker 3: don't have kids, you know, and they'll be like, well, 21 00:01:10,000 --> 00:01:12,679 Speaker 3: your business is your kids. I'm like, I mean, you're 22 00:01:12,880 --> 00:01:18,280 Speaker 3: kind of you know, but at the same time, our 23 00:01:18,280 --> 00:01:21,679 Speaker 3: businesses are not our kids. Our businesses our businesses. They're 24 00:01:21,720 --> 00:01:26,639 Speaker 3: here to make us money. They're here to provide goods 25 00:01:26,640 --> 00:01:30,480 Speaker 3: and services to human beings that we serve. You know, 26 00:01:32,600 --> 00:01:37,520 Speaker 3: I think that it's really important too. I think it's 27 00:01:37,560 --> 00:01:41,160 Speaker 3: really important to give respect to what a business is. 28 00:01:42,319 --> 00:01:46,640 Speaker 3: But I also understand that it takes a lot of you. 29 00:01:47,120 --> 00:01:49,040 Speaker 3: It takes a lot of your soul, a lot of 30 00:01:49,080 --> 00:01:52,600 Speaker 3: your energy, a lot of your you know, especially when 31 00:01:52,640 --> 00:01:56,400 Speaker 3: you're really trying to do the thing. You know, you 32 00:01:56,520 --> 00:01:59,680 Speaker 3: give it all you have, so naturally it feels personal, 33 00:02:00,360 --> 00:02:05,520 Speaker 3: right because you know, a lot of the shit is personal. 34 00:02:05,880 --> 00:02:10,919 Speaker 3: You know, you have to sacrifice a lot when you're really, really, 35 00:02:10,960 --> 00:02:13,840 Speaker 3: really in business, like when things are really at scale 36 00:02:13,840 --> 00:02:17,320 Speaker 3: and you're growing and moving and shaking and raising money, 37 00:02:17,400 --> 00:02:21,960 Speaker 3: and you know, in a lot of retailers or you know, 38 00:02:22,040 --> 00:02:26,280 Speaker 3: you've got a huge brand online or whatever, it requires 39 00:02:26,360 --> 00:02:30,720 Speaker 3: a lot of you. So it's like, on one hand, 40 00:02:31,720 --> 00:02:36,320 Speaker 3: I understand that for the people that do it every day, 41 00:02:36,360 --> 00:02:39,359 Speaker 3: it's not just business. There is a personal element to it. 42 00:02:39,960 --> 00:02:43,520 Speaker 3: And on the other hand, we have to understand what 43 00:02:43,720 --> 00:02:47,120 Speaker 3: the purpose of business is. Especially this is something in 44 00:02:47,160 --> 00:02:50,240 Speaker 3: the black community you know, because we are held to 45 00:02:50,320 --> 00:02:57,560 Speaker 3: a standard that frankly is not able to be. You know, 46 00:02:57,800 --> 00:03:01,960 Speaker 3: it's a standard that's not reality. You understand what I'm saying. 47 00:03:02,480 --> 00:03:06,520 Speaker 3: It's not based in reality, It's based a lot in emotion. 48 00:03:08,160 --> 00:03:12,720 Speaker 3: You know, we don't necessarily always see ourselves as just 49 00:03:12,840 --> 00:03:16,839 Speaker 3: business people. We see ourselves as black business people, when 50 00:03:16,840 --> 00:03:19,520 Speaker 3: in fact, we're just business people like everybody else is. 51 00:03:20,240 --> 00:03:23,640 Speaker 3: You understand what I'm saying. And so even though the 52 00:03:23,680 --> 00:03:25,960 Speaker 3: world wants to put us in that box, we have 53 00:03:26,000 --> 00:03:28,960 Speaker 3: to do a better job of unconditioning ourselves to stay 54 00:03:29,000 --> 00:03:32,000 Speaker 3: in that box, you know, because we're just trying to 55 00:03:32,160 --> 00:03:35,760 Speaker 3: run our shit like everybody else is, right, And so 56 00:03:36,400 --> 00:03:44,360 Speaker 3: that's another part of it that's really hard, because you know, 57 00:03:44,440 --> 00:03:47,440 Speaker 3: we grow up, we scale, we raise money, we do 58 00:03:47,480 --> 00:03:50,080 Speaker 3: all the things. Well, what happens when you raise money 59 00:03:50,120 --> 00:03:52,560 Speaker 3: and do all the things You have to have some 60 00:03:52,720 --> 00:03:55,960 Speaker 3: kind of strategic partnership. You have to have a way 61 00:03:56,000 --> 00:04:00,160 Speaker 3: for your shareholders to be able to become whole on 62 00:04:00,200 --> 00:04:04,120 Speaker 3: their investment as well as yourself. You don't get rich, 63 00:04:05,200 --> 00:04:08,040 Speaker 3: you know, I'm not saying that some companies don't, but 64 00:04:08,120 --> 00:04:12,840 Speaker 3: typically you can be you can be. Let me rephrase this. 65 00:04:12,920 --> 00:04:17,159 Speaker 3: You're not getting wealthy off of being a business owner. 66 00:04:17,200 --> 00:04:20,920 Speaker 3: You might become rich, okay, okay, And when I'm when 67 00:04:20,960 --> 00:04:23,960 Speaker 3: I'm when I'm talking about rich. You may have money 68 00:04:23,960 --> 00:04:25,680 Speaker 3: in the in the bank, you know, you might, you 69 00:04:25,760 --> 00:04:28,719 Speaker 3: might be able to stack a couple of million, right, 70 00:04:29,440 --> 00:04:33,680 Speaker 3: But having the ability to stop twenty plus in your 71 00:04:33,680 --> 00:04:38,920 Speaker 3: bank account, which is fu money right where it can 72 00:04:39,000 --> 00:04:41,000 Speaker 3: just sit there, you never have to think about it, 73 00:04:41,040 --> 00:04:44,240 Speaker 3: and you can just earn off of interest. You can 74 00:04:44,320 --> 00:04:47,560 Speaker 3: just live off of that forever and ever. You understand 75 00:04:47,560 --> 00:04:50,400 Speaker 3: what I'm saying. Having the ability to do to do 76 00:04:50,520 --> 00:04:54,920 Speaker 3: that means that some sort of an event is happening, right, 77 00:04:56,200 --> 00:04:59,240 Speaker 3: some sort of a strategic event. Is it that you've 78 00:04:59,279 --> 00:05:04,080 Speaker 3: been acquired by a private equity fund. Is it that 79 00:05:04,120 --> 00:05:08,000 Speaker 3: you've been acquired by conglomerate? Is it that you took 80 00:05:08,000 --> 00:05:11,719 Speaker 3: your company to be to I p O, you know, 81 00:05:11,760 --> 00:05:13,640 Speaker 3: and you were able to let it sit long enough 82 00:05:14,000 --> 00:05:17,080 Speaker 3: and actually be able to make money off of that? Right? Yeah, 83 00:05:17,720 --> 00:05:20,640 Speaker 3: these are the things that we have to do in business. 84 00:05:21,120 --> 00:05:23,799 Speaker 3: Our skin color and what's between our legs shouldn't matter. 85 00:05:24,440 --> 00:05:28,280 Speaker 3: But but this is another way that I think business 86 00:05:28,360 --> 00:05:32,040 Speaker 3: is romanticized and emotional, emotionalized. I don't even know that 87 00:05:32,040 --> 00:05:35,520 Speaker 3: that's a reason or a word, right, but you know, 88 00:05:35,600 --> 00:05:38,279 Speaker 3: but you understand what I'm saying, like we have to 89 00:05:38,520 --> 00:05:43,000 Speaker 3: we have to stop. I shouldn't say we have to 90 00:05:43,040 --> 00:05:46,440 Speaker 3: do this is just my opinion. I think that we 91 00:05:46,520 --> 00:05:49,960 Speaker 3: need to do a better job of respecting what it 92 00:05:50,040 --> 00:05:53,400 Speaker 3: takes to make this shit happen, because it takes a 93 00:05:53,440 --> 00:05:57,560 Speaker 3: lot and and and and if you're lucky enough, which 94 00:05:57,640 --> 00:06:02,280 Speaker 3: most companies, whether you're white, purple brain, most companies will 95 00:06:02,360 --> 00:06:05,800 Speaker 3: never ever ever experience what that is to go through 96 00:06:05,839 --> 00:06:08,039 Speaker 3: some sort of event of an event like that, because 97 00:06:08,040 --> 00:06:11,080 Speaker 3: it just doesn't happen every day. But we shouldn't be 98 00:06:11,120 --> 00:06:17,159 Speaker 3: penalized because we do. You understand, like we shouldn't. We 99 00:06:17,160 --> 00:06:20,960 Speaker 3: shouldn't be in a position where investors are afraid to 100 00:06:21,080 --> 00:06:25,000 Speaker 3: invest in us, or strategics are afraid to acquire us 101 00:06:25,600 --> 00:06:29,359 Speaker 3: because of what the community is going to say. You know, 102 00:06:30,120 --> 00:06:34,920 Speaker 3: I think that that that that's another way that business 103 00:06:35,000 --> 00:06:39,120 Speaker 3: has been romanticized because once you do it, then then 104 00:06:39,160 --> 00:06:41,880 Speaker 3: you're penalized for doing it. And that's not really cool 105 00:06:41,880 --> 00:06:44,240 Speaker 3: because you're just doing what you have to do in 106 00:06:44,360 --> 00:06:48,120 Speaker 3: order to run your business. And in order to, you know, 107 00:06:48,600 --> 00:06:50,640 Speaker 3: go through the motions of what it means to take 108 00:06:50,680 --> 00:06:54,159 Speaker 3: in venture capital or private equity money. The day you 109 00:06:54,240 --> 00:06:56,240 Speaker 3: do that, that's the day that you've just signed that 110 00:06:56,440 --> 00:06:59,120 Speaker 3: you've just you've just signed the dotted line to say 111 00:06:59,160 --> 00:07:02,200 Speaker 3: that you're either selling your company or your IPO in it. 112 00:07:02,480 --> 00:07:02,840 Speaker 1: Yeah. 113 00:07:03,360 --> 00:07:06,719 Speaker 2: Right, Yeah, I think I'm gonna throw away all the 114 00:07:06,760 --> 00:07:09,240 Speaker 2: questions I have prepared and just let the spirit movie 115 00:07:09,320 --> 00:07:09,800 Speaker 2: on this one. 116 00:07:10,560 --> 00:07:12,760 Speaker 1: This was this okay you okay. 117 00:07:12,960 --> 00:07:16,640 Speaker 2: So I think, listening to at least the beginning of 118 00:07:16,680 --> 00:07:20,640 Speaker 2: your talk, you're a statement there that some of so 119 00:07:20,720 --> 00:07:21,679 Speaker 2: many of us get. 120 00:07:21,480 --> 00:07:23,760 Speaker 1: Into whatever business we start because. 