1 00:00:00,690 --> 00:00:11,750 Filip Valica: Hey, everyone. Welcome to the Product Startup Podcast, podcast that helps bring your product idea to life by chatting with successful inventors, product designers, and other industry professionals. This podcast is run by Mako Design 2 00:00:11,750 --> 00:00:24,910 Filip Valica: + Invent, and hosted by Filip Valica. Our goal here is to get to the bottom of what makes a product successful, from initial idea to putting your product on the shelf. We're taking you step by step to build a functional product and scale your product business. Now onto the show. 3 00:00:26,770 --> 00:00:37,730 Filip Valica: The Product Startup Podcast, episode 12. Welcome to the Product Startup Podcast. Helping you turn ideas into successful products step by step with your host, 4 00:00:38,750 --> 00:00:53,310 Filip Valica: Filip Valica. Hi, everyone, and welcome to the product startup podcast. In the last episode, we heard from Tony Devine with the Original Profender. I really like this episode because Tony does the prototyping, manufacturing, and selling of his product himself. 5 00:00:53,770 --> 00:01:01,390 Filip Valica: We covered a lot of detail about how he took his basketball training product to market, including how appearing on Shark Tank didn't really live up to his expectations. 6 00:01:02,210 --> 00:01:11,470 Filip Valica: We talked about the challenges of educating our customers about our products and the most difficult part about running his business, how he can be the most effective with his time. 7 00:01:11,630 --> 00:01:17,330 Filip Valica: So if you haven't heard that episode yet, I would check it out at theproduct startup.com slash episode 11. 8 00:01:19,000 --> 00:01:28,580 Filip Valica: And now on to the show. Today's episode will be a bit different. I wanted to compile a highlights reel for listeners who haven't had a chance to catch up to the early episodes. So let's get started. 9 00:01:28,580 --> 00:01:35,060 Filip Valica: In episode 10, I talked about the most frequently asked question that I get, which is, I have an idea, now what do I do? 10 00:01:35,560 --> 00:01:44,480 Filip Valica: I talked about my experiences working for entrepreneurs, small businesses, and large corporations, and how they test and validate their ideas and turn them into products. 11 00:01:44,760 --> 00:01:58,060 Guests: Here are some clips on how the founders that we've had on this show have done the same. Brad Sumney with Savage Jerky. I enjoy cooking, and I can handle myself in a kitchen pretty well, but I had never made beef jerky. I've never done anything. 12 00:01:59,040 --> 00:02:03,480 Guests: I've never brought a physical product to market. I've brought plenty of digital spaces to market. 13 00:02:04,670 --> 00:02:16,290 Guests: So everybody laughed at me in the car, and we kind of shrugged it off. And so we got back home, and my family is notorious for getting me little trinkety things for Christmas, as I'm sure most families are. 14 00:02:16,810 --> 00:02:27,010 Guests: And I finally just, I sent out a blast and when everybody asked me what we wanted for Christmas, and I said, if anybody's going to give me anything, everybody just put your money together and buy me. 15 00:02:27,090 --> 00:02:28,970 Filip Valica: a dehydrator, a food dehydrator. 16 00:02:29,450 --> 00:02:42,290 Guests: And so everybody was kind of really bewildered by that. But that's what they did. And at the Christmas of 2013, I got a semi-commercial dehydrator, a very nice, you know, residential version of a dehydrator. 17 00:02:42,570 --> 00:02:57,070 Guests: And I just, I made some really awful beef jerky. I just, that's, I researched it and researched it. And I just went in and decided I was just going to start trying things. And we, we ate a lot of really terrible beef jerky. 18 00:02:57,090 --> 00:03:06,150 Guests: but slowly but surely it eventually came around and you know we we kind of focused on what we call 19 00:03:06,150 --> 00:03:19,370 Guests: our moho which is a Cuban marinade because my wife's family is largely Cuban and every year around the holidays they make these gigantic you know Cuban porks and it's just incredible it's garlic lime 20 00:03:19,370 --> 00:03:31,130 Guests: cilantro it's just I mean it's one of the best marinerades I've ever had so we kind of decided we would focus on that and then make spicier versions of that. When we lived in D.C., we lived at this little community called National Harbor right on the 21 00:03:31,130 --> 00:03:41,370 Guests: Potomac River. And there's a bar on the harbor that we were kind of regulars at. And we kind of just knew everybody that worked there and knew a lot of the people that came in and out of there. 22 00:03:41,550 --> 00:03:51,790 Guests: And so literally every weekend, we were taking giant bags of jerky to the bar and just letting people try it and just seeing what people thought and getting people's reactions. 23 00:03:52,750 --> 00:04:01,210 Guests: And that's really kind of how we tweaked everything. And that's the funny thing is that all the guys that were in the car with me when I said, hey, I'm just going to do this myself. 24 00:04:02,410 --> 00:04:05,270 Guests: There were two guys in the car that are my really good friends. 25 00:04:06,910 --> 00:04:21,670 Guests: And as soon as they tried, kind of one of the recipes I was really happy with, they were like, okay, how do we invest? I want to end. Here's the money. And now they're two of my partners. So it's a really funny world. And it just kind of went crazy from there. 