On November 7, 2019, The Nelson Center for Entrepreneurship and Brown EP proudly hosted Tom First ‘89 and Tom Scott ‘89 for a roundtable discussion as part of the Roundtable Discussion Series moderated by Chuck Isgar ’21. First and Scott shared lessons learned from founding and developing Nantucket Nectars, ranging from managing partnerships to navigating challenging times.
A mindset to making the most of partnerships
First and Scott went through their fair share of challenges in building Nantucket Nectars, a premium juice beverage company. Along these lines, Scott stressed the importance of learning through moments of pain. He emphasized that your career is going to have great and bad times, and it is in the bad times that you have the opportunity to learn a lot.
First and Scott are a one-of-a-kind partnership. They acknowledged that there is luck to partnerships. Scott shared that he has only one person in his life who can finish his sentences: Tom First. While both Scott and First deeply appreciate their partnership, they do not recommend trying to find the perfect co-founder.
They shared that there is a 100% chance of disagreement with your partner and 100% chance of crucial, anxiety-ridden situations. Tensions will run high, and it will be important to determine how you resolve conflict. First shared that whenever he disagreed with Scott, he wanted to know about why they were disagreeing.
The importance of letting your product work harder than you
First and Scott revealed details about a pivotal moment in the process of trying to grow Nantucket Nectars. In 1995, they were getting outsold by AriZona Iced Tea like crazy. As explained by First and Scott, the two of them were working much harder than Nantucket Nectar’s packaging and bottling were working for the brand. First and Scott knew they needed to flip this. Over the course of the next six to eight months, they were really focused on getting things right.
After deciding to revise their packaging strategy, they received quotes from approximately eleven packaging firms. They ended up taking a crazy high quote from one of the firms, but didn’t regret the decision.
Over the following years, the company experienced tremendous growth. Nantucket Nectars was included on Inc. Magazine’s “Inc. 500” list of fastest-growing U.S. companies for five years in a row. In 2002, Nantucket Nectars was acquired by Cadbury Schweppes, now Dr. Pepper Snapple (NYSE: DPS).
First’s view on investing in the food and beverage industry and Scott’s passion for the neighborhood
Following the sale of Nantucket Nectars, First founded and developed a number of startups, including Owater and Eleven Technologies, which was purchased by Trimble (NASDAQ: TRMB) in 2005. First is currently an Operating Partner at Castanea Partners and the Founding Partner at TF Ventures, a venture firm concentrated on food and beverage.
Several venture capital-minded students at the discussion were curious to hear First’s perspective on the food and beverage investing landscape. He explained that it is not too difficult to receive money these days to start a company in the food and beverage business, which has resulted in crowded shelves. First shared that nowadays younger people are making purchasing decisions with the intent of remaking stores so that they feature products with simple ingredients.
First explained his main criteria when evaluating emerging companies: 1. Are you creating a product in a large category? 2. Are you human beings that First wants to bet on? He made it clear that he values competitive founders with immense passion for what they are building.
Since selling Nantucket Nectars, Scott has focused his time on developing films and exploring the neighborhood. He is the founder and visionary of Neighborhood, which was developed from the nine-year-long Nantucket Project. His award-winning films have previously been shown at Cannes and Sundance.
Keys to success: setting benchmarks extremely high and creating products that appeal to many people
Scott and First discussed what it takes to be successful. They shared that winning requires 97 (on a theoretical 0 to 100 scale). 94 gets you nothing, thus increasing the importance of getting to 97. In terms of how to get to 97, they recommended reminding people what a 97 is: to Scott and First, a 97 means that you have created a differentiated business with impressive growth.
To all of the aspiring entrepreneurs in the room, First and Scott shared yet another important piece of advice: “if you want to make something of scale, you have to make something average.” As explained by First and Scott, a lot of people want apple juice, but not as many people want to buy pianos. Safe to say, First and Scott not only created something for a lot of people through Nantucket Nectars, but they also helped to reinvent the food and beverage business.
Aulestia spoke to students about major changes underway in the media and entertainment industries, focusing particularly on the shrinking size of audiences and the ensuing “streaming wars” playing out in today’s market.
After studying economics at Brown and working in finance, Aulestia maintained a 22-year tenure at HBO, helping to transform the company from its television heyday of the 90’s to the digital powerhouse that it is today. Most recently serving as HBO’s president of global distribution until March, Aulestia spoke extensively about her love for strategy and the importance of trying as many roles as possible while young.