121 00:07:23,520 --> 00:07:26,960 Speaker 2: We're so passionate about it. And I wonder your take 122 00:07:27,040 --> 00:07:29,880 Speaker 2: on do we even have to be passionate but or 123 00:07:29,920 --> 00:07:33,760 Speaker 2: can we also be opportunistic also like our counterparts might be, 124 00:07:33,800 --> 00:07:36,160 Speaker 2: they just see an opportunity and go because I see 125 00:07:36,160 --> 00:07:36,840 Speaker 2: an opportunity. 126 00:07:37,440 --> 00:07:42,120 Speaker 3: Yeah, yeah, I think I think. 127 00:07:43,000 --> 00:07:46,240 Speaker 2: No, no, go ahead, No, I don't really have a question, 128 00:07:46,280 --> 00:07:47,640 Speaker 2: but I wanted to have this conversation. 129 00:07:48,200 --> 00:07:53,680 Speaker 3: Yeah. I absolutely think that there's businesses that are what 130 00:07:53,720 --> 00:08:01,480 Speaker 3: they are, you know, because of opportunity. Look at Jeff Bezos, 131 00:08:01,520 --> 00:08:04,600 Speaker 3: the richest man in the world, right there may be 132 00:08:04,640 --> 00:08:08,760 Speaker 3: somebody wealthier, but like you know, he's high up, right. 133 00:08:09,600 --> 00:08:12,440 Speaker 3: He got to where he is because he saw an opportunity. 134 00:08:13,320 --> 00:08:16,440 Speaker 1: Right, Do you see enough of us doing that? 135 00:08:16,640 --> 00:08:19,840 Speaker 2: Or because I believe, at least from my perspective, that 136 00:08:19,880 --> 00:08:22,000 Speaker 2: we are more tall, Like what do you care about? 137 00:08:22,040 --> 00:08:23,640 Speaker 1: What are the things that move you? And then go 138 00:08:23,760 --> 00:08:24,360 Speaker 1: start to business? 139 00:08:24,360 --> 00:08:30,000 Speaker 3: So bad? Yeah, I actually agree with you. Right. We 140 00:08:30,160 --> 00:08:33,199 Speaker 3: are brought up to care about things. We are brought 141 00:08:33,320 --> 00:08:36,720 Speaker 3: up to feel responsible for what we put into the 142 00:08:36,760 --> 00:08:41,360 Speaker 3: world to you know, we're more We're I don't want 143 00:08:41,360 --> 00:08:48,319 Speaker 3: to say more. We're a communal community, right, We those 144 00:08:48,400 --> 00:08:51,120 Speaker 3: types of things are important to us. So I'm not 145 00:08:51,160 --> 00:08:56,320 Speaker 3: going to say what anybody should or shouldn't do. You know, 146 00:08:57,520 --> 00:09:01,679 Speaker 3: I'm kind of both, and I can only speak for myself. Right, 147 00:09:02,400 --> 00:09:05,480 Speaker 3: I'm very much passionate about what I do. I think 148 00:09:05,520 --> 00:09:07,920 Speaker 3: that this is part of the reason why I was 149 00:09:07,960 --> 00:09:09,959 Speaker 3: put on this planet, is to do what I do. 150 00:09:10,040 --> 00:09:14,600 Speaker 3: I am very lucky to have found my passion, right, 151 00:09:14,679 --> 00:09:19,640 Speaker 3: I am very lucky to have found what my purpose 152 00:09:19,800 --> 00:09:23,120 Speaker 3: is on this planet. Right for me to be alive? 153 00:09:23,320 --> 00:09:30,120 Speaker 3: I feel that way, and you know I am a 154 00:09:30,559 --> 00:09:36,120 Speaker 3: conscious capitalist, right, I do believe in wealth. I do believe, 155 00:09:37,640 --> 00:09:39,800 Speaker 3: you know, I do believe in what it can do 156 00:09:39,880 --> 00:09:42,040 Speaker 3: for you. I believe in how it can change your life. 157 00:09:42,160 --> 00:09:46,480 Speaker 3: I believe in how it can change others' lives, you know. 158 00:09:46,679 --> 00:09:51,840 Speaker 3: And I deeply believe in business and what the capacity 159 00:09:51,960 --> 00:09:54,520 Speaker 3: of running a business, how that can make you wealthy, 160 00:09:54,559 --> 00:09:56,800 Speaker 3: and how if you do that right and with the 161 00:09:56,880 --> 00:09:59,280 Speaker 3: right responsibility and the right care and the right love, 162 00:10:00,080 --> 00:10:04,200 Speaker 3: can do all those things be wickedly successful or wildly 163 00:10:04,320 --> 00:10:11,600 Speaker 3: successful rather and still care right, So you can you 164 00:10:12,000 --> 00:10:14,319 Speaker 3: because you have to. If you want to be successful 165 00:10:14,360 --> 00:10:18,000 Speaker 3: in business, you have to be opportunistic. You have to 166 00:10:18,000 --> 00:10:21,880 Speaker 3: be able to see the shit that most people don't see. 167 00:10:21,960 --> 00:10:24,880 Speaker 3: You have to be able to be able to be like, huh, 168 00:10:25,840 --> 00:10:27,480 Speaker 3: you know. You have to be able to see a 169 00:10:27,480 --> 00:10:30,880 Speaker 3: white space. You have to see twenty steps ahead. You 170 00:10:30,960 --> 00:10:34,320 Speaker 3: have to know the direction that something is going right. 171 00:10:34,400 --> 00:10:36,760 Speaker 3: So you have to be I believe that you have 172 00:10:36,840 --> 00:10:40,840 Speaker 3: to be both right. I believe that. I believe that, 173 00:10:41,760 --> 00:10:45,880 Speaker 3: and I'm not projecting that onto anybody else, but as 174 00:10:45,880 --> 00:10:50,160 Speaker 3: it relates to me, I believe that being able to 175 00:10:50,160 --> 00:10:53,960 Speaker 3: be opportunistic and also being able to be relatable and 176 00:10:54,120 --> 00:10:57,600 Speaker 3: also being able to be responsible and loving and caring 177 00:10:58,160 --> 00:11:01,640 Speaker 3: because I make products that people use on their bodies, 178 00:11:01,679 --> 00:11:06,240 Speaker 3: that people use on their vaginas. Right, that's not something 179 00:11:06,280 --> 00:11:09,120 Speaker 3: that I think is to be taken lightly, you know, 180 00:11:09,720 --> 00:11:13,000 Speaker 3: So that has to be done with a lot of care, love, responsibility. 181 00:11:13,600 --> 00:11:15,920 Speaker 3: That has to you know, because we're not just making 182 00:11:16,000 --> 00:11:19,440 Speaker 3: things for people to use like there have. There has 183 00:11:19,520 --> 00:11:22,120 Speaker 3: to be beautiful energy and fused into these products. So 184 00:11:22,240 --> 00:11:26,520 Speaker 3: it's actually helping to heal their lives. Yeah, that you know, 185 00:11:26,600 --> 00:11:30,960 Speaker 3: and that that's a very esoteric view of business. But 186 00:11:31,040 --> 00:11:35,480 Speaker 3: that's how I see it, you know, which which makes 187 00:11:35,679 --> 00:11:38,480 Speaker 3: the way we run our business very special and beautiful 188 00:11:38,559 --> 00:11:44,400 Speaker 3: and hard, you know. But but yeah, to answer your question, 189 00:11:44,720 --> 00:11:46,199 Speaker 3: I think you need to be both. 190 00:11:47,280 --> 00:11:54,720 Speaker 2: Have we dangerously over no pun intended romanticized raising money? 191 00:11:54,840 --> 00:11:57,319 Speaker 1: I think we have, howso. 192 00:11:58,679 --> 00:12:02,560 Speaker 3: Because it was too easy to raise it over the past, 193 00:12:02,720 --> 00:12:07,400 Speaker 3: you know, call it, you know, for when when all 194 00:12:07,400 --> 00:12:12,280 Speaker 3: the humans you know, starting with starting with George Floyd, 195 00:12:13,800 --> 00:12:16,920 Speaker 3: even though this has been happening for thousands of years, 196 00:12:18,200 --> 00:12:24,440 Speaker 3: the brutality and killing of black men, right the world 197 00:12:24,520 --> 00:12:28,160 Speaker 3: saw it. Everybody wanted to do something. Nobody was doing 198 00:12:28,200 --> 00:12:30,480 Speaker 3: anything else because COVID had happened, So we were all 199 00:12:30,520 --> 00:12:33,840 Speaker 3: sitting at home, so everybody only had the ability to 200 00:12:33,840 --> 00:12:39,240 Speaker 3: pay attention. Well, what happened from that? D Diversity, equity, 201 00:12:39,280 --> 00:12:44,400 Speaker 3: and inclusion happened. Companies were sprouting up the whole departments 202 00:12:44,440 --> 00:12:52,920 Speaker 3: around it, right, you know, venture capitalists and investors, all 203 00:12:52,960 --> 00:12:59,320 Speaker 3: types of investors were putting together funds for BIPOC humans, 204 00:13:00,320 --> 00:13:04,040 Speaker 3: not just for black people, just humans, you know, diverse 205 00:13:04,120 --> 00:13:07,320 Speaker 3: humans all the way around. Whether that meant you know, 206 00:13:08,760 --> 00:13:12,880 Speaker 3: think of all the different cultures and ethnicities, LGBTQ plus 207 00:13:12,880 --> 00:13:21,360 Speaker 3: community veterans, women, you know. I think money was just 208 00:13:21,400 --> 00:13:24,240 Speaker 3: falling from the sky. Everybody could just go out and 209 00:13:24,320 --> 00:13:27,120 Speaker 3: raise it. Even if you just started your business, that's 210 00:13:27,160 --> 00:13:29,200 Speaker 3: not really the time to raise money because you don't 211 00:13:29,200 --> 00:13:33,960 Speaker 3: even really know what you have yet, right, I think 212 00:13:33,960 --> 00:13:37,280 Speaker 3: that raising money. I don't think that we shouldn't have 213 00:13:37,440 --> 00:13:41,800 Speaker 3: access to money that's out there. You know, I'll speak 214 00:13:42,160 --> 00:13:45,599 Speaker 3: now for our race as black people. I think that 215 00:13:45,800 --> 00:13:50,200 Speaker 3: access should just be should just access should be access. 