26 00:04:21,970 --> 00:04:26,610 Filip Valica: We launched a Kickstarter after we had some recipes we thought were hammered down pretty well. 27 00:04:27,610 --> 00:04:39,170 Filip Valica: that was well received, and it's just been kind of crazy ever since. David Frankel with the perky collar. You know, at the moment, I started looking around at people in my office. I started looking at people I saw in the street. 28 00:04:39,330 --> 00:04:53,690 Filip Valica: I started watching television, whether it would be news, whether it be movies, whether it be sportscast. And I saw other people have the same problem that weren't wearing ties. And it started coming to me that, you know what, maybe this is a really big problem, especially now that we've gone to more of a business casual environment. 29 00:04:54,470 --> 00:05:05,810 Filip Valica: And then when I talked to Inventus and sat down with them for a half hour, 45 minutes with engineers and their marketing people and their website to designers, they were very excited. They said, I think you've really stumbled on something that can be huge. 30 00:05:06,590 --> 00:05:19,250 Filip Valica: And at that moment, that's what I realized, well, okay, let's see how huge this can be. So they did their first amount of research they did was on, okay, who could really use open collar devices like this? 31 00:05:19,250 --> 00:05:32,550 Filip Valica: and that's when they gave me a presentation that was, you know, 25 slides on the PowerPoint. And we talked about the military. We talked about hospitality. And we talked about, you know, business professionals. And the question became then, how big is it? Is it just for men? Is it for men and women? 32 00:05:33,290 --> 00:05:48,030 Filip Valica: And who could really use this device? Because if it's not, it's not a big enough audience. It's a waste of time and money and energy. Absolutely. So after listening that presentation, I really felt there was enough people to go after in the high-collar market that we should really continue to pursue this. 33 00:05:48,030 --> 00:06:01,870 Filip Valica: And I kept telling them, please tell them. me at any point, if you feel like this is garbage and this is a waste of time and money, please stop me because I don't want to get my hopes up. And they said, no, I really feel that the average business professional cares about how they look and there's enough people 34 00:06:01,870 --> 00:06:15,310 Filip Valica: wearing open collar and not suits and ties anymore that you really have something special here. So let's take it to stage two and we just took one stage at a time. I'm glad to hear that you've asked people for that advice because a lot of times we're slaves to what we create 35 00:06:15,310 --> 00:06:29,930 Filip Valica: or we're, you know, it's our baby and we don't want anyone to criticize it. But it's really important to get that feedback. Sometimes the people that are closest to you maybe feel like they need to support you more than give you the truth. So it's really good that you went out to some third party that they were able to do 36 00:06:29,930 --> 00:06:44,830 Filip Valica: that market research for you and help you out with that. Yeah, it's very important because you're exactly correct. Our friends and family are exactly that friends and family. They'll tell you what you want to hear more times and not. So it was nice to go to my office and say, hey, what do you think of this? And I'm like, wow, that's pretty interesting. That's pretty cool. Let me try it on. 37 00:06:45,310 --> 00:06:58,650 Filip Valica: Or that's a pretty interesting idea. Well, that's really special. And it was nice to hear people that, you know, are co-workers that don't have any skin in the game, don't care about my feelings, which is great. They could give me an honest truth. And it was inspiring to take it from one stage, the next stage. 38 00:06:59,210 --> 00:07:11,830 Guests: But again, I kept saying, even after stage two was done in stage three, please stop me at any time if you think this is not going to work. Right. Don't let me keep pouring money into something or time into something if it's not going to have legs. Tony Devine with the Original Profender. 39 00:07:12,070 --> 00:07:22,810 Guests: The funny about it was I wasn't even planning on. doing it in the sense of selling it. And then, you know, just being around a lot of basketball players, like the one of the, 40 00:07:23,750 --> 00:07:31,170 Guests: one of the kids that my brother coach was actually the point guard now at Villanova, who just won the national title kid Ryan, R.C. Deaconah. 41 00:07:32,910 --> 00:07:35,690 Guests: So he had a bunch of, you know, he had some, 42 00:07:36,590 --> 00:07:44,490 Guests: a lot of people on attention coming in. So there was colleges all the time talking, you know, that, that were in, you know, at my brother's gym. 43 00:07:45,590 --> 00:07:59,870 Guests: seeing Ryan and seeing him work out. So, you know, it was just an easy thing. I mean, my brother was using it. And now you have these coaches that are there that are interesting. What the heck is that thing? You know what I mean? They've never seen it before. 