In response to questions regarding career advice, Aulestia told those in attendance that today is the era of the generalist, and that students would do best picking up as many skills as they can. She said that the key to becoming an executive is to always be learning, and to get as broad of experiences as possible.
In terms of the changing landscape of the entertainment business, Aulestia spoke to the benefits of subscription models over advertising. She also commented that with every company making content today, media companies must set themselves apart to get the attention of competitors’ users and find their adjacencies within the industry. Although this greatly benefits creators, who have far more avenues than ever to showcase their work, it also means that companies must have a long-term view of the industry and how the landscape will continue to shift even further from television screens.
On September 27, 2019, The Nelson Center for Entrepreneurship and Brown EP proudly hosted Riche Holmes Grant ‘99 (pictured above center) for a roundtable discussion as part of the Roundtable Discussion Series moderated by Chuck Isgar ’21 (center in, from the right). In the first roundtable hosted in the new Nelson Center for Entrepreneurship Building on Thayer Street, Grant discussed her experiences and key takeaways from building various entrepreneurial ventures, including BambiniWareand “The Riche Life” web series.
From Columbia Law School to starting an education venture
Following her time at Brown, Grant attended Columbia Law School. She came to the realization that the traditional corporate lawyer track might not be right for her after not receiving an offer from her summer firm to return after graduation. As a result, Grant was pointed in another direction: entrepreneurship. In the grand scheme of things, Grant recognizes that this worked out great as it not only launched her on an exciting path, but also allowed her to establish her resilience of dealing with rejection. In the discussion, Grant stressed the importance of fighting through failure.
Back when Grant was doing test prep while waiting for her bar exam results, she realized it could be done better. She also saw that test prep players, such as Kaplan, weren’t competing in markets such as her hometown of Prince George’s County, Maryland–the most affluent African-American county in the country. There was an opportunity in Grant’s head. In 2003, Grant founded Innovative Study Techniques, an education company focused on test preparation and education counseling. This venture was just the start of Grant’s entrepreneurial career.
Understanding your strengths and identifying who can help you
In 2013, Grant launchedBambiniWare, an innovative baby and mommy accessories brand with patented designs and fun and unique prints, inspired by her experience as a new mom. When developing BambiniWare, Grant was aware that she didn’t know everything that it would take to grow the business. Along these lines, Grant shared with the discussion participants the importance of finding experts and making them your mentors.
As Grant worked on BambiniWare, she learned a major lesson: whoever you go into business with, make sure they are committed. Along these lines, Grant advised the participants to not be afraid to start as a solo founder.
Within one year of launching BambiniWare, Grant had established a partnership with Martha Stewart. Since 2015, she has been a writer forMarthaStewart.com. In addition, she is a Culinary Expert for Williams Sonoma, Inc., writes for Subaru, and serves as a Digital Ambassador for St. Jude Children’s Research Hospital – ALSAC.
Starting “The Riche Life:” a lesson in the importance of listening to those around you
At Grant’s core has always been the desire to help people. Over time, Grant heard from multiple people that they thought she should consider sharing some of her thoughts and advice on a video platform. Along these lines, Grant shared an important lesson for the aspiring entrepreneurs in the room: when multiple people tell you the same thing, you need to start thinking about it.
Without even knowing where the record button was on the camera, Grant began her series“The Riche Life.” As usual, Grant was willing to seek advice along the way. Grant shared some advice that was given and believes is important to keep in mind when establishing a media platform: don’t worry about your early numbers, likes, etc. Rather, Grant stressed the importance of creating great content, a principle that has driven her work with “The Riche Life.”
Given that she is not just the show’s host, but also her own makeup artist, production assistant, and more, she has been very careful about the message she is sending. Grant has has placed an emphasis on exploring what makes a person’s life rich — not just money, but also happiness.
Utilizing your resources and advice for the journey ahead
You know the phrase “how can I help you” that you might hear from mentors, peers, and others? Grant has heard it many times before, and you might have also. She encourages people to take advantage of this offer.
Grant remarked that at the end of the day, no matter how well-known someone is, people are just people. There’s no harm in asking for help; the worst-case scenario is someone says “no.”
In the spirit of Grant’s emphasis on continued learning and mentorship, she recommended that you find the best people in your industry and see how you can learn from them, whether through books or other means.