216 00:13:50,240 --> 00:13:52,720 Speaker 3: It shouldn't have to there shouldn't have to be funds 217 00:13:52,720 --> 00:13:55,760 Speaker 3: that are focused on only black and brown humans. It 218 00:13:57,400 --> 00:14:00,640 Speaker 3: doesn't matter because it needs to be right, because this 219 00:14:00,720 --> 00:14:04,160 Speaker 3: is the world we live in, you know. But you know, 220 00:14:04,400 --> 00:14:09,600 Speaker 3: I am very much a believer and know how hard 221 00:14:09,640 --> 00:14:13,240 Speaker 3: it is to raise money and how hard it should 222 00:14:13,280 --> 00:14:19,560 Speaker 3: be to raise money because you literally, you literally are 223 00:14:19,640 --> 00:14:23,920 Speaker 3: asking people whether it's angel investors who that's typically money 224 00:14:23,920 --> 00:14:26,840 Speaker 3: that they've made in their life that they're taking out 225 00:14:26,840 --> 00:14:30,200 Speaker 3: of their bank account to invest in your business. Right, 226 00:14:30,280 --> 00:14:35,360 Speaker 3: those are typically the first ones then invest right. Then 227 00:14:35,400 --> 00:14:39,200 Speaker 3: there's venture capital, which in my mind, you shouldn't be going. 228 00:14:41,120 --> 00:14:44,040 Speaker 3: I don't personally believe that it's time to get venture 229 00:14:44,080 --> 00:14:47,120 Speaker 3: capital money until you've actually proven that you have something 230 00:14:48,080 --> 00:14:52,280 Speaker 3: because venture capital money typically comes with rules. And I'm 231 00:14:52,280 --> 00:14:55,400 Speaker 3: not saying that you know, seed capital and all those 232 00:14:55,400 --> 00:14:58,680 Speaker 3: things aren't important, because they are. But I just I 233 00:14:59,240 --> 00:15:03,720 Speaker 3: personally think think that when it comes to bringing capital 234 00:15:03,760 --> 00:15:06,800 Speaker 3: into the business, you should know what you have. You 235 00:15:06,840 --> 00:15:11,040 Speaker 3: should know where it's going, right, you should know how 236 00:15:11,040 --> 00:15:13,320 Speaker 3: you're gonna invest it, how you're going to grow your team, 237 00:15:13,400 --> 00:15:15,280 Speaker 3: all those different types of things that I think for 238 00:15:15,360 --> 00:15:17,280 Speaker 3: a few years, money was just falling out of the 239 00:15:17,320 --> 00:15:22,200 Speaker 3: sky and people didn't necessarily have the education. I mean, 240 00:15:22,240 --> 00:15:24,200 Speaker 3: I can say that because at one point we didn't 241 00:15:24,240 --> 00:15:29,040 Speaker 3: have the education right, you know, and my brother sire. 242 00:15:29,200 --> 00:15:31,680 Speaker 3: I remember I used to say to him, bro, we 243 00:15:31,720 --> 00:15:33,560 Speaker 3: need to raise some money, and he was like, we 244 00:15:33,600 --> 00:15:35,320 Speaker 3: don't need to raise no money yet, what are we 245 00:15:35,400 --> 00:15:38,640 Speaker 3: raising it for. We like, we're selling on our on 246 00:15:38,720 --> 00:15:43,120 Speaker 3: a website into some into some small natural stores. We 247 00:15:43,160 --> 00:15:47,240 Speaker 3: don't need no money. When Target came, that's when he 248 00:15:47,400 --> 00:15:51,160 Speaker 3: was like, Okay, now we need some money, right because 249 00:15:51,200 --> 00:15:54,400 Speaker 3: now we have we have somewhere to hang our hat. 250 00:15:54,560 --> 00:15:57,440 Speaker 3: Like we that when when when a when a mass 251 00:15:57,440 --> 00:16:00,960 Speaker 3: market retailer comes, that's when you have the ability to 252 00:16:01,040 --> 00:16:05,320 Speaker 3: really scale your business because they've got thousands of doors. Right. 253 00:16:06,080 --> 00:16:11,400 Speaker 3: So you know, I mainly speak for CpG, which is 254 00:16:11,440 --> 00:16:15,520 Speaker 3: consumer package goods. You know, I don't believe that people 255 00:16:15,560 --> 00:16:18,520 Speaker 3: should raise money in CpG until they've at least figured 256 00:16:18,520 --> 00:16:21,680 Speaker 3: out how to make a million dollars on their own, right. 257 00:16:24,880 --> 00:16:28,000 Speaker 3: I just you know, maybe I'm old school for believing that, 258 00:16:28,560 --> 00:16:31,240 Speaker 3: but I think that it's important for you to understand 259 00:16:31,800 --> 00:16:35,440 Speaker 3: the logistics, the operations, what do you actually need the 260 00:16:35,480 --> 00:16:38,440 Speaker 3: money for? Where's it going? If you figured out how 261 00:16:38,440 --> 00:16:40,400 Speaker 3: to make a million, you can figure out how to 262 00:16:40,440 --> 00:16:43,800 Speaker 3: make ten. You understand what I'm saying, yea and so 263 00:16:44,840 --> 00:16:48,320 Speaker 3: you know, I do think that it was over romanticized, 264 00:16:49,520 --> 00:16:53,320 Speaker 3: but it was also a beautiful thing because so many people, 265 00:16:54,160 --> 00:16:56,800 Speaker 3: you know, the gap was able to kind of be 266 00:16:56,880 --> 00:17:01,440 Speaker 3: filled a bit. But the problem is is that a 267 00:17:01,520 --> 00:17:04,960 Speaker 3: lot of those brands that were getting all that money, 268 00:17:05,160 --> 00:17:06,119 Speaker 3: where are they today? 269 00:17:06,760 --> 00:17:07,080 Speaker 1: Yeah? 270 00:17:07,160 --> 00:17:11,000 Speaker 3: Yeah, because it kind of sets you up for failure 271 00:17:12,840 --> 00:17:15,800 Speaker 3: if you don't know how you're going to execute those 272 00:17:15,840 --> 00:17:19,560 Speaker 3: funds and actually grow the thing. You understand what I'm saying. 273 00:17:19,920 --> 00:17:22,760 Speaker 3: So if you getting money is just a very small 274 00:17:22,880 --> 00:17:28,200 Speaker 3: fraction of it, you have to and having an investor 275 00:17:28,920 --> 00:17:32,080 Speaker 3: that wants to be more to you than just money 276 00:17:32,240 --> 00:17:35,159 Speaker 3: is also equally important. They need to be invested in 277 00:17:35,240 --> 00:17:37,640 Speaker 3: helping you build your leadership team, which helps you build 278 00:17:37,640 --> 00:17:39,840 Speaker 3: out the rest of your team. They need to be 279 00:17:39,920 --> 00:17:43,880 Speaker 3: invested in helping you understand how you're going to operationally 280 00:17:44,000 --> 00:17:48,359 Speaker 3: run your business right. They need to be invested in, 281 00:17:49,240 --> 00:17:52,840 Speaker 3: you know, regulatory and helping you understand what that road 282 00:17:52,960 --> 00:17:55,439 Speaker 3: map is and how you're going to grow it. You know, 283 00:17:55,720 --> 00:17:59,240 Speaker 3: because even if you just make a face wash at 284 00:17:59,280 --> 00:18:02,959 Speaker 3: this point, it's the way that the FDA is moving. 285 00:18:03,480 --> 00:18:07,439 Speaker 3: Everything is heavily regulated. You understand what I'm saying. And 286 00:18:07,520 --> 00:18:11,680 Speaker 3: so if you don't have the tools and the resources 287 00:18:11,720 --> 00:18:14,760 Speaker 3: to understand how to do these things, it makes it 288 00:18:15,040 --> 00:18:18,040 Speaker 3: very hard for you to make money. You know. 289 00:18:18,560 --> 00:18:21,919 Speaker 2: Yeah, what is the difference between what you did or 290 00:18:21,960 --> 00:18:24,600 Speaker 2: what you see as a as a better road map 291 00:18:24,920 --> 00:18:29,639 Speaker 2: versus people who make a potion do it in their kitchen, 292 00:18:30,000 --> 00:18:31,800 Speaker 2: sell it out of their kitchen, sell it out of 293 00:18:31,840 --> 00:18:35,360 Speaker 2: their trunk, you know, quote unquote paverbial trunk, and they 294 00:18:35,400 --> 00:18:36,439 Speaker 2: don't get past that. 295 00:18:38,800 --> 00:18:43,560 Speaker 3: I think because we were that right, we started in 296 00:18:43,600 --> 00:18:51,400 Speaker 3: our kitchen selling it out of our trunk. You know, Honestly, 297 00:18:51,600 --> 00:18:56,399 Speaker 3: some of it some of it is luck, some of 298 00:18:56,440 --> 00:19:05,840 Speaker 3: it is the know how, you know, Like I, I 299 00:19:06,000 --> 00:19:08,960 Speaker 3: was lucky enough to be I worked in whole Foods 300 00:19:09,040 --> 00:19:12,919 Speaker 3: as a salesperson and whole body, so I knew how 301 00:19:12,960 --> 00:19:17,879 Speaker 3: to talk to a customer. Right. My brother was my 302 00:19:18,880 --> 00:19:24,200 Speaker 3: you know, it is my co founder. He was an accountant, 303 00:19:24,560 --> 00:19:26,440 Speaker 3: so he knew how to deal with money. He knew 304 00:19:26,440 --> 00:19:33,880 Speaker 3: how to talk to high network individuals. Right. Linda had 305 00:19:33,920 --> 00:19:37,040 Speaker 3: worked in marketing. She's one of our other original co founders. 