44 00:08:00,090 --> 00:08:14,830 Guests: Like we had Tony Bennett from Virginia, another great dude. I mean, super, super good guy. And he saw it, you know, just when they were doing a workout for Ryan. And one thing, that's another exchange phone numbers went down to Virginia. 45 00:08:15,530 --> 00:08:26,310 Guests: And they use it, I mean, they use it a tonne in their shooting, you know, and they're shooting drills and kind of their all-season training. So basically what I did is I just went to different, 46 00:08:27,260 --> 00:08:40,220 Guests: you know, I just went to different universities, different people that were basketball people in my area that I could drive to. And I'm like 15 minutes outside of Philadelphia, so we have the big five schools. And in Philadelphia, for people who don't know, is, I mean, 47 00:08:41,240 --> 00:08:55,420 Guests: it's huge for basketball. I mean, I mean, there's some great, great people associated with basketball in Philadelphia. So, I mean, I just connected with all these guys, you know what I mean, like former NBA players that were Doug Overton, who was a great, 48 00:08:56,660 --> 00:09:11,420 Guests: a big five-all thing with LaSalle, played in the NBA for 13 years, was coaching. That's how I connected with him, and then he was with the Brooklyn Nets. So the connection I have with him, he brought me up to the Nets, you know, worked out some of those guys. They loved it. 49 00:09:11,420 --> 00:09:15,100 Guests: They bought, you know, they bought like six of them. So all these things happening, 50 00:09:15,860 --> 00:09:17,980 Filip Valica: you know, I knew I had something that was valuable, 51 00:09:18,180 --> 00:09:26,940 Guests: especially for the upper echelon players and programs that are looking for just that edge, you know, any type of edge, you know, just to be better. 52 00:09:27,140 --> 00:09:41,180 Guests: And, you know, at that level, just that small difference, you know, training and being able to, you know, a 3% increase in shooting is huge, you know, over the course of the season. Kelsey Duffy with Versakini. 53 00:09:41,420 --> 00:09:53,600 Guests: If you've followed anything about the mixed bikini story, you'll see they're no longer in business. So once Mixed Bikini officially had died, so to say, it was, you know, it was actually a rather heartbreaking time for me where I didn't know how to pick up the pieces. 54 00:09:54,140 --> 00:10:06,800 Guests: And for me, it was such a reaction to see these girls. And they love the product. They love the idea. They could see all the opportunity with it. And it just was never executed properly. And I lost a lot of sleep over that. 55 00:10:06,800 --> 00:10:11,380 Guests: You know, I tossed in turn for a good year and I was like, how can I make this work? 56 00:10:11,500 --> 00:10:19,080 Filip Valica: You know, we have these connections. We have people that love it. You know, there were just things that needed to change. So that's when Versakini was born. 57 00:10:19,240 --> 00:10:30,860 Guests: I finally one day just said, enough. Let's go ahead and take all, you know, the necessary business operations and let's go for it. So that started officially in the summer of 2014. 58 00:10:31,160 --> 00:10:42,540 Guests: And then in January, we filmed Beyond the Tank and went on there and then really launched the brand then. that's pretty awesome you went on the show you filmed beyond the tank with maybe an idea did you have 59 00:10:42,540 --> 00:10:52,860 Guests: a prototype at that point we had some samples and there's a lot of product development especially in fashion things change so fast and i mean you know we're talking is this brawl cup thick enough 60 00:10:52,860 --> 00:11:06,780 Guests: should we even have braw cups do you like this color do you want this fabric uh the length the texture it's quite the process and then you get to the fit and that's probably one of the most important parts of it uh so we did have a product at that time and from 61 00:11:06,800 --> 00:11:20,240 Guests: there, the first collection we launched was called the Islands Collection, and it was just a series of basic geometric, like, colors that were bright and tropical, and we were really trying to sell the idea of it, you know, without overwhelming or, you know, throwing a bunch 62 00:11:20,240 --> 00:11:24,540 Guests: of prints and crazy colors together. Doug Marshall with the Game Face Company. 63 00:11:25,750 --> 00:11:29,090 Guests: This product just came to me in a dream. I had a dream. We 64 00:11:30,460 --> 00:11:39,020 Guests: had a football game, and the guys next to me had painted their faces, and it was a mess. It was coming off. It was a hot day. And in my dream, I just said, why don't I do a full face? 65 00:11:39,040 --> 00:11:52,810 Guests: transfer you could print anything put it on and feel it all that's crazy well yeah so that's where it started all right so then i started measuring faces and i made uh templates out of fabric and you know 66 00:11:52,810 --> 00:11:57,290 Filip Valica: and decided okay am i going to go forward with this or not you don't tell anybody about it 67 00:11:57,290 --> 00:12:07,110 Guests: until you get at least a patent pinning over right and so you're going to at about 25 the 30 thousand dollar investment there just getting your patent. 