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008: Meal-Replacement Startup Scales to $30M in 4 Years with Matt Cauble
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As high-flying tech companies dominate the headlines, Matt Cauble’s approach to startup success took a different approach. He asked a simple question: What do people need?
Matt is the co-founder of Soylent and Kin Euphorics, food and beverage companies that solve simple problems for everyday people. Soylent offers meal replacement options, saving time for on-the-go people, while Kin Euphorics boasts feel-good non-alcoholic drinks for those who want to socialize but avoid the booze.
Today, Matt talks to me about how he uncovered the market opportunity for both companies, how he iterated the products before bringing them to market, and how he grew both Soylent and Kin Euphorics.
You’ll also hear why Matt believes “no press is bad press,” Matt’s ideas about beta testing and Matt’s thoughts on narrowing your focus to one goal at a time.
Key Takeaways with Matt Cauble
- How Soylent went from a side concept to $30 million in revenue in 3-4 years.
- How a negative article drove $80,000 in revenue for one of Matt’s products.
- Why a Mark Cuban comment on Shark Tank caused Matt to raise capital instead of bootstrapping Kin.
- How Matt identified the "huge" market opportunity for Soylent.
- Matt's transition from Soylent to Kin and how both ideas are rooted in broad human needs.
- The experience Matt would try to scale if he could go back.
- How flying in the face of common thought can be an advantage for a startup.
- The importance of product iteration before landing on a final solution.
- Surrendering control and splitting up company roles based on passions.
- Does it make sense to have users pay to test beta programs?
Want the Full Show Notes?
To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit Retention.com/8
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