Grant provided many pieces of advice for participants who want to pursue entrepreneurial ventures: you have to have tough skin as most days aren’t rosy and you have to be prepared for bumps in the road.
Another takeaway really stands out: if you’re not afraid, it’s not enough of a challenge for you.
On March 6, 2019, The Nelson Center for Entrepreneurship and Brown EP proudly hosted Laura Thompson ‘09 for a roundtable discussion as part of the Roundtable Discussion Series moderated by Chuck Isgar ‘20.5. Thompson shared lessons learned through her journey leading the growth of Google X.
An early non-engineering hire at Google X
When Thompson first came to Brown, she thought she would concentrate in applied mathematics. She approached her time at Brown as a way to take engaging classes, and many of these courses lay in the realm of entrepreneurship. She ultimately graduated with a degree in public policy, but not before successfully launching Runa, a tea company with a social mission of providing opportunities for Amazonian farmers.
After doing some work in London with Google’s budding consumer electronics group, Thompson joined Google X, Google’s “moonshot factory”. Thompson was a unique addition to Google X as she represented an early non-engineering hire for the team. When she joined, there were four projects in the works under the Google X umbrella: one being self-driving cars. And you’re probably wondering about those other three? Well, as much of her work at Google X, it was secretive.
So, what was a public policy major doing as one of the few non-engineers on a team trying to solve complex technical problems, ranging from combating climate change to the future of robots? Thompson shared that the fact she wasn’t an engineer is actually what made her so valuable at Google X. For example, Thompson helped teams think about the human consequences of their work and what it would take for projects to land successfully in the real world.
Leading Google X through the years
There is a growing need in technology to prioritize human-centered design and Thompson is pleased to see this movement progressing. Along these lines, Thompson explained that they thought about sustainability at every level of the project and ideation process in her time at Google X.
The goal at Google X is to create a culture of innovation that leads to development of ideas for the future. At first, Google X thought that the way to achieve the most success would be to have everyone together. Over time, they realized that this model wasn’t sustainable. Thompson was part of the transformation from the ‘everyone-in-a-garage-mentality’ to a more sustainable model where each project gets spun off and has its own business model, while still being under the Google X umbrella.
Analyzing ideas at Google X
To the budding venture capitalists in the room, Thompson shared a framework that they commonly utilized at Google X when deciding which new projects to undertake. For each potential project, they would make a list of all the reasons the project would be an epic failure. As the team worked on the project and overcame the challenges, they would cross them off the list. If a project could overcome one quarter of their challenges, the project would likely be a go, as the team had proven they have the ability to overcome the difficulties that will surely present themselves along the way.
Thompson explained another rule of thumb used at Google X when evaluating new projects: “is this going to affect one billion people in a meaningful way?” This message resonates closely with the Nelson Center for Entrepreneurship’s mantra: create solution with impact.
Despite the best intentions, many successful innovations come from random, happy experiments. It is for this reason that while they had rubrics in place, they also saw it was important to let teams run loose.
The innovators in the room were curious to get Thompson’s thoughts on what’s next in terms of innovative technology. Thompson explained that, for one, it is good to see a growing skepticism surrounding technology. She is excited that the next generation appears to be focused on technology being good for humanity.
Thompson thinks there are opportunities for disruption in the fields of personal finance, logistics of shipping and transportation, and sustainability. And her personal favorite, dog-related startups, too.
As the discussion neared an end, Thompson left students with some words of wisdom: “you’re only going to be great at something if you’re excited about it.” Along these lines, Thompson stressed the importance of pursuing things you’re excited about with people you respect and who you have shared values with and enjoy working with.
On November 15, 2018, The Nelson Center for Entrepreneurship and Brown EP hosted Rufus Griscom ’91, Founder of Babble.com and The Next Big Idea Club, for a roundtable discussion as part of the Roundtable Discussion Series moderated by Chuck Isgar ’20.5
Griscom, a serial internet entrepreneur, inspired students about the potential for rapid growth of an online platform, speaking from personal experience as the founder of Nerve.com and Babble, which he sold to Disney. Griscom provided actionable steps, timelines, and frameworks to use when creating ventures, building user bases on platforms, and exploring acquisitions. It was an insightful discussion that ended with an engaging think-tank about the future of literature and content delivery to students as it relates to Griscom’s current work with The Next Big Idea Club.