68 00:12:07,990 --> 00:12:22,320 Guests: So we just kind of hit the bullet and went forward with it. You've got to look into that, you know, where do you want to take it? Where do you see the product? And also look at your own abilities. I mean, there are a lot of inventors out there, 69 00:12:22,400 --> 00:12:27,640 Guests: but they're not marketers. Right. They're not sales people. Yeah, and they might not even be small business owners. No. 70 00:12:28,540 --> 00:12:41,500 Guests: And I get, I mean, I couldn't tell you how many products I have on the shelves that people have sent me saying, can you take on my product and bring it under your company wheel house, so to speak. Wow. 71 00:12:41,980 --> 00:12:55,640 Guests: So, yeah, but, you know, I knew that, you know, I'd been in sales, I'd been in management. I was a sales manager for years for a company, and I lived in Taiwan for a year when I was 25. 72 00:12:55,640 --> 00:13:10,340 Guests: I moved off and got into import, export, just, you know, did it. So I knew I could do it. It's just I needed the capital. And that's what a lot of people run into. It's like, oh, I got this great idea. 73 00:13:11,120 --> 00:13:19,960 Guests: I know I can manufacture it, but I need some capital to get it started. And so the best place to go, if you're starting a business, 74 00:13:21,300 --> 00:13:30,220 Guests: the bank's not going to lend you anything. And an investor, a big investor is going to want most of your item, most of your product, most of your company. 75 00:13:31,130 --> 00:13:34,830 Guests: And so I just went to friends and family. That's where you really get started. 76 00:13:35,610 --> 00:13:36,750 Filip Valica: And I said, listen, 77 00:13:37,690 --> 00:13:38,590 Filip Valica: I got this idea. 78 00:13:39,790 --> 00:13:41,390 Guests: I think it's a million-dollar idea. 79 00:13:42,480 --> 00:13:46,020 Guests: So I'm going to sell you a percentage of it for $10,000. 80 00:13:47,620 --> 00:14:00,650 Filip Valica: Because I said it's a million-dollar idea. I'll tell you 1% of the company for $10,000. And I was able to raise $80,000. And that got us started. So you gave away 8% of your company. when you first started. 81 00:14:01,910 --> 00:14:15,130 Guests: We started the Game Face Company in October of 2007 and introduced the product in January of 2008, and it's just been kind of developing the product ever since, growing the company. 82 00:14:15,570 --> 00:14:30,470 Guests: Fabien Serrier with Knit Yak. It was really a side project and a labor of love on the side with all my other weird side projects until it became more than that. That sounds really fun, though. I wouldn't have thought to combine the two, you know, hacking and knitting machine. That's awesome. That's really fun. 83 00:14:30,930 --> 00:14:45,130 Guests: You said people approached you for the final product for these algorithmically generated patterned scarfs. And you said that you couldn't produce it because of the last row. And then you thought, okay, maybe I should start a Kickstarter or? Well, it didn't happen that quickly. 84 00:14:45,290 --> 00:14:54,510 Guests: But I knew that there was nothing really in between the consumer knitting machines that are around $800 on eBay and the industrial knitting machines that started about $100,000. 85 00:14:55,490 --> 00:15:09,290 Guests: So they start. Yeah. So there's a huge gap there. So there's a huge gap in there. I was a little bit concerned that there would not be enough of a market to really sustain that. And so my way to test the market was, in essence, to run, 86 00:15:10,250 --> 00:15:21,810 Guests: in hindsight, a crazy Kickstarter campaign. $100,000 minimum for someone who was by herself and didn't have any experience running a crowdfunding campaign. 87 00:15:22,350 --> 00:15:25,670 Filip Valica: I had a lot of other experience online, but that was not one of them. 88 00:15:25,670 --> 00:15:37,510 Guests: So I had a lot of mentors, a lot of people helped me out. And really, up until week three, it really didn't look like it was going to tip. It didn't look like the Kickstarter was going to make it. 89 00:15:38,350 --> 00:15:48,090 Guests: So it was a real nail-biter. I didn't really sleep in those 30 days. And it took me two months full time before the Kickstarter to prepare everything. 90 00:15:48,110 --> 00:15:54,610 Guests: So to plan out my break-even and my spreadsheets and have my CPA tell me that these numbers were real 91 00:15:54,610 --> 00:16:06,470 Filip Valica: and that, you know, my break-even was really my break-even and that I wasn't forgetting anything crucial and tax situations in Seattle and Washington State and federally and everything. 92 00:16:07,970 --> 00:16:12,530 Filip Valica: Matt and Eric with mini materials. I saw these miniature center blocks out there, and I love it. 93 00:16:12,590 --> 00:16:27,290 Guests: I was like, I don't know why I like it, but I like it. So I went to buy him and the guy was sold out and the price was ridiculous, like $50 for a little 24 pack. But I was like, you know what? I can do this myself. And so I learned how to 3D design. 94 00:16:27,690 --> 00:16:38,430 Guests: I made a 3D print. I poured some molds. And then I put concrete in the molds and made the bricks. And from there, I just kept trying to make new things and make little palettes and miniature construction stuff. 95 00:16:38,670 --> 00:16:52,870 Filip Valica: And it's really just taken off from there. So let's back up a little bit. You saw something that was already selling and you basically made your own prototype to see if you could do it yourself and what that would cost you. Did you have any reservations about anybody else wanting to buy that product? 