306 00:19:37,480 --> 00:19:43,440 Speaker 3: Not necessarily with the business anymore, but you know, she 307 00:19:43,440 --> 00:19:46,480 Speaker 3: she knew how to build. At that time, we considered 308 00:19:46,480 --> 00:19:49,240 Speaker 3: her to be our CMO. Right, But we were young, 309 00:19:49,359 --> 00:19:52,520 Speaker 3: so we were just you know, we were just creating titles. 310 00:19:53,080 --> 00:19:55,320 Speaker 3: That's another thing you do when you're young, right, as 311 00:19:55,320 --> 00:20:02,000 Speaker 3: a business owner. But I think we as a collective 312 00:20:03,359 --> 00:20:08,240 Speaker 3: have the know how within our respective fields because it's 313 00:20:08,240 --> 00:20:11,320 Speaker 3: what we did every day, you know. And then after 314 00:20:11,359 --> 00:20:13,000 Speaker 3: I worked at Whole Foods, I went on to be 315 00:20:13,040 --> 00:20:15,679 Speaker 3: a broker, so I knew how to talk to a buyer, 316 00:20:16,960 --> 00:20:21,919 Speaker 3: you know what I mean. So I think, you know, 317 00:20:22,080 --> 00:20:24,040 Speaker 3: I think some of it's luck. I think some of 318 00:20:24,040 --> 00:20:27,119 Speaker 3: it's having to know how of how to like at 319 00:20:27,200 --> 00:20:30,080 Speaker 3: least be able, whether it's going into a small retailer 320 00:20:30,200 --> 00:20:32,120 Speaker 3: or a big one, knowing how to talk to them, 321 00:20:32,160 --> 00:20:38,439 Speaker 3: knowing what they're looking for. I think, you know, it 322 00:20:38,560 --> 00:20:44,040 Speaker 3: requires a lot of grit. I think having access and 323 00:20:44,080 --> 00:20:49,240 Speaker 3: having something really it goes down to mostly is having 324 00:20:49,280 --> 00:20:52,639 Speaker 3: a product that has the ability to really catch fire 325 00:20:52,720 --> 00:20:56,679 Speaker 3: and really go you know, like it's having a product 326 00:20:57,160 --> 00:21:00,639 Speaker 3: that people need. I think on an every day basis, 327 00:21:01,200 --> 00:21:04,080 Speaker 3: I think that that's also something to it. And again 328 00:21:04,160 --> 00:21:06,720 Speaker 3: I can only speak to this in CpG. I don't 329 00:21:06,840 --> 00:21:08,800 Speaker 3: you know, it's what I know, you know what I mean? 330 00:21:09,680 --> 00:21:12,679 Speaker 3: But I think, you know, I think it's a combination 331 00:21:12,800 --> 00:21:16,359 Speaker 3: of a lot of things. You know, and some people 332 00:21:16,440 --> 00:21:19,320 Speaker 3: have really dope products that people do use every day, 333 00:21:20,680 --> 00:21:23,800 Speaker 3: but it's just so hard because there's so many products 334 00:21:23,800 --> 00:21:26,640 Speaker 3: out in the world. It's just so hard to get 335 00:21:26,680 --> 00:21:29,959 Speaker 3: off the ground. Some people have all that stuff and 336 00:21:30,040 --> 00:21:33,159 Speaker 3: they may still never be able to get it to 337 00:21:33,240 --> 00:21:37,320 Speaker 3: where we have it. It's not because what I have 338 00:21:38,000 --> 00:21:42,240 Speaker 3: is better than what they have. I think. Also it's 339 00:21:42,320 --> 00:21:45,159 Speaker 3: also about what's in order for you in your life, 340 00:21:45,720 --> 00:21:49,560 Speaker 3: you know, and some of those things you know aren't predetermined. 341 00:21:49,600 --> 00:21:52,679 Speaker 3: You know, some things you just it just kind of 342 00:21:52,800 --> 00:21:56,520 Speaker 3: is what it is. So that doesn't make it a 343 00:21:56,560 --> 00:21:58,880 Speaker 3: bad thing or a good thing. It's just the thing. 344 00:21:59,520 --> 00:22:01,920 Speaker 3: You know. Some people will continue to do the same 345 00:22:01,960 --> 00:22:05,760 Speaker 3: thing for the next ten years and and they maybe 346 00:22:06,000 --> 00:22:09,359 Speaker 3: maybe they don't get past a few hundred thousand. Maybe 347 00:22:09,400 --> 00:22:12,000 Speaker 3: they can craft a million, but it's hard for them 348 00:22:12,040 --> 00:22:15,240 Speaker 3: to get past that, you know, and that that's that, 349 00:22:15,720 --> 00:22:18,000 Speaker 3: And that's not a bad thing because that means you 350 00:22:18,040 --> 00:22:20,600 Speaker 3: still have something. You understand what I'm saying. 351 00:22:20,680 --> 00:22:22,600 Speaker 2: Yeah, I think that's the question that I asked about. 352 00:22:22,640 --> 00:22:25,919 Speaker 2: Like our relationship with raising money is like if you 353 00:22:26,080 --> 00:22:29,680 Speaker 2: if you look pre Covid and George Floyd and almost yes, 354 00:22:29,720 --> 00:22:32,960 Speaker 2: we're post Covid and George Floyd. Now we've because we 355 00:22:33,200 --> 00:22:37,040 Speaker 2: romanticized what tech Crunch was talking about. This company raised 356 00:22:37,040 --> 00:22:40,159 Speaker 2: Oh I can't. I might to switch cameras, but I'm 357 00:22:40,160 --> 00:22:42,600 Speaker 2: gonna get this question off first, because they're recording with 358 00:22:42,800 --> 00:22:47,440 Speaker 2: the concept of raising money was glamorized. When you saw 359 00:22:47,480 --> 00:22:50,600 Speaker 2: these companies raising a million dollars, you know, five hundred 360 00:22:50,640 --> 00:22:54,000 Speaker 2: thousand dollars, then we start to think that that's the goal, 361 00:22:54,119 --> 00:22:56,760 Speaker 2: and profit isn't the goal. And I'd love to hear 362 00:22:56,800 --> 00:22:57,879 Speaker 2: you speak to that. 363 00:22:58,000 --> 00:23:04,159 Speaker 3: Right right, Profit is the goal all the way every day. 364 00:23:05,880 --> 00:23:08,840 Speaker 3: You know it used to be. It used to be 365 00:23:09,640 --> 00:23:13,359 Speaker 3: that profit. You know, you think of like the dollar 366 00:23:13,400 --> 00:23:16,680 Speaker 3: shave clubs of the world. You know how they were 367 00:23:16,720 --> 00:23:20,159 Speaker 3: able they had the ability to scale their business I 368 00:23:20,200 --> 00:23:22,520 Speaker 3: don't know, to like one hundred and fifty million or 369 00:23:22,520 --> 00:23:24,400 Speaker 3: something like that, and then they were able to sell 370 00:23:24,440 --> 00:23:27,760 Speaker 3: to I think they sold to Unilever somebody like that 371 00:23:28,200 --> 00:23:30,359 Speaker 3: for like a billion dollars. I don't know that they 372 00:23:30,400 --> 00:23:34,080 Speaker 3: were necessarily profitable, right, but they came up at a 373 00:23:34,119 --> 00:23:39,600 Speaker 3: time right where profitability was not necessarily what the strategics 374 00:23:39,640 --> 00:23:44,080 Speaker 3: were looking for, what they were excited about when it 375 00:23:44,119 --> 00:23:46,120 Speaker 3: came to Dollar Shave Club is the fact that they 376 00:23:46,160 --> 00:23:50,760 Speaker 3: had over a million subscribers, right, yeah, yeah, And that 377 00:23:51,320 --> 00:23:55,000 Speaker 3: was a time when directed consumer was really hot. Right. 378 00:23:56,520 --> 00:24:00,200 Speaker 3: Subscriptions were also a hot thing at that time. You know. Well, 379 00:24:01,040 --> 00:24:04,920 Speaker 3: now we're at a time where you know, you see, 380 00:24:04,960 --> 00:24:07,199 Speaker 3: I mean, we all saw what happened when we were 381 00:24:08,359 --> 00:24:13,880 Speaker 3: right that ship was wild, right, you know, and and 382 00:24:14,320 --> 00:24:16,199 Speaker 3: and those guys are going to be fine that you know, 383 00:24:16,240 --> 00:24:17,800 Speaker 3: they're going to just go out and do a million 384 00:24:17,880 --> 00:24:22,960 Speaker 3: other things and be wickedly successful. You know. But now 385 00:24:23,720 --> 00:24:28,760 Speaker 3: I think that it's really important to strategics that it 386 00:24:28,880 --> 00:24:34,119 Speaker 3: makes that that companies do have a do have at 387 00:24:34,200 --> 00:24:38,919 Speaker 3: least if you're not profitable, you have a lot like 388 00:24:39,000 --> 00:24:44,000 Speaker 3: you you've got, you've got, you've got the what's the 389 00:24:44,040 --> 00:24:48,879 Speaker 3: word I'm looking for? You at least have profitability in 390 00:24:48,920 --> 00:24:51,840 Speaker 3: your view. You may not be profitable yet, but you 391 00:24:51,920 --> 00:24:54,160 Speaker 3: have to be a story how you're going to get 392 00:24:54,160 --> 00:24:58,119 Speaker 3: over there, right, you know, you you you, you know, 393 00:24:58,600 --> 00:25:01,760 Speaker 3: you have to be making a dec margin. And these 394 00:25:01,760 --> 00:25:05,679 Speaker 3: are things that you want anyway, even if the world 395 00:25:05,800 --> 00:25:08,639 Speaker 3: was still the same back when Dollar Shave Club was 396 00:25:08,680 --> 00:25:10,920 Speaker 3: able to go out and sell their company for billions 397 00:25:10,920 --> 00:25:17,320 Speaker 3: of dollars away. Just because we see that, in my mind, 398 00:25:17,760 --> 00:25:21,240 Speaker 3: it's better of you to be a responsible business person 399 00:25:21,720 --> 00:25:25,280 Speaker 3: and make sure that you have a company that's making 400 00:25:25,359 --> 00:25:28,639 Speaker 3: a great margin, that's got this able to put money 401 00:25:28,680 --> 00:25:32,760 Speaker 3: in the bank. Right, because money in the bank gives 402 00:25:32,800 --> 00:25:37,480 Speaker 3: you access to lines of credit. It makes you a 403 00:25:37,600 --> 00:25:40,919 Speaker 3: sexy It makes you sexy to be able to go 404 00:25:41,000 --> 00:25:43,359 Speaker 3: out into the world when it is time to raise money. 