Starting a venture: think about the interests of others
Griscom’s start in entrepreneurship was not successful. As a matter of fact, Griscom admits that his first few entrepreneurial ventures were failures. In these initial ventures, he gained a key insight: his tastes were not shared by everyone. He realized that while an entrepreneur must be personally passionate and invested in their product, they must also be creating something that appeals to the interest of others.
Griscom shared a framework with the roundtable participants that he suggests entrepreneurs use to evaluate their ideas and ventures: think about a venture in terms of three overlapping circles of a venn diagram. These circles include the world’s interest, the entrepreneur’s interest, and proven opportunity to monetize. Griscom learned in his initial ventures that he was focusing too much on the “personal interest” circle, and not enough on the world’s interest. Over time, Griscom realized the importance of working in spaces where there is a validated market and need for the product.
With this framework in mind, Griscom launched Nerve.com, a smart website about sex and culture with his then girlfriend in 1997. Nerve quickly grew to several million unique users per month, which led to a tv show with HBO and book deal with Random House.
Applying learnings from one venture to inform the next
Griscom was in for an educational ride with Nerve. Nerve was launched before the dot com implosion in 2000. Ad revenue cratered overnight, and Griscom explains that it was “like a meteor hit.” Nerve survived by creating a paid content subscription and launching Nerve Personals.
The personals business accelerated quickly, so Griscom spun off the technology behind it as a separate company called Spring Street Networks, which eventually powered online dating for 100 companies including AOL, Sony Music, Salon and The Onion.
Both Nerve.com and Spring Street Networks continued as businesses and were eventually acquired, but in the meantime Griscom was looking for a business model with a better potential to grow. Having lived firsthand through the dot com bubble, the experienced entrepreneur in Griscom knew that he needed to create something where advertisers would want to get involved.
Griscom learned, over time, that it is best to assume that you won’t cause people to shift their mindsets and desires for certain products. Advertisers follow the interest of consumers, so it is in an entrepreneur’s best interest to carefully interpret the market and recognize what advertisers are interested in. Griscom realized that advertisers were interested in parents, so in 2007 he and his wife Alisa Volkman launched Babble, an online platform for top mom bloggers to share more honest, contemporary insights and advice about parenting. Over time, he and his wife grew the platform to 15 million unique users, leading to an eventual acquisition by Disney. In this process, he learned about what it takes to develop a following on a platform.
Building up the user base on a platform
Early on in your venture, Griscom suggested that you engage in conversations with friends and watch when their eyes light up. When their facial expressions demonstrate an interest in what you’re saying, that’s when you might know you’re onto something. Overall, you want to be pitching your idea as often as possible.
Once live and online, Griscom suggested doing AB testing to see what is resonating. Most companies have a special sauce. For example, Nerve’s secret sauce was garnering a lot of press. Griscom explained that discovering your audience can take a lot of trial and error, but it is very important. In the case of Babble, the platform generated a lot of buzz early on for being an irreverent, hipster parenting site. This market positioning helped Babble grow from zero to a couple million visitors per month. Eventually, it was time to transition Babble, so that it was more broadly appealing — now a more honest, contemporary website for a new generation of parents — and not just geared towards the “hipster” parents.
Babble leveraged Pinterest, an emerging platform at the time. Babble became the third most pinned site on Pinterest, which helped to drive traffic over to the platform.
Creating connections with potential acquirers: start early
Griscom recommended that entrepreneurs should think about who the three to five most likely acquirers are for your business. Then, he suggested you do research and discover who the stakeholders are within those companies. Finally, and importantly, seek those people out. Griscom suggested that you should try to set up coffee with the people you’ve identified. By doing so, you will establish trust with potential future acquirers, which is of vital importance.
When having coffee with potential future acquirers, Griscom suggested that you should be way too honest. Griscom explained that most large companies are focused on their current business and are not very interested in stealing your ideas.
How should you approach these conversations? First, you should tell them where you are today with your business. Secondly, you should tell them where you want to be in six months. After the conversation, you should follow up six months later to meet up again. In that conversation, you should share what you’ve accomplished. If you’ve met many of the goals you outlined six months prior, you will impress potential future acquirers. With a few of his businesses, Griscom engaged in three or four conversations with the same people over a course of 24 months.
Griscom emphasized to the participants that when working on a future partnership or acquisition, you obviously need the product, but you also need to have the human component. Your future partner or acquirer has to like you. Ultimately, for something to happen, someone from within the company will have to push you through. The best way for this to happen is to create connections very early on so that you have a strong relationship in the future.