96 00:16:52,870 --> 00:16:56,830 Filip Valica: Or was that basically validation because you already saw it for sale so you knew that there was a market? 97 00:16:57,690 --> 00:17:05,670 Filip Valica: It was a really small validation. And honestly, I did take a risk because I did know if it would sell. I knew a few people would buy it. 98 00:17:05,850 --> 00:17:20,330 Filip Valica: And it justified my, it's such a big learning opportunity that I knew I could sell enough to make up the cost at least. And if I could learn how to do all this stuff for free and with a chance of making money, that it would be worth it at the end. 99 00:17:20,590 --> 00:17:22,270 Filip Valica: And that's what actually happened. 100 00:17:25,040 --> 00:17:38,400 Filip Valica: So one of my favorite questions comes near the end of the show when I ask everyone for their one tip to help people bring their own product to market. I think the answers that we get, while maybe some of them have a common theme, are interesting 101 00:17:38,400 --> 00:17:52,800 Filip Valica: because it shows to me what maybe the founders have struggled with themselves, as well as what they think is most valuable. So even though we spent maybe the last 45 minutes talking about their journey to bring their own products to market, these are the two or three things that they feel. 102 00:17:52,820 --> 00:18:03,760 Filip Valica: is most valuable and produces the most impact for your time and money. David Frankel with the perky caller. I'd say find a product that you're passionate about. If you're not passionate, 103 00:18:03,980 --> 00:18:17,560 Filip Valica: it won't get you through the tough days. And if you're passionate and you wear your product or you use your product personally, you have 100% faith in your business and your product. And that passion comes through when you talk to people. When you do demonstrations, they'll fill your energy. People 104 00:18:17,560 --> 00:18:32,160 Filip Valica: buy you just as much they do the product. So if you're not passionate about your product, you have the wrong product. So if you have five ideas or ten ideas or considering to be an inventor or considering to bring a product to market, pick the one you're most excited about. And that's the one that's going to have the best chance for success. 105 00:18:32,580 --> 00:18:46,960 Filip Valica: But also go to the marketplace and see what else is out there that's like your product to see if you're just another product that's amongst several hundreds of other ones just like it. So try and find something that's really unique, solves a problem because that's something I had to convey in front of Amazon. What problem is your product solved? 106 00:18:47,140 --> 00:18:53,500 Filip Valica: And do how many people have that problem? So make sure the solution you have solves a problem for as many people as possible. 107 00:18:53,660 --> 00:19:07,900 Guests: Keep your market as general and as big as possible and be passionate because that passion gets you through all the tough days. You have a couple good days a week. My grandfather used to tell me if you can have one great day a week, you're doing pretty well. That sounds pretty morbid. He was like, yeah, that's the way life is. 108 00:19:08,180 --> 00:19:18,840 Guests: So he said, you know what, don't complain about your one bad day. You know, be happy if you have one good day per week. And that's something you really have always kept them back in my mind all these years that, you know, it's not easy. 109 00:19:19,020 --> 00:19:32,440 Guests: to bring a product to market it's easy to fail it's easy to criticize it's easy to uh to let somebody else do it but for you to to grab that product that you're passionate about that you feel solves a problem and take it to market there's going to be a lot of people that are naysayers a lot of people 110 00:19:32,440 --> 00:19:43,580 Guests: that aren't going to uh believe in you or uh puku your idea just because it wasn't theirs but keep pushing forward if you believe enough in it uh you can bring it to market brad summy with savage jerky 111 00:19:44,120 --> 00:19:49,320 Guests: One tip. Gosh, that is such an open question. Yeah, it's, 112 00:19:50,980 --> 00:20:02,280 Guests: I think my biggest piece of advice would be to maintain your confidence because self-destruction is probably the biggest thing that faces entrepreneurs 113 00:20:02,280 --> 00:20:14,540 Guests: and people that build things like this. And you just have to keep that confidence. There's like this really cliche saying that an entrepreneur is somebody that will live like nobody else will. So one day they can live like, 114 00:20:14,600 --> 00:20:25,920 Guests: Nobody else can. You have to have that mindset that's like, okay, not everybody's out here doing this. A lot of people go to work and that's the life they lead. And they do very well. I mean, a lot of people make a lot more 115 00:20:25,920 --> 00:20:33,820 Guests: money than I do for sure and have a lot more time off and a lot more time to spend with their family. Don't let yourself get in the way of your own success. 