Jeff Fenster

So you found you a legacy op that took advantage of the corporate structure in cannabis? Well, don't be surprised most of your operators are dabbling in the absurd with SKUs, pretty branding and directionless marketing. And lets not talk about your cannabis consultants. Have these mfers every sold ANYTHING? and I mean anything? Weed has sold itself for the past 80 years or so; and NOW you need million dollar marketing budgets? GTFOH PS. It's very easy when the INDUSTRY co-signs who you are but the STREETS not so much. Is your faith in the cannabis industry linked to corporate fuckery? And are you wondering how your business is faltering in a multi-billion dollar industry? #CannabisIndustry #MarketTrends #BusinessStrategy #MedMen

9

1 Comment

I work with dozens of start up’s at any one time as they scale - and then they hit a ceiling - many times due to competition. I have been at a $16B company and we hit a ceiling. With your head down grinding away at your business, it is important, but doesn’t feel urgent, to pivot to keep growing. Make the time - get outside-in advice from board advisors or expand your board with non-executive outside board members. Determining what needs to change is hard, but it needs the brain power and open mindedness to make the change. Thanks Jason Feifer for sharing this great story around brand and your differentiation … and a happy ending with a $1.2B buyout! #privateequity #venturecapital #entrepeneur #growth

5

Before you launch a CPG brand with any sort of DTC strategy, make sure you do this… I promise it will take you 15 minutes or less. I see brands going straight into product development and selling without checking a crucial detail: Will the economics actually work if launched as a DTC brand? So many founders dive in because they’re excited about their product. But if they don’t understand the full payback period, they risk serious financial setbacks down the road. We created a simple 15-minute tool to help founders calculate if their DTC model is sustainable. Here’s why it’s worth it: - It considers real margins - It factors in customer acquisition costs - It gives you clarity before you commit Instead of risking time, money, and sanity, get a quick gut check. Spend those 15 minutes and see if your numbers add up. Starting strong is better than starting over. Download the free template below (link in the comments👇).

11

1 Comment

In this interview with Bill Prater on the Business Builders Show, I dove into the real struggles that technical founders face. Here’s the truth: you can build the most innovative, game-changing product, but that doesn’t guarantee the market will line up for you. Too many technical founders fall into the trap of thinking that if they build something, customers will come. Spoiler alert—they don’t always. We talked about how to break out of the niche market loop and get your technology in front of the right audience. The B2B sales game has changed, and navigating today’s complex buyer’s journey requires more than just a fantastic product—it demands a strategic approach to turn early success into massive growth. If you’re ready to take your company to the next level, you'll want to hear these insights. Listen to the full interview here: https://lnkd.in/gu52SAtm

1

What does the future of this industry look like? Where are customers going? Early stage venture requires a crystal ball. What we know is happening does help to understand where we are going, but there are many story lines to breakdown and analyze more holistically. Reducing alcohol Reducing dairy Reducing meat Gluten free Grain free Hyper clean No/Low sugar Seed Oil Heavy Metals Gut Health In a world moving this quickly, it’s critical to anticipate where customers will be 3-5 years from now. Thematically customers are moving towards personal health and sustainability, but are they willing to pay the premium for truly better options? Will there be a backlash against the “free from” wave? Lots to consider here. What’s the next big thing? What are you pushing all the chips on the table for? Adam Spriggs Will Ahearn Emily M. Max Kabat Lindsay Robb

54

38 Comments

💡 In 2017, Bill Shufelt founded Athletic Brewing Co. with a crazy idea: non-alcoholic craft beer. 🍺 At the time, non-alcoholic beer was only 0.3% of the US beer market. But Bill thought there was huge pent up demand for great tasting, non-alcoholic beer. Fast forward five years, and Athletic Brewing did $90 million in 2023 revenue and is now the top selling beer (of any kind) in Whole Foods. Athletic not only created a new category, but is the #1 selling non-alcoholic beer in the US with over 50% market share. And Bill’s not done. He thinks non-alcoholic beer could one day make up 50% of the entire beer market. In this latest episode of my podcast The Peel, Bill takes us inside the early days of starting the company, including realizing there was an opportunity to make non-alcoholic beer, interviewing and getting denied by 100’s of potential co-founders, iterating on new formulas in his garage using Gatorade jugs to find the perfect taste, struggling to find early investors, getting into Whole Foods, and eventually building multiple breweries across the US. Our conversation is a case study on creating a new category. He shares how he first marketed the product to consumers and retailers, Athletic’s unique omni-channel strategy, and the importance of over communicating with your investors. I learned so much from Bill and I think you will too. Links to the episode in the comments 👇