By approaching potential acquirers or partners early, you can have conversations with no angle. Then, many months or years down the road, you will have established relationships that are not predicated on your request for anything. These longer-term relationships are almost certainly more valuable and effective than reaching out to a potential acquirer or partner as soon as you’re ready to sell or partner.
Be honest and realistic when speaking with potential investors or acquirers
Griscom outlined a few essential components that you should have when fundraising: a business thesis, traction, and an “adequately compelling story.” Nothing crazy novel there.
But then Griscom suggested something that you might not hear very often. He encouraged entrepreneurs to be completely honest when speaking with potential investors, and to even share what’s wrong with their product. He suggested that when making and presenting a pitch deck to a potential investor or acquirer, the entrepreneur should include a slide about the top three to five reasons why you shouldn’t invest. When Griscom sold Babble to Disney, he presented a slide with the top three reasons why Disney should not acquire Babble.
There’s a reason why Griscom suggests being honest with investors. Investors get excited when they see the entrepreneur(s) get excited. They obviously want to invest in ambitious people. But they are also looking for what is wrong with your business; they want to understand the obstacles, and if you provide this information you demonstrate that you are not only trustworthy but also savvy in the process of overcoming the obstacles.
Creating the Next Big Idea Club
Griscom discussed The Next Big Idea Club (NBIC), his current project where he is the CEO and co-founder. NBIC was created in a partnership with Malcolm Gladwell, Susan Cain, Daniel Pink, and Adam Grant. The core thesis behind NBIC is clear: not everyone loves reading or writing long books. Given that the book business is a $28 billion industry, Griscom sees the field as being ripe for disruption.
In creating NBIC, Griscom asked lots of writers what their biggest pain points were. Figuring out the industry was not easy, as Griscom and his team tried twelve different business models and spent over $2.5 million without finding any success.
Eventually, NBIC landed on a subscription model, where they select groups of books and distill them down to 20 minutes of audio, visual, and text for each book. Through NBIC, you can purchase a package that includes just the distilled versions, or the distilled versions as well as the hard copy versions of the book.
NBIC boasts lots of big executives as subscribers, such as Bill and Melinda Gates. NBIC is getting traction, and they are now exploring other platforms and means to get literature, or summarized versions of it, in the hands of interested customers, in particular students. NBIC’s investors include The New York Times, Comcast, Bloomberg, and Bertelsmann, which owns Penguin Random House, among other media companies and VCs.
NBIC’s objective is to begin publishing original content from top authors in new formats, eventually evolving into a next-gen publishing platform.
Think tank: how do students feel about books? The future of literature and content delivery for students
While NBIC currently offers a student discount rate, Griscom wanted to take a deep dive with the entrepreneurial-minded students in the room about how NBIC can become more appealing to students. The discussion turned into a real think tank; Griscom was excited to get a variety of student’s takes on things, and the participants were enthusiastic to share their opinions.
The group discussed what would be engaging to students in terms of literature and means of delivery. Amongst ideas thrown around, students expressed an interest in hearing the actionable steps presented in books. Additionally, students showed interest in learning about the criticism of books, as well as the context and market for the book.
Some students expressed their interest in having books become more customized to them, or at the least having a framework for understanding how books can be more applicable to them. Participants seemed to be interested in having books referred to them by trustworthy sources, and authors within the NBIC, such as Malcolm Gladwell and Susan Cain, might be just the voices that students would like to hear.
It was also discussed what medium would work best to present content to students. Podcasts and email digests appeared to emerge as favorites amongst students. One thing was clear: students like things to be short. Participants expressed that a 20 minute summary/criticism of a book might be too long for the attention span of current students, even though the book might typically take several hours to read. While Griscom hopes you’ll consider subscribing to NBIC, he wanted all interested students to know that NBIC meetups are open to everyone.
A special offer for Brown students to join NBIC
Griscom would like to offer a rate of $9 per annual subscription to NBIC Express (which does not include the books, but does include all the e-course, podcast, and live video / community access), discounted from the normal rate of $89 per year (!!!!) for any group of three or more students who choose to get together to form their own Next Big Idea Club.
He is also happy to offer a student discount rate of $19 for NBIC Express for either personal subscriptions or gift. If you’re interested, email email@example.com, tell them you are a Brown student and she will set you up.