405 00:25:43,400 --> 00:25:46,359 Speaker 3: To be able to raise that money, it makes it 406 00:25:46,440 --> 00:25:52,240 Speaker 3: so that your investors know that because you've already built 407 00:25:52,640 --> 00:25:57,680 Speaker 3: the you've already kind of put yourself in a position 408 00:25:57,760 --> 00:26:01,480 Speaker 3: where you've built your busines business to be profitable. You've 409 00:26:01,480 --> 00:26:04,840 Speaker 3: built your business to be lean effective, to be able 410 00:26:04,880 --> 00:26:07,840 Speaker 3: to drive revenue, to be able to print money. Right 411 00:26:08,440 --> 00:26:11,000 Speaker 3: when you build a business from that point of view, 412 00:26:13,640 --> 00:26:16,679 Speaker 3: that's going to make it so whatever you decide in 413 00:26:16,720 --> 00:26:20,439 Speaker 3: the future, Right, especially if you've brought in private ectuity, 414 00:26:20,440 --> 00:26:23,359 Speaker 3: your venture capital money, knowing that you're going to have 415 00:26:23,440 --> 00:26:26,280 Speaker 3: to have some sort of an event. That makes it 416 00:26:26,359 --> 00:26:29,480 Speaker 3: so that you've built the muscle to be able to 417 00:26:29,560 --> 00:26:32,760 Speaker 3: go out to market, to be able to potentially sell 418 00:26:32,760 --> 00:26:34,920 Speaker 3: to a strategic or to be able to go out 419 00:26:34,960 --> 00:26:40,600 Speaker 3: in IPO, because IPO is really hard, right you know, 420 00:26:40,800 --> 00:26:44,280 Speaker 3: I know, I mean, I've got of several friends that 421 00:26:44,359 --> 00:26:47,879 Speaker 3: have IPO. You know, some of them have penny stocks 422 00:26:47,960 --> 00:26:50,240 Speaker 3: right now, you understand what I'm saying. That's not a 423 00:26:50,320 --> 00:26:53,119 Speaker 3: terrible thing. It is what it is. But it's a 424 00:26:53,320 --> 00:26:57,280 Speaker 3: very hard market to be in because everybody is in 425 00:26:57,320 --> 00:27:01,120 Speaker 3: your business at that point. All it takes is one 426 00:27:01,320 --> 00:27:04,919 Speaker 3: viral moment that can make the stock plummet, you know, 427 00:27:05,760 --> 00:27:08,320 Speaker 3: and so you know, amongst many other things, you know, 428 00:27:08,400 --> 00:27:11,080 Speaker 3: all the all the regulations, all the things you have 429 00:27:11,119 --> 00:27:14,280 Speaker 3: to uphold on a monthly, daily basis. It's wild. So 430 00:27:15,359 --> 00:27:19,400 Speaker 3: you know, I think building the muscle to be profitable, 431 00:27:19,480 --> 00:27:22,760 Speaker 3: to be lean, to make sure you're covering a high margin, 432 00:27:23,280 --> 00:27:28,080 Speaker 3: to understand your business inside and out is really important. 433 00:27:28,600 --> 00:27:31,240 Speaker 3: You know. Building that muscle from the beginning is really 434 00:27:31,280 --> 00:27:35,320 Speaker 3: important because that's where that's where we are at this point. 435 00:27:35,520 --> 00:27:39,440 Speaker 3: I think the strategics of the world learned that profitability 436 00:27:39,520 --> 00:27:43,160 Speaker 3: is actually really important because you have because that tells 437 00:27:43,200 --> 00:27:44,320 Speaker 3: them that you have a business. 438 00:27:44,480 --> 00:27:48,399 Speaker 2: Yeah, yeah, you know what is missing, Like when you 439 00:27:48,440 --> 00:27:50,760 Speaker 2: see these conversations around and you don't have to say 440 00:27:50,760 --> 00:27:52,320 Speaker 2: the name, but I'll say the name target. And you 441 00:27:52,320 --> 00:27:55,280 Speaker 2: see that, you see all these things happening. What's missing 442 00:27:55,320 --> 00:28:00,400 Speaker 2: from that conversation that you wish we understood? Mm, because 443 00:28:00,440 --> 00:28:02,120 Speaker 2: we're all looking at the targets and you're like, y'all 444 00:28:02,119 --> 00:28:02,840 Speaker 2: need to understand this. 445 00:28:03,040 --> 00:28:04,480 Speaker 1: But what should we understand? 446 00:28:07,920 --> 00:28:16,080 Speaker 3: I think the thing that's important to understand. I'm not 447 00:28:16,119 --> 00:28:18,119 Speaker 3: going to speak from a target point of view, because 448 00:28:18,400 --> 00:28:22,920 Speaker 3: I'm not. You know, my brand isn't target. We sell there. 449 00:28:24,160 --> 00:28:27,159 Speaker 3: I think what's important to understand in a time like 450 00:28:27,280 --> 00:28:34,080 Speaker 3: this is what it takes to get the opportunity to 451 00:28:34,160 --> 00:28:39,160 Speaker 3: be in a target, what it takes to get on 452 00:28:39,240 --> 00:28:42,400 Speaker 3: shelf at target, what it takes even bigger than that, 453 00:28:42,880 --> 00:28:45,880 Speaker 3: because getting on the shelf is actually it's not easy, 454 00:28:45,920 --> 00:28:52,440 Speaker 3: but it's easy. What's hard is staying there. And what's 455 00:28:52,520 --> 00:28:57,480 Speaker 3: really hard is when your business is not when your 456 00:28:57,560 --> 00:29:01,240 Speaker 3: velocities aren't growing and turning, when you're not meeting your 457 00:29:01,880 --> 00:29:07,520 Speaker 3: dollars per store per week, right when your cells are down. 458 00:29:11,000 --> 00:29:18,360 Speaker 3: You know when your cells are down, and then when 459 00:29:18,720 --> 00:29:21,760 Speaker 3: you know and then when how do I give this 460 00:29:21,840 --> 00:29:27,640 Speaker 3: example without alienating anything? When your when when you as 461 00:29:27,680 --> 00:29:30,360 Speaker 3: a brand, not not just Honeypot, just in general. Right 462 00:29:31,080 --> 00:29:37,960 Speaker 3: when your numbers may be down due to what's happening right, 463 00:29:39,600 --> 00:29:43,240 Speaker 3: but they're actually seeing that their numbers aren't so down. 464 00:29:44,840 --> 00:29:48,800 Speaker 3: It makes it look like your numbers are down because 465 00:29:48,840 --> 00:29:52,280 Speaker 3: of another reason, when in fact, your numbers are probably 466 00:29:52,320 --> 00:29:54,240 Speaker 3: down because of what's actually happening. 467 00:29:55,040 --> 00:29:58,640 Speaker 2: I got it. 468 00:29:58,640 --> 00:30:00,840 Speaker 3: It makes it hard for bring to be able to 469 00:30:00,880 --> 00:30:02,520 Speaker 3: survive in a space like that. 470 00:30:03,440 --> 00:30:05,240 Speaker 1: They don't take into account the landscape. 471 00:30:05,680 --> 00:30:08,640 Speaker 3: You have to take into account the whole landscape of things, 472 00:30:09,200 --> 00:30:11,400 Speaker 3: what it takes to get on shelf. Like a lot 473 00:30:11,400 --> 00:30:15,720 Speaker 3: of people are talking about right now how they're seeing 474 00:30:15,880 --> 00:30:19,200 Speaker 3: a lot of the brands marked down. People are saying, 475 00:30:19,320 --> 00:30:21,600 Speaker 3: you know, they're seeing a lot of the black brands 476 00:30:21,680 --> 00:30:27,200 Speaker 3: marked down right, Well, right now is the time, right 477 00:30:27,240 --> 00:30:30,400 Speaker 3: before they're about to launch all their new stuff on 478 00:30:30,440 --> 00:30:34,600 Speaker 3: the shelf. So quite naturally, typically the things that are 479 00:30:34,600 --> 00:30:38,480 Speaker 3: gonna be discontinued off the shelf are happening right now. 480 00:30:38,880 --> 00:30:41,360 Speaker 3: So what do they do. They mark it down. They 481 00:30:41,360 --> 00:30:45,560 Speaker 3: try to sell through it until right before they're gonna 482 00:30:45,640 --> 00:30:49,480 Speaker 3: set the shelf for the rest for the new things 483 00:30:49,520 --> 00:30:51,200 Speaker 3: that are gonna come on shelf because you have to 484 00:30:51,240 --> 00:30:56,080 Speaker 3: make space on shelf for the new stuff, right, But 485 00:30:56,160 --> 00:30:59,800 Speaker 3: the average person doesn't know that. To them, they think, oh, 486 00:31:00,080 --> 00:31:02,400 Speaker 3: they just made an announcement about D and I, now 487 00:31:02,400 --> 00:31:04,480 Speaker 3: they're mocking down all these brands and throwing all these 488 00:31:04,480 --> 00:31:07,520 Speaker 3: brands out. That's not the case. These brands were going 489 00:31:07,600 --> 00:31:10,640 Speaker 3: to be marked down whether they continue their D and 490 00:31:10,680 --> 00:31:14,400 Speaker 3: I practices or not, because you have to make room 491 00:31:14,440 --> 00:31:16,800 Speaker 3: on the shelf because some of these brands probably have 492 00:31:16,920 --> 00:31:20,360 Speaker 3: new innovation coming or some of them maybe weren't meeting 493 00:31:20,400 --> 00:31:25,560 Speaker 3: their requirements. Right. There's there's a multitude of reasons why 494 00:31:26,080 --> 00:31:30,120 Speaker 3: a brand has to discontinue things or why they have 495 00:31:30,240 --> 00:31:33,080 Speaker 3: to come off shelf. Why. Because it's really hard to 496 00:31:33,120 --> 00:31:36,320 Speaker 3: be in mass market retail. It's very very, very very 497 00:31:36,440 --> 00:31:41,680 Speaker 3: very hard. Right, There's a real art to it, there's 498 00:31:42,000 --> 00:31:46,280 Speaker 3: a real intellectual side to it. There. It's heavily operational, 499 00:31:46,360 --> 00:31:50,800 Speaker 3: it's heavily logistical. You know, it's heavy with trades spend. 