24

3 Comments

Golf will never be the same because of LIV. 3 ways the LIV playbook can inspire your company. 1️⃣ Go big or go home. LIV went after the biggest names and that put them on the map from day one. Without attention you are nothing, they got it FAST. What's something that is on the edge of insane that would set you apart? 2️⃣ Nothing is sacred. Golf has been 72 holes, in pants, solo and with limited crowd interaction. They changed it ALL. It barely looked life golf to many, but they found a market people did not know existed. Happy Gilmore couldn't do it, but they did. Where can you shake up your industry that no one would dare touch? 3️⃣ Drown out the haters. Everyone said it would never work. It was 2nd tier golf. No REAL players would ever join. Then slowly, the PGA adopted many of their rules, changed purses and eventually bought the PGA. If you have a vision, stand with it against any external noice. This story is still being written but what can't be denied is that LIV golf forever changed the game of golf and the PGA tour as we know it. Dare to stand out, it just might work.

19

25 Comments

I clearly have a startup obsession!😍 EVERYTHING feels like a startup lesson or comparison to me.🤔 I realized I had a problem this past weekend when I ran the San Jose Rock & Roll half marathon. Everywhere I looked, I saw something that felt startup related.  Even when looked at the long lines waiting to use the Port-o-Potties, all I could think of was "Clearly they have Product/Market fit".  Then I thought about the fact that the people in line were the users, not actually the customers...  and  it spiraled from there. But when I was actually running, I thought of some things to share with the founders who follow me... Before I became a distance runner, the idea of becoming a distance runner had never crossed my mind. ✖️ I was old(ish) ✖️ I was overweight ✖️ I had never been any type of athlete ✖️ I was not able to run 2 miles without needing a serious nap ✖️ It didn't strike me as something I would succeed at because I didn't have whatever it was that runners have It's not that I didn't have any interest in the benefits of running. I was just content to dwell on the reasons that I either: a) Shouldn't try b) Was not likely to succeed c) The excuses I could use if I didn't succeed Then one year I committed to trying, and ran my first 26.2 mile marathon 4 months later (with the help of a coach and training community) So what's the startup connection? I see founders doing what I did... ➡️ They focus on reasons why things won't work (e.g. validation interviews, fundraising) ➡️ They think there are things they can't overcome that are to blame for their inability to get funding ➡️ They think they might be too old ➡️ They compare themselves to others and come up short (usually comparing themselves to the visible examples of success) If I didn't ignore my excuses, I would not have become a distance runner. If founders hang on to reasons they might fail, they will likely double their chances of actually failing. ❗We drive where we look❗ Focus on what can be, not on "why it's not worth your full commitment." Launching a startup means doing things without a guarantee, but taking a chance.  It's about doing things where you might fail. Commit anyway. Don't half-ass it! If, like me, you decide the effort might go faster with a coach and support, you know where to reach me. Even it you don't, stop giving explanations for failure as a reason why you shouldn't try. When you do, the results will surprise you (in a good way) If it doesn't succeed, you've learned something useful.👍 What challenges have you taken on after letting go of your excuses? Drop a victory below!👇 #EarlyStage #StartupLife #Founders #LeanStartup #TheFoundersForge

12

For your startup idea to thrive, you sometimes need to pivot. 🙌 Mike Maples, Jr says that your insight is like your pivot foot in basketball. You want to keep your insight persistent - and modify your implementation or target market until you trigger customers' desperation for what you uniquely offer 🎯🎯🎯 Don't give up too early. It takes pivoting to find product-market fit 🚀 #pivot #PMF #productmarketfit #innovation #startup #founder

12

1 Comment

Still Don’t Understand Stakeholder Capitalism?   Read the core values of Whole Foods Market posted in their stores. If you can't easily read my lousy photo taken on vacation in Seattle here's the summary:   ·      We sell the highest quality natural and organic foods ·      We satisfy and delight our customers ·      We promote team member growth and happiness ·      We practice win-win partnerships with our suppliers ·      We create profits and prosperity ·      We care about our community and the environment   It has nothing to do with diverting organizational resources to the pet social interests like shareholder capitalists do with their political contributions.   It’s just better business. #stakeholdercapitalism #CEOs  