116 00:20:34,580 --> 00:20:42,660 Guests: And in that same vein, don't let perfect be the thing that hampers you. Like I said, we used to sit around tables and just beat a product to death and it would never 117 00:20:42,660 --> 00:20:44,220 Filip Valica: go anywhere just because we, 118 00:20:44,220 --> 00:20:56,280 Guests: we let perfect become evil and it was always the stumbling block at some point you have to start that's my biggest piece of advice for anybody is at some level you just have to jump in and and get your feet wet and hope for the best 119 00:20:56,280 --> 00:21:06,580 Guests: you'll learn how to swim but you have to jump in first so that would be my biggest piece of advice i see it all the time on reddit where you know people are bouncing ideas off of these forums and 120 00:21:06,580 --> 00:21:21,180 Guests: these social media things oh this is my idea guys tear it apart everybody goes and tears it down and then the guy comes back a couple months later and he's like here's my idea you guys this is where we were two months ago you know man why haven't you just got out there and put a prototype together or put a 121 00:21:21,180 --> 00:21:34,500 Guests: you know working MVP whatever it is why haven't you made some beef jerky why haven't you done something you know we can sit here and talk about it all day and it's until it looks perfect on paper at the end of the day once you launch it it might still be trash so you're never going to know 122 00:21:34,500 --> 00:21:44,300 Guests: until you just dive in and that would be probably my biggest piece of advice Matt and Eric with mini materials. You can create lots of things in your life, but you can't create time. 123 00:21:44,460 --> 00:21:55,900 Guests: So if we had more time to do other things and really put it into the business, it would be probably bigger than what it is today. But that's probably the biggest hardship, both of us. 124 00:21:56,040 --> 00:22:02,760 Guests: We talk about it every day, basically, is that we don't have enough time to really do all the things that we want to do with mini materials. 125 00:22:03,740 --> 00:22:18,460 Guests: As far as what has helped for us is the communication. When Matt brought me on, I could tell that he kind of was in a lull. He didn't know if he wanted to get much bigger because it was a lot of work on his part. 126 00:22:19,120 --> 00:22:23,960 Guests: And, you know, when I came in, now we're both very, very eager. So having a partner, I think, 127 00:22:24,900 --> 00:22:37,280 Guests: has worked for both of us. Yeah. That's one thing. I started listening to the startup podcast, which it was so interesting to me. but he talked about getting a partner. 128 00:22:37,760 --> 00:22:42,580 Guests: And it's not so much to just have somebody to share the workload. It's having somebody that can, you know, 129 00:22:42,680 --> 00:22:46,540 Filip Valica: feel the exact same way you feel that you could actually balance ideas off of. 130 00:22:46,640 --> 00:22:50,840 Guests: And it's hard to bounce ideas off other people who are not in your situation 131 00:22:50,840 --> 00:22:55,100 Filip Valica: because anything they say, it's like, well, you're not living what I'm living through right now. 132 00:22:55,260 --> 00:23:02,520 Guests: So I can't really trust anything you say, but we can both trust everything with each other, we tell each other, because we are living through doing this right now. 133 00:23:02,520 --> 00:23:12,960 Guests: so that I'd say that's probably my the best part is having a partner now to do that with and then as far as some of the struggles I would say 134 00:23:12,960 --> 00:23:23,540 Guests: dealing with all the numbers stuff I hate numbers I just got done doing all of my tax stuff and that's what I would recommend recommend for anyone these starting business please keep track 135 00:23:23,540 --> 00:23:34,180 Guests: of every single thing you do from the very beginning because I did not do that and I just spent 14 hours last Saturday straight really through all. all my credit cards, all the PayPal, 136 00:23:35,300 --> 00:23:39,300 Guests: calculating all the numbers of costs of everything, and it was like the worst day of my life. 137 00:23:39,800 --> 00:23:48,620 Filip Valica: So please keep track of it from the very beginning. Yesterday, do you use a service for that or anything? No, not yet, but I am going to now because it was terrible. 138 00:23:50,240 --> 00:23:54,160 Filip Valica: Kelsey Duffy with Versakini. Actually, I just finished reading The Power of Broke, 139 00:23:54,280 --> 00:24:06,660 Guests: which is Damon John's book, and it is a must read. I mean, you know, the quotes in there, I literally, I read this book, and I got out my highlighter, and just, you know, went kind of crazy on all these things that I love that he says in there. 140 00:24:06,820 --> 00:24:18,320 Guests: So if you think, oh, I can't do it, you really can. And it seems so hard, but it's so rewarding once you kind of see the process fall along of it. So the power broke definitely. 141 00:24:18,800 --> 00:24:33,460 Guests: And the lean startup by Eric Rees, that's another great one that just kind of gets you the basics. And I think that most importantly, sometimes when you're in these beginning phases, is you need to see what other people have done and read their stories and hear their successes 142 00:24:33,460 --> 00:24:46,480 Guests: and their failures and take that all into account to really be able to be the best that you can be. Well, that's excellent advice. Do you have any other tips or someone's going through this process? They have their own product idea. They're going to market. 