500 00:31:51,360 --> 00:31:55,800 Speaker 3: You know, not understanding trade spend can literally murder your business. 501 00:31:56,160 --> 00:31:58,560 Speaker 3: Have You could have a million dollars worth of purchase 502 00:31:58,640 --> 00:32:00,600 Speaker 3: orders and only get paid back a hun undred thousand 503 00:32:00,680 --> 00:32:03,000 Speaker 3: because it may have been late, may not have showed up, 504 00:32:03,040 --> 00:32:05,320 Speaker 3: it may have not showed up on time, it may 505 00:32:05,360 --> 00:32:07,880 Speaker 3: not have been stickered the right way. It may like, 506 00:32:07,920 --> 00:32:10,920 Speaker 3: there's so many things that can happen that can cause 507 00:32:10,920 --> 00:32:13,160 Speaker 3: for them to just charge you, charge you, charge you. 508 00:32:13,160 --> 00:32:17,000 Speaker 3: You understand what I'm saying, The chargebacks, right, and so 509 00:32:18,120 --> 00:32:24,760 Speaker 3: you know, so trying not to, trying not to even 510 00:32:24,800 --> 00:32:28,520 Speaker 3: though they just made the announcement that they made, trying 511 00:32:28,560 --> 00:32:34,520 Speaker 3: not to make everything so literal, because some of these 512 00:32:34,520 --> 00:32:36,719 Speaker 3: things are just things that just not likely. We were 513 00:32:36,720 --> 00:32:39,280 Speaker 3: talking about earlier, These are just things that just naturally 514 00:32:39,320 --> 00:32:43,280 Speaker 3: happen in business, right. It's not that they had a 515 00:32:43,360 --> 00:32:46,560 Speaker 3: plan to let some of these companies go. They are 516 00:32:46,640 --> 00:32:49,480 Speaker 3: literally making space on the shelf for new products that 517 00:32:49,520 --> 00:32:55,400 Speaker 3: are about to be launching because April May is the time, right, 518 00:32:55,480 --> 00:33:00,640 Speaker 3: and so you know, so it's so, I mean, some 519 00:33:00,720 --> 00:33:02,680 Speaker 3: of what I mentioned is something I think that needs 520 00:33:02,720 --> 00:33:05,280 Speaker 3: to be taken into account. I think the biggest thing 521 00:33:05,280 --> 00:33:07,360 Speaker 3: that needs to be taken into account is to not 522 00:33:07,480 --> 00:33:12,720 Speaker 3: make brands pay for something that a retailer chooses. But 523 00:33:12,800 --> 00:33:20,000 Speaker 3: I also understand that like companies don't necessarily always listen 524 00:33:20,080 --> 00:33:23,600 Speaker 3: until their bottom line is affected, and so I also 525 00:33:23,800 --> 00:33:30,600 Speaker 3: understand the point of these things, you know, so I 526 00:33:31,480 --> 00:33:34,600 Speaker 3: also want to preface what I'm saying with you also 527 00:33:34,720 --> 00:33:37,520 Speaker 3: have to make your own decision about what you want 528 00:33:37,560 --> 00:33:40,000 Speaker 3: to do. Some of the things that I'm saying is 529 00:33:40,040 --> 00:33:42,440 Speaker 3: just my own opinion, but I'm not trying to tell 530 00:33:42,520 --> 00:33:46,720 Speaker 3: people what they should do. You have to choose where 531 00:33:46,760 --> 00:33:48,760 Speaker 3: you want to shop, where you want to spend your money, 532 00:33:48,760 --> 00:33:51,280 Speaker 3: who you want to spend your money with. I just 533 00:33:51,320 --> 00:33:55,400 Speaker 3: think that it's important to understand the life of a 534 00:33:55,440 --> 00:33:59,640 Speaker 3: business owner, who is who is essentially renting real estate 535 00:33:59,760 --> 00:34:05,240 Speaker 3: from Target, from Walmart, from these you know, these retailers 536 00:34:05,640 --> 00:34:08,000 Speaker 3: in order for us to run our business. It's not 537 00:34:08,120 --> 00:34:10,480 Speaker 3: if we were if you tried to just pull your 538 00:34:10,480 --> 00:34:13,839 Speaker 3: products out of a Target, that literally would be deaf 539 00:34:13,920 --> 00:34:17,440 Speaker 3: to your brand by a million cuts, right, because you 540 00:34:17,719 --> 00:34:22,040 Speaker 3: wouldn't survive. You don't just pull your products out. They 541 00:34:22,160 --> 00:34:25,279 Speaker 3: charge you to pull those products out. Wow, and then 542 00:34:25,320 --> 00:34:27,759 Speaker 3: what are you gonna do? Some people say, well, you 543 00:34:27,800 --> 00:34:30,319 Speaker 3: can just sell your products online. Well, when you sell 544 00:34:30,360 --> 00:34:34,680 Speaker 3: products online, that's only one store you have to pay for. 545 00:34:34,880 --> 00:34:37,799 Speaker 3: You have to pay your your three pl fees, you 546 00:34:37,840 --> 00:34:41,680 Speaker 3: have to pay for shipping one unless you have a 547 00:34:41,719 --> 00:34:46,560 Speaker 3: product that that is an expensive product. It's very hard 548 00:34:46,600 --> 00:34:50,640 Speaker 3: to make money directed consumer. It's a misnomer to say. 549 00:34:51,520 --> 00:34:54,279 Speaker 3: People it's a misconception. People think that you make so 550 00:34:54,400 --> 00:34:57,359 Speaker 3: much money by selling directed consumer. But if you make 551 00:34:57,400 --> 00:35:00,960 Speaker 3: a product that's under twenty dollars, I'm sorry to tell 552 00:35:01,000 --> 00:35:02,240 Speaker 3: you that's just not the case. 553 00:35:04,880 --> 00:35:08,520 Speaker 2: Yeah, So I guess my question then is you know 554 00:35:08,560 --> 00:35:11,279 Speaker 2: I've heard and I don't know, so you maybe you 555 00:35:11,320 --> 00:35:13,480 Speaker 2: know more about this, Like they're taking away. 556 00:35:13,520 --> 00:35:16,960 Speaker 1: The section of those products. 557 00:35:16,320 --> 00:35:18,640 Speaker 2: Like the black section, you know, and then putting it 558 00:35:18,680 --> 00:35:21,000 Speaker 2: in with other like they will just not not be 559 00:35:21,040 --> 00:35:21,440 Speaker 2: a section. 560 00:35:22,120 --> 00:35:25,279 Speaker 1: But maybe the question is and we want. 561 00:35:25,040 --> 00:35:27,239 Speaker 3: That, we want that. We don't want to be in 562 00:35:27,280 --> 00:35:28,040 Speaker 3: a black section. 563 00:35:28,080 --> 00:35:29,479 Speaker 1: Yeah, that's my question, that's my question. 564 00:35:29,680 --> 00:35:31,960 Speaker 3: We want to be we want to be. If you 565 00:35:32,080 --> 00:35:35,760 Speaker 3: make if listen, if you make body wash and body lotion, 566 00:35:36,320 --> 00:35:38,239 Speaker 3: where is your product best sold. 567 00:35:38,480 --> 00:35:40,200 Speaker 1: In the body wash the body lotion section. 568 00:35:41,600 --> 00:35:46,719 Speaker 3: If you make hair care products, right, where's your hair 569 00:35:46,760 --> 00:35:49,600 Speaker 3: care best sold? If you make shampoos and conditioners, it's 570 00:35:49,640 --> 00:35:51,440 Speaker 3: best sold in the place that you go and buy 571 00:35:51,520 --> 00:35:55,719 Speaker 3: shampoo and conditioners. I make vagine a wellness products. Why 572 00:35:55,719 --> 00:35:58,719 Speaker 3: would my products work in an area of the store 573 00:35:58,800 --> 00:36:02,880 Speaker 3: that's allocated for humans of color. That's weird. That's not 574 00:36:02,960 --> 00:36:03,520 Speaker 3: weird to you. 575 00:36:04,239 --> 00:36:06,080 Speaker 2: Yeah, I guess you take it to the level of like, 576 00:36:06,200 --> 00:36:08,520 Speaker 2: why is there an organic section of the grocery store? 577 00:36:08,600 --> 00:36:11,839 Speaker 3: Like this is just the Yeah, but brother, they all 578 00:36:11,840 --> 00:36:14,719 Speaker 3: the all the retailers stopped doing that. I don't know 579 00:36:14,760 --> 00:36:17,160 Speaker 3: where you live, but I remember back in the and 580 00:36:17,400 --> 00:36:19,840 Speaker 3: this is only because I come from retail. I remember 581 00:36:19,840 --> 00:36:22,719 Speaker 3: back in the day Kroger used to sell used to 582 00:36:22,760 --> 00:36:27,440 Speaker 3: have an organic section, right. Well, they found that people 583 00:36:27,480 --> 00:36:30,600 Speaker 3: didn't want to just go to the organic section. People 584 00:36:30,640 --> 00:36:34,600 Speaker 3: wanted to buy their organic potato chips in the potato 585 00:36:34,680 --> 00:36:39,120 Speaker 3: chip aisle. They want to get their organic cereal they're 586 00:36:39,320 --> 00:36:43,040 Speaker 3: they're caschi or whatever in the cereal aisle. I want 587 00:36:43,080 --> 00:36:46,319 Speaker 3: to buy my organic milk in the milk section. I 588 00:36:46,320 --> 00:36:48,839 Speaker 3: don't want to have to go over here and then 589 00:36:48,880 --> 00:36:53,520 Speaker 3: go over there. It's it's a better shopping experience when 590 00:36:53,840 --> 00:36:56,560 Speaker 3: when you can buy when you can walk a store 591 00:36:56,600 --> 00:37:00,400 Speaker 3: and navigate a store and navigated the way that you 592 00:37:00,400 --> 00:37:03,080 Speaker 3: would typically navigate and experience the way that you would 593 00:37:03,520 --> 00:37:06,160 Speaker 3: when you can just buy your things where you traditionally 594 00:37:06,200 --> 00:37:10,880 Speaker 3: go to buy them otherwise you're trying to get a 595 00:37:11,000 --> 00:37:15,560 Speaker 3: human consumer to practice a different way of shopping, which 596 00:37:15,600 --> 00:37:17,839 Speaker 3: your condition, which makes it harder for them to do. 597 00:37:17,880 --> 00:37:19,760 Speaker 3: So do you understand what makes. 