3

Consolidation of connected fitness continues... High-tech home rowing startup Hydrow, Inc. just bought a majority stake in SPEEDE. This gives Hydrow a foothold in the less crowded strength-focused space, where Tonal is the market leader. But Speede is taking a different approach. They are positioning themselves as the peak performance machine targeting pro and amateur athletes and only selling into commercial and team-based setting. Cool to see the market and product offerings growing fast. https://lnkd.in/edn7pZ2D

11

I've enjoyed listening to John Warrillow's Built to Sell podcast for years - so it was an honour and also a bit nerve-wracking to join him on his show. Why nerve-wracking? I've been on hundreds of podcasts to chat about workPLAYce culture - and the importance of integrating play into our personal and work lives - a topic I'm well versed in. However, being asked to speak about Mergers & Acquisitions doesn't feel like my wheelhouse. While I studied commerce at the Smith School of Business at Queen's University, finance classes always made me nauseous, I didn't even know what the term "mergers and acquisitions" meant when I was in school 😂 . And yet with the help of an amazing team at JAM, we have now completed 11 acquisitions of various sizes over the last 6 or 7 years...but I still don't feel like an expert on the topic. I still don't completely understand all the big words and terminology around these types of transactions and we are constantly learning as every deal we have done has been unique. If you're interested in hearing a bit more about our team's experience in acquiring other small businesses then give this podcast a listen. https://lnkd.in/ge2ZKgMx Just because we don't necessarily know or understand all the big words doesn't mean we cannot make good deals happen. I believe getting a great deal done is more about nurturing relationships and creatively finding win-win opportunities for both sides. Keep playing! #entrepreneurship #mergersandacquisitions #rollup #ItPaystoPlay #teamwork

38

15 Comments

Want to talk GTM? Join us on October 2nd at Gasworks Brewing for another round of Seattle Founders GTM. #founders #entrepreneurs #startups #gtm Sign up with the link below.

6

Partnerships with sports are getting to another level! Welcome “Snoop Dogg Arizona Bowl presented by Gin & Juice by Dre and Snoop” This is the first time a bowl has partnered with an alcohol brand. Snoop is no stranger to sponsorship and investments in both sports and startups. - He invested in Reddit when they executed their turnaround. - He’s partner with countless brands that in many different verticals. - He’s sent many kids to to play college football through his SYFL program Will we continue to see private companies and investors sponsor bowls and align with sports in different ways? My money is on yes we will! The current growth of sports isn’t just fun to watch, it’s an opportunity. That’s why we’re excited at Champion Venture Partners to be a part of it and look for others to join us and be a part of it themselves. How Daron K. Roberts, J.D. likes to say “This is bigger than sports” Article in the comments 👇🏼 #sportstech #sportsinvesting #venturecapital

30

8 Comments

At this week's Fancy Food Show, I had the chance to sneak away from the booth and spend an hour with Alison Cayne for her amazing In The Sauce podcast and it was my favorite hour of the week ☺️ There were laughs, there were tears (!) as we talked all things Lentiful and what it takes to launch a CPG brand today. It was a pretty lively conversation that covered lots of ground, including: - Tips for finding your first copacker - How not to lose your shirt spending $250k+ on Facebook ads - The surprising moment I realized we had a very different consumer base than I first imagined - The reasons behind launching into Whole Foods AND Walmart this summer and why I think we'll succeed in both! - Taking performance enhancing drugs to win pitch slam competitions - Bootstrapping tactics and the best $9 I spend each month - Why I think low sodium is the next big megatrend and why the natural food industry is sleeping on it - Why now is the best time to launch a food business (hint: because of generous people like Ali) - And so much more... Hope this helps some fellow early stage entrepreneurs out there!

90

7 Comments

What the Churches are doing with iHub is nothing short of amazing. Imagine having a free space to build your business, mentors and on-site classes. A great work environment, then having people like this come in and speak regularly. It's like having business parents on site to encourage you as you grow, and a space that rivals any of the cool co-working spaces that normally cost an arm and a leg, and you are surrounded by tons of people on their way to success. Not people that want to beat you, but true peers who want to help you succeed.

25

2 Comments