143 00:24:46,880 --> 00:24:58,120 Guests: It might be a fashion product and they just, they get stuck and they don't know if they can move forward. What would you say to that person? One of the most important lessons as a startup is do not give up your equity. 144 00:24:58,120 --> 00:25:07,880 Guests: Don't do it. Try. Hold on to it. Do the sweat labor. Do everything you can. Get a cheap deal. But try to hold off. It's tough. You know, I've been going at this 145 00:25:07,880 --> 00:25:19,620 Filip Valica: for four years and I think anybody else probably would have quit by now. But you really need to look at your obstacles like an opportunity and realize that, okay, you know, this is really hard. I don't know if I can survive this. 146 00:25:20,520 --> 00:25:28,100 Filip Valica: You really have to kind of persevere and keep your head up and don't even think about it. You know, just be so focused that there. 147 00:25:28,100 --> 00:25:31,820 Guests: there is no question. You will not stop. You will not fail. 148 00:25:33,320 --> 00:25:46,700 Guests: And your attitude is a huge part of that. You know, you can see that in a person's body language. You can hear it in their voice. If they have passion for something, you know, as an investor, I think that you will stand so much taller if you're passionate about your product. 149 00:25:47,560 --> 00:25:51,240 Filip Valica: Fabien Serrier with knit yak. Yeah, I think the most inspirational 150 00:25:51,240 --> 00:26:04,480 Guests: book is Tony Hessey's book on the running shoe company. Zappos. I'm familiar with that. I think His last name is spelled H-S-I-E-H or something, Tony. Anyway, he founded Zappos, and his book is great. 151 00:26:04,980 --> 00:26:18,260 Guests: I think it's got enough anecdotal evidence, but also enough just plucky entrepreneur, just go forward kind of thinking that I think it's great. Great. And do you have any tips for people that are in that hard point now, 152 00:26:18,360 --> 00:26:31,520 Guests: whether they're just starting or they're about to launch and they just keep hitting these road bumps? How do you know when to quit? How do you know when to push forward? what keeps you going? Yeah, how to know when to hold them, how to know when to fold them. 153 00:26:31,660 --> 00:26:44,960 Guests: I think I didn't really listen to some of that advice of when people tell me, okay, no, this is a side project. Like, you shouldn't do this as a business. And a lot of people said, oh, I want that product. 154 00:26:45,240 --> 00:26:56,820 Guests: And so I listen to the people who said, I want that product. So I guess that's my advice is to listen to your customers and figure out what they want. Doug Marshall with the Gameface Company. So many companies go out of business. 155 00:26:58,270 --> 00:27:03,480 Guests: the third year, and a lot go after the first year. So it's a matter of 156 00:27:05,050 --> 00:27:18,920 Guests: having enough capital to sustain and then try to make your money with the product you feel like you can get the biggest hit out of right away to get you started. I mean, I wish I had someone to talk to 157 00:27:18,920 --> 00:27:25,820 Filip Valica: before I went on Shark Tank. It's, you know, I started a business and I love to talk to people 158 00:27:25,820 --> 00:27:30,560 Guests: that are just getting started because hopefully I can save them, you know, some time and some money 159 00:27:30,560 --> 00:27:43,620 Filip Valica: just from the experiences that I've had and my family's had. You know, I can't say that it's not a sacrifice. And if anyone's interested and if they're going to be, if they're an entrepreneur and they're going to start a business out of scratch especially 160 00:27:44,440 --> 00:27:55,490 Guests: and go out, it's going to be a sacrifice. And really, your whole family is going to be in it. It's like Mark said the other day in an interview, you know, you've got to go out on the end of the limb to get the fruit. Right. 161 00:27:55,890 --> 00:28:06,590 Guests: You've got to just analyze your life and determine whether you're, not only capable, willing to sacrifice to do it. And it's, and it isn't a one time, oh, now we've 162 00:28:06,590 --> 00:28:14,910 Guests: done it. It's a daily sacrifice. Yeah, you're continually grinding. Yeah. I mean, I think about Donald Trump. I mean, how many marriages have he been doing? Well, 163 00:28:16,070 --> 00:28:24,670 Guests: really, he's a businessman. And I probably, and that's probably it's a sacrifice that he made. And it cost him a family life in a sense. 164 00:28:25,750 --> 00:28:33,510 Guests: I'm not sure that Trump took as many wives as he did because he was making sacrifices is for his business, but I think that's very debatable. 165 00:28:34,810 --> 00:28:41,350 Filip Valica: Well, I'm just using him as an example. I'm sure they're a better example. I can absolutely understand with what you're saying, though. 166 00:28:42,730 --> 00:28:53,390 Guests: You know, while we're on the topic, you said that, you know, if you can help some people out from making the same mistakes, did you make any that you feel that other people can learn from? Yeah, I mean, I'm sure. 167 00:28:53,470 --> 00:29:00,930 Guests: Oh, I'll tell you one mistake that I would never do is pay a royalty on your sales to an investor. 