598 00:37:19,560 --> 00:37:20,080 Speaker 1: Sort of sense? 599 00:37:20,800 --> 00:37:23,640 Speaker 2: Yeah, in a few minutes I have left. I want 600 00:37:23,680 --> 00:37:26,279 Speaker 2: to ask about, like your leadership style, how that's evolved, 601 00:37:26,400 --> 00:37:28,719 Speaker 2: you know, over time from you know, let's say a 602 00:37:28,760 --> 00:37:31,040 Speaker 2: small company you know you talked about in your kitchen 603 00:37:31,239 --> 00:37:35,400 Speaker 2: pervertiably to now seventy plus people, and how has be 604 00:37:35,560 --> 00:37:36,440 Speaker 2: had to change. 605 00:37:37,400 --> 00:37:44,080 Speaker 3: Mmm, that's a good question. I think that I think 606 00:37:44,120 --> 00:37:48,320 Speaker 3: that my leadership chop style has definitely is constantly changing. 607 00:37:49,800 --> 00:37:51,719 Speaker 3: You know, in the beginning, you kind of have to 608 00:37:51,800 --> 00:37:59,120 Speaker 3: be everything. You know, when you're when you're scaling your 609 00:37:59,160 --> 00:38:02,759 Speaker 3: typically bringing in people who have more expertise, So then 610 00:38:02,800 --> 00:38:07,680 Speaker 3: your leadership style has to redevelop a bit because you're 611 00:38:07,680 --> 00:38:10,120 Speaker 3: bringing in leadership. So you need to give them the 612 00:38:10,200 --> 00:38:13,359 Speaker 3: ability to lead. You have you have to be able 613 00:38:13,400 --> 00:38:19,680 Speaker 3: to step back and not be You have to be 614 00:38:19,719 --> 00:38:23,920 Speaker 3: trust You have to trust them right, and you also 615 00:38:24,040 --> 00:38:27,359 Speaker 3: have to have the ability to be open to them 616 00:38:27,400 --> 00:38:32,920 Speaker 3: making mistakes because that's how we all learn. So, you know, 617 00:38:33,800 --> 00:38:36,840 Speaker 3: but it's hard when you go from doing everything to 618 00:38:37,000 --> 00:38:42,359 Speaker 3: bringing somebody in, especially bringing somebody in that's probably replacing 619 00:38:42,840 --> 00:38:46,680 Speaker 3: you a bit, right, because you know, in the beginning 620 00:38:46,719 --> 00:38:50,120 Speaker 3: it was it was me me inside, but then over time, 621 00:38:51,360 --> 00:38:54,319 Speaker 3: you know, I'll speak for myself. My investors felt like 622 00:38:55,440 --> 00:38:57,960 Speaker 3: we needed a president, which they weren't wrong. We did. 623 00:38:58,719 --> 00:39:03,400 Speaker 3: I've never I've never ran a multimillion dollar business before. 624 00:39:03,440 --> 00:39:06,880 Speaker 3: This is my first time, you understand what I'm saying, So, 625 00:39:07,040 --> 00:39:13,240 Speaker 3: like my my understanding of running a company has limitations. 626 00:39:14,280 --> 00:39:18,080 Speaker 3: So they were like, hey, we really feel like we 627 00:39:18,160 --> 00:39:21,320 Speaker 3: need to bring in a president because and the president, 628 00:39:21,360 --> 00:39:24,759 Speaker 3: the person that they brought in, Alison Savajah, who's incredible, 629 00:39:26,400 --> 00:39:31,160 Speaker 3: you know she I mean, she's worked at she's she's 630 00:39:31,160 --> 00:39:37,319 Speaker 3: worked at multi billion dollar businesses, right, and so she 631 00:39:37,600 --> 00:39:43,040 Speaker 3: knows she's gonna know what needs to be done, how 632 00:39:43,080 --> 00:39:46,719 Speaker 3: to build this team, how to strategically, how to strategically 633 00:39:46,800 --> 00:39:49,360 Speaker 3: grow it, How do we put in services and tools 634 00:39:49,719 --> 00:39:51,799 Speaker 3: in order to be able to grow our teams and 635 00:39:51,840 --> 00:39:54,959 Speaker 3: give them the resources that you know, she's just gonna 636 00:39:55,000 --> 00:39:57,759 Speaker 3: have a different level of experience than I have, and 637 00:39:57,840 --> 00:40:05,719 Speaker 3: so I have to have the ability two respect that 638 00:40:05,880 --> 00:40:09,239 Speaker 3: there's only so much that I know and if I 639 00:40:09,280 --> 00:40:11,560 Speaker 3: want this business to go where I know it can, 640 00:40:12,480 --> 00:40:16,440 Speaker 3: I have to let her lead. I have to step back, right, 641 00:40:18,400 --> 00:40:22,800 Speaker 3: you know, And I have to still know what know 642 00:40:23,040 --> 00:40:27,440 Speaker 3: and respect what I do because nobody can do what 643 00:40:27,520 --> 00:40:33,560 Speaker 3: I do right as it relates to this business, you know. 644 00:40:36,480 --> 00:40:41,000 Speaker 3: And I have to realize that there's things that I 645 00:40:41,040 --> 00:40:44,520 Speaker 3: don't have the ability to do. And so the art 646 00:40:44,600 --> 00:40:47,800 Speaker 3: of being a good leader is understanding what you don't 647 00:40:47,800 --> 00:40:49,920 Speaker 3: know how to do so that you can get the 648 00:40:50,040 --> 00:40:52,720 Speaker 3: right people into the job so that you can trust 649 00:40:52,760 --> 00:40:56,960 Speaker 3: them and give them the ability to grow, you know, 650 00:40:57,200 --> 00:40:59,840 Speaker 3: but also understand what it is you know how to 651 00:40:59,880 --> 00:41:02,080 Speaker 3: do and you know how to do best, so that 652 00:41:02,160 --> 00:41:05,200 Speaker 3: you can do that shit all the way. You know. 653 00:41:06,760 --> 00:41:10,480 Speaker 3: So I think, you know, if I had to give 654 00:41:10,520 --> 00:41:15,520 Speaker 3: it a name, I'm probably very much a transformative leader. 655 00:41:18,120 --> 00:41:20,800 Speaker 3: You know. I really respect the leaders on my team. 656 00:41:20,840 --> 00:41:25,600 Speaker 3: I really respect their opinion. I really respect their you know, 657 00:41:26,000 --> 00:41:31,239 Speaker 3: their backgrounds. I respect what they bring to this business, 658 00:41:31,760 --> 00:41:34,920 Speaker 3: you know. And I and honestly I welcome it because 659 00:41:34,960 --> 00:41:37,719 Speaker 3: you know, in order for this to be what I 660 00:41:37,760 --> 00:41:40,880 Speaker 3: know it can be. You know, honey Pot is a 661 00:41:40,920 --> 00:41:45,400 Speaker 3: conglomerate brand within itself. Even before we sell to a 662 00:41:45,480 --> 00:41:48,839 Speaker 3: conglomerate at some point you understand what I'm saying, which 663 00:41:48,920 --> 00:41:54,680 Speaker 3: which would be the final home of Honeypot, Right. But 664 00:41:54,760 --> 00:42:01,080 Speaker 3: in order for us to get there, you know, we 665 00:42:01,520 --> 00:42:05,719 Speaker 3: have to be able to ebb and flow. We have 666 00:42:05,800 --> 00:42:09,520 Speaker 3: to die to our egos. We have to we have 667 00:42:09,640 --> 00:42:12,440 Speaker 3: to know why we're here and who we're serving and 668 00:42:12,560 --> 00:42:16,040 Speaker 3: keep that human at the forefront of why we do 669 00:42:16,120 --> 00:42:20,640 Speaker 3: everything that we do, you know, because that's what's most important. 670 00:42:21,200 --> 00:42:23,919 Speaker 3: That human with the vagina is the most important to us, 671 00:42:24,360 --> 00:42:30,879 Speaker 3: right yeah, And so you know, and then also our 672 00:42:30,880 --> 00:42:34,200 Speaker 3: team is very important. It's also the most important, right 673 00:42:34,320 --> 00:42:41,520 Speaker 3: Like we we we we work really hard to make 674 00:42:41,600 --> 00:42:49,680 Speaker 3: really beautiful, efficacious, beautiful skincare, vaginal care, menstrual care, personal care. 675 00:42:51,239 --> 00:42:53,600 Speaker 3: But we have to treat each other well in the process. 676 00:42:54,800 --> 00:42:57,160 Speaker 3: You know, if we're in if we're working in a 677 00:42:57,200 --> 00:43:00,520 Speaker 3: toxic work environment, the output of that is going to 678 00:43:00,560 --> 00:43:04,080 Speaker 3: be toxic. And so also how we treat each other 679 00:43:04,160 --> 00:43:07,879 Speaker 3: within the company is very important. How we respect each other, 680 00:43:07,960 --> 00:43:09,880 Speaker 3: how we talk to each other, how we build our 681 00:43:09,920 --> 00:43:13,879 Speaker 3: businesses with each other. You know, it's so it's it's 682 00:43:13,920 --> 00:43:19,759 Speaker 3: a it's a culmination of a lot of things. You know, 683 00:43:21,320 --> 00:43:25,760 Speaker 3: you know, but I but, but but it definitely changes 684 00:43:25,800 --> 00:43:29,360 Speaker 3: all the time. And and you know, for some people 685 00:43:29,440 --> 00:43:32,799 Speaker 3: change can be really hard. For me, change is not hard. 686 00:43:34,040 --> 00:43:37,360 Speaker 3: I actually welcome change. I'm a very very very hyper 687 00:43:37,400 --> 00:43:45,719 Speaker 3: present person. And but I know, you know, the evolution 688 00:43:45,880 --> 00:43:49,960 Speaker 3: doesn't happen without change, you know. And and I and 689 00:43:50,000 --> 00:43:53,920 Speaker 3: I want honey Pot to be here for the next 690 00:43:54,320 --> 00:43:58,439 Speaker 3: however many hundreds of years, you know. And in order 691 00:43:58,480 --> 00:44:02,960 Speaker 3: to do that, you know, I think, I think that 692 00:44:04,480 --> 00:44:05,680 Speaker 3: you have to be able to. 693 00:44:05,680 --> 00:44:08,960 Speaker 1: Flow, to be respectfully a time. 694 00:44:09,000 --> 00:44:12,279 Speaker 2: I'll get one last question for you, And I think 695 00:44:12,320 --> 00:44:14,880 Speaker 2: about I have this conversation with friends a lot and 696 00:44:15,480 --> 00:44:19,000 Speaker 2: this idea of building a business on support, and I 697 00:44:19,480 --> 00:44:20,760 Speaker 2: feel like we have to at. 698 00:44:20,640 --> 00:44:23,719 Speaker 1: Some point get past support. I buy this because I 699 00:44:23,719 --> 00:44:24,200 Speaker 1: support it. 700 00:44:24,640 --> 00:44:26,799 Speaker 2: Like, but even before this whole Target thing, I was like, like, 701 00:44:26,800 --> 00:44:28,480 Speaker 2: you don't go to Target because you support Target. 