On October 30, 2018, The Nelson Center for Entrepreneurship and Brown EP hosted Steph Korey ‘09, co-founder and CEO of Away, for a roundtable discussion as part of the Roundtable Discussion Series moderated by Chuck Isgar ‘20.5.
Participants at the roundtable were excited to learn more about Away, as well as Korey’s prior experiences. After an hour of close discussion, students walked away with valuable insight into building a successful direct-to-consumer brand. Korey shared practical advice about the importance of gaining in-the-field entrepreneurial experience before launching a company.
Building a D2C brand
Participants were interested in Steph’s experience launching a direct-to-consumer (D2C) brand. Being a D2C brand has allowed Away to bring their various luggage products to consumers at a lower cost than if they used a retailer to sell their products. Cutting out the middleman is only one part of the advantage of being a D2C business. Very importantly, by being a D2C brand, Away owns their customer feedback and relationship loop. As a customer-conscientious brand, Away heavily uses input from customers to tailor future decisions.
While the D2C model has worked well for Away, Korey explained that running a D2C brand has its host of challenges, most notably the fact that many operations must be done in-house, such as the web platform for selling product, user experience design, and more.
More than a luggage company
Away is highly regarded for its effective marketing strategy. Korey attributes much of Away’s branding and marketing success to her Co-Founder, President, and Chief Brand Officer Jen Rubio.
The principle behind Away’s branding is quite simple. According to Korey, they “treat people like people.” You’ll never see an Away product say ‘best in the world.’ Rather, their branding and advertising takes a focused effort to connect with people who care about experiences. Korey explained that their customers don’t have any one thing, such as age, in common. Instead, the Away brand focuses on tapping into traveler’s shared passion for the unknown.
Away is a travel brand, not merely a luggage company. This notion was clear from the inception of the company. Korey explained that in the summer of 2015, when they knew they wouldn’t have inventory until the spring, they made a book about travel that customers could purchase in conjunction with a gift card that would be redeemable for a carry-on once the product launched in the spring. It was an impactful strategy for several reasons: it helped bring in orders before the product had even launched, and most importantly, it set a precedent that Away was a brand focused on travel, not just luggage.
In discussing how Away raised its first venture round of fundraising, Korey explained that she and Rubio had a very carefully-planned strategy. In knowing that they would be meeting with many VC’s in a short period of time, coupled with the fact that the world of VC is a well-connected community, they arranged to meet with many VC’s in the course of one week. By doing so, Korey knew that they would create buzz around Away, and even ignite some “FOMO,” or ‘fear of missing out’, amongst venture capitalists.
It worked. And this past June, Away closed on a $50 million Series C round.
Setting yourself up for entrepreneurial success Participants at the roundtable wanted Korey’s take on how they can set themselves up for entrepreneurial success. Korey emphasized her belief in the value of gaining experience at growing startups before launching your own company. Prior to launching Away with Jen Rubio, Korey was the Head of Supply Chain at Warby Parker as the company grew from 30 to 300 employees.
Following her experiences at Warby Parker, Korey consulted for Casper, of which two co-founders are Neil Parikh ’11 and Luke Sherwin ‘12. In these roles, Korey gained invaluable experience about building brands and companies, especially how to navigate the supply chain and waters of being a D2C business. Korey explained just how valuable every year of work at a startup is before launching your own business.
Participants were interested about the types of startups at which Korey recommended they look into interning or working. While Korey didn’t recommend a certain industry, she did emphasize that you should seek to join a company led by founders with a strong vision for the future. She explained that over time, you develop pattern recognition when it comes to figuring out whether or not founders have a vision for the company.
Cultivating a company culture
Korey has learned her fair share about trying to create a company culture from the inception of the business. Korey expressed that creating a clear set of values is very important. Everyone needs to be on the same page, and having established values will make this easier. Korey explained to the new and aspiring founders in the room that despite best intentions, drama within the company is inevitable, but you can learn how to minimize it.
Hiring based off “culture-fit?” Not at Away, according to Korey. Away places a strong emphasis on having people with various ways of thinking, and hiring based off “culture-fit” would create a homogenous way of thinking. Korey explained that they strive to hire employees whom are a “values fit, but culture add.”
What’s next for Away
The group was eager to learn about what Away has planned for the near future. Korey shared that we can expect to see the brand and community platform expand in bigger ways. Additionally