168 00:29:02,080 --> 00:29:06,120 Filip Valica: And investors will agree with you on that. Because when you're starting a company 169 00:29:06,120 --> 00:29:19,160 Guests: and starting a new product and then developing new product, you're cash strapped. So the last thing you want to do is be having to pay out a percentage of your sales. Now, if it's gaining sales, 170 00:29:19,760 --> 00:29:31,860 Guests: you know, that's another thing. I've got sales reps. And for example, oh, that's another bit of advice. If you're going to get sales reps, don't get reps that just want to carry your line. and then go sell it. 171 00:29:32,420 --> 00:29:35,740 Guests: Get reps that specialize in certain accounts. 172 00:29:36,730 --> 00:29:49,130 Guests: So if you've got a product and you want to try to get into Walmart, find a rep that only calls on Walmart. And they're out there. That's their only account. They're Walmart reps. That makes complete sense because they're basically a specialist 173 00:29:49,130 --> 00:30:01,790 Guests: and they know how to get around the roadblocks that normal reps wouldn't. Right. And they've been calling on Walmart for, you know, 10, 20, 30 years, and they've got the relationships and they know how to do it. 174 00:30:02,400 --> 00:30:07,560 Guests: Same way with Myers, CVS, Walgreens, Target, Rite Aid. 175 00:30:08,040 --> 00:30:17,620 Guests: So there are, and that's just from me, you know, making mistakes and then getting the advice of other business owners. 176 00:30:18,800 --> 00:30:21,920 Guests: Tony Devine with the Original Profender. Yeah, 177 00:30:22,960 --> 00:30:26,060 Guests: the one man owners, it's very tough, right? 178 00:30:26,060 --> 00:30:31,720 Filip Valica: you get so much, you know, you get stress from, you know, your wife. 179 00:30:33,380 --> 00:30:46,940 Filip Valica: You get stress from, you know, the people who aren't like you, right? They're not doers. They're not go out and get it done type of people. They are the people that rather just sit on accounts and watch TV and just have everything, you know. 180 00:30:47,640 --> 00:30:51,680 Filip Valica: But people who are true entrepreneurs, true, 181 00:30:52,560 --> 00:30:53,900 Filip Valica: you know, go-getters, 182 00:30:54,900 --> 00:31:09,840 Filip Valica: that's not anything that they look forward to doing. So if you have something that you believe in, right, that you believe in that you have seen that there is, you know, there is a need and there is, you know, there is a, 183 00:31:10,860 --> 00:31:12,360 Filip Valica: what's the word I'm looking for? 184 00:31:13,310 --> 00:31:16,190 Filip Valica: There's a light at the end of the tunnel. You always stay with it. 185 00:31:16,450 --> 00:31:27,600 Guests: If you feel it's something that you, you know, that your heart's not in and you're giving up and you feel like it's a loss cause, and that's when you put your law and you move on to something else. 186 00:31:27,780 --> 00:31:42,410 Guests: But when you feel the way that I do and you're able to continue to pay your bills and you might not be making a ton of money, but it's still there. And the passion's there, you've got to go for it. You continue to go for it. 187 00:31:42,770 --> 00:31:53,370 Guests: And the only way that you do fail is when you quit. And, I mean, that's a simple that I think about that every time, you know, something negative happens. I can always quit. It's not in me. and 188 00:31:54,870 --> 00:32:09,870 Guests: that's it for today's episode thanks for tuning in if you wanted to check out the show notes please go to the product startup dot com slash episode 12 and there i will have links to all the other episodes that we've covered if you wanted to get some more detail if i didn't cover something 189 00:32:09,870 --> 00:32:21,710 Guests: and you want me to cover a specific topic please go to the product startup dot com and hit the ask philip button and shoot me an email from there lastly i would really love a review if you could 190 00:32:21,710 --> 00:32:32,730 Guests: go to the iTunes page or go to the product startup.com slash review and leave me a review. I would really appreciate it. A lot of times I'm creating content and I can't tell if people 191 00:32:32,730 --> 00:32:46,890 Guests: are enjoying it or what the feedback is from it because it's kind of one way. I'm just broadcasting it out. And so I really enjoy getting the emails and the notes and whatever your comments are. I'm happy to receive them. So thanks again. And I'll see you guys in two weeks. 192 00:32:47,150 --> 00:32:59,410 Guests: Thank you for listening to this episode of the Product Startup podcast with your host. Philip Felicea. For more great content and to stay up to date, visit theproductstartup.com. Your guide to getting there. 193 00:33:04,660 --> 00:33:19,220 Filip Valica: Thanks for tuning into this episode of the Product Startup Podcast, the show that teaches you what it really takes to bring your product to market and turn it into a big success. This podcast series is brought to you by Mako Design + Invent, the first firm in North America 194 00:33:19,220 --> 00:33:30,240 Filip Valica: to provide global caliber end-to-end physical consumer product development to startups, inventors, and small product businesses. If you're looking for product development help on your invention, head over to macawdesign.com. 195 00:33:30,480 --> 00:33:40,140 Filip Valica: That's m-a-k-o-design.com for a free consultation from one of Mako-Design for design studios from coast to coast. Thanks for listening and see you next time.