702 00:44:28,520 --> 00:44:31,360 Speaker 1: You go to Target because it's they at what you need. Both. 703 00:44:31,680 --> 00:44:34,560 Speaker 2: So many of our businesses are like you got I 704 00:44:34,600 --> 00:44:37,320 Speaker 2: need your support to you know, keep the lights on it. 705 00:44:37,320 --> 00:44:38,840 Speaker 2: And I'm like, we got to move past that. So 706 00:44:38,880 --> 00:44:41,800 Speaker 2: I love your thoughts to hear your thoughts on how 707 00:44:43,000 --> 00:44:46,080 Speaker 2: on that and how we get past just support. 708 00:44:47,800 --> 00:44:53,040 Speaker 3: Yeah, I mean, I agree with you. I think that. Look, 709 00:44:53,120 --> 00:44:56,040 Speaker 3: I think I have a few thoughts about that. I 710 00:44:56,080 --> 00:45:03,960 Speaker 3: think that I think for the brain, and that is literally, 711 00:45:04,440 --> 00:45:07,040 Speaker 3: Target is about to be their very first retailer, their 712 00:45:07,160 --> 00:45:11,400 Speaker 3: very first mass market retailer, right, and they're about to 713 00:45:11,440 --> 00:45:16,160 Speaker 3: go on shelf, and maybe they're a decent sized brand 714 00:45:16,239 --> 00:45:20,640 Speaker 3: on their own, right, Like they've they've figured out how 715 00:45:20,640 --> 00:45:23,840 Speaker 3: to make some real money and they've gotten into Target 716 00:45:23,920 --> 00:45:33,280 Speaker 3: and they're looking to grow their business. That company needs support. Yeah, 717 00:45:33,440 --> 00:45:36,600 Speaker 3: your first few years, your first few years in retail, 718 00:45:37,680 --> 00:45:39,920 Speaker 3: you first of all, you may not have tons of money. 719 00:45:40,800 --> 00:45:43,560 Speaker 3: Even if you're making money, it's hard to it's you know, 720 00:45:43,680 --> 00:45:47,040 Speaker 3: marketing and all those things costs and absorbing an amounts 721 00:45:47,040 --> 00:45:52,400 Speaker 3: of money, right, so you may not have all the 722 00:45:52,440 --> 00:45:54,799 Speaker 3: tools and resources that's going to take you to the 723 00:45:54,840 --> 00:45:58,360 Speaker 3: next level as far as like being able to support 724 00:45:58,400 --> 00:46:01,440 Speaker 3: your product on shelf. Those companies we're just figure you're 725 00:46:01,520 --> 00:46:03,600 Speaker 3: just trying to figure out how to do that. Right, 726 00:46:03,960 --> 00:46:06,120 Speaker 3: If you're only in one hundred doors, it doesn't make 727 00:46:06,160 --> 00:46:09,200 Speaker 3: sense to pay Target or any other retailer twenty five 728 00:46:09,239 --> 00:46:12,560 Speaker 3: thousand dollars for their in store marketing programs. Because you're 729 00:46:12,560 --> 00:46:14,560 Speaker 3: only in one hundred doors, you pay that amount of 730 00:46:14,560 --> 00:46:18,359 Speaker 3: money when you're in at least eleven hundred doors or more. Right, 731 00:46:19,120 --> 00:46:25,839 Speaker 3: and so when it comes to support, that brand needs 732 00:46:25,840 --> 00:46:31,920 Speaker 3: support because they're testing right now potentially so that next 733 00:46:32,000 --> 00:46:36,040 Speaker 3: year they can go back to Target and say, hey, 734 00:46:36,160 --> 00:46:38,759 Speaker 3: you tested me in one hundred doors. Now I want 735 00:46:38,800 --> 00:46:41,440 Speaker 3: to be in two hundred doors or five hundred doors. 736 00:46:41,760 --> 00:46:43,800 Speaker 3: But in order for them to get that five hundred doors, 737 00:46:43,800 --> 00:46:46,760 Speaker 3: what has to happen, Those hundred doors have to produce. 738 00:46:48,200 --> 00:46:51,000 Speaker 3: So that brand needs support because they don't have the 739 00:46:51,080 --> 00:46:55,120 Speaker 3: resources to go out and do big, huge marketing campaigns 740 00:46:55,160 --> 00:46:58,640 Speaker 3: and do all the shit that you know that that 741 00:46:58,800 --> 00:47:01,839 Speaker 3: a big brand has the abilit do. Wouldn't even make 742 00:47:01,880 --> 00:47:03,160 Speaker 3: sense for them to do because they're only in one 743 00:47:03,200 --> 00:47:11,600 Speaker 3: hundred doors. So in the beginning, they really need the 744 00:47:11,640 --> 00:47:16,279 Speaker 3: support of their of their customer that's been following them, 745 00:47:16,320 --> 00:47:18,600 Speaker 3: that's been supporting them the whole time, that's been buying 746 00:47:18,640 --> 00:47:21,400 Speaker 3: their products online or buying it out of their trunk 747 00:47:21,480 --> 00:47:26,000 Speaker 3: or whatever the circustances situation is. Now, I agree with 748 00:47:26,040 --> 00:47:30,760 Speaker 3: you that you have to get to a point where 749 00:47:30,760 --> 00:47:34,400 Speaker 3: where it's not just like you're just living off of support. 750 00:47:34,840 --> 00:47:37,160 Speaker 3: You have to get to the point to where you're 751 00:47:37,200 --> 00:47:42,840 Speaker 3: living off of velocity, where where you are, where you 752 00:47:42,960 --> 00:47:46,480 Speaker 3: are scaling and growing. Right, you started one hundred doors, 753 00:47:46,520 --> 00:47:49,080 Speaker 3: now you're out in the five hundred doors. Following year 754 00:47:49,120 --> 00:47:51,440 Speaker 3: you got into a thousand. Now you're going to go 755 00:47:51,480 --> 00:47:54,200 Speaker 3: talk to Walmart. Then you're going to go talk to Kroger. 756 00:47:54,680 --> 00:47:56,960 Speaker 3: Then you under sound I'm saying, now you want to 757 00:47:57,000 --> 00:47:59,879 Speaker 3: go talk to CBS. But in the beginning, you need 758 00:48:00,080 --> 00:48:04,759 Speaker 3: some support, right because because you gotta get, you gotta 759 00:48:04,760 --> 00:48:08,279 Speaker 3: get off the ground you got. You have to move 760 00:48:08,400 --> 00:48:10,600 Speaker 3: past the support phase. But that is one of that 761 00:48:10,719 --> 00:48:14,840 Speaker 3: is phase one of getting into mass market. And I 762 00:48:14,880 --> 00:48:18,399 Speaker 3: don't and I think that and and that is one 763 00:48:18,400 --> 00:48:22,319 Speaker 3: of the things to your earlier question of things that 764 00:48:22,360 --> 00:48:26,439 Speaker 3: we have to realize as consumers that buy products off 765 00:48:26,480 --> 00:48:33,879 Speaker 3: of shelves, because you're right, targeted target their machine right 766 00:48:34,040 --> 00:48:39,719 Speaker 3: like they they they they are they are kind of 767 00:48:41,640 --> 00:48:47,760 Speaker 3: the the mother retailer, and then the sisters and brothers 768 00:48:47,760 --> 00:48:51,319 Speaker 3: are on the shelves. Right, we need to in order 769 00:48:51,360 --> 00:48:54,640 Speaker 3: for target to be what it is, it cannot survive 770 00:48:54,920 --> 00:49:01,000 Speaker 3: without brands. Brands cannot survive without human beings consumed our product. 771 00:49:02,040 --> 00:49:05,719 Speaker 3: It just doesn't work that way. We all all of 772 00:49:05,920 --> 00:49:10,200 Speaker 3: we need we all need each other, right and so 773 00:49:11,600 --> 00:49:15,040 Speaker 3: you know, I agree with you. The goal needs to 774 00:49:15,080 --> 00:49:18,760 Speaker 3: be getting out of the support phase, but every single 775 00:49:18,840 --> 00:49:21,799 Speaker 3: business has to go through the support phase before they 776 00:49:21,840 --> 00:49:22,719 Speaker 3: get to the next one. 777 00:49:23,960 --> 00:49:26,360 Speaker 2: Black Tech Green Money is a production of Blavity, Afro 778 00:49:26,480 --> 00:49:29,400 Speaker 2: Tech on the Black Effect podcast Networking Night Hire Media. 779 00:49:29,520 --> 00:49:32,680 Speaker 2: It's produced by Morgan, Debaonne and me Well Lucas, with 780 00:49:32,800 --> 00:49:35,880 Speaker 2: the additional production support by Kate McDonald, Saarah Ergan and 781 00:49:35,960 --> 00:49:38,880 Speaker 2: Jayda McGee. Special thank you to Michael Davis and Lovebeach. 782 00:49:39,239 --> 00:49:41,080 Speaker 2: Learn more about my guessing other Tech. This show is 783 00:49:41,120 --> 00:49:44,319 Speaker 2: an innovators at afrotech dot Com. Video version of this 784 00:49:44,400 --> 00:49:46,840 Speaker 2: episode will drop to Black Tech Green Money on YouTube, 785 00:49:46,880 --> 00:49:49,600 Speaker 2: So tap it in, enjoy your Black Tech Green Money, 786 00:49:50,080 --> 00:49:52,720 Speaker 2: share us to somebody, go get your money. 787 00:49:53,280 --> 00:49:53,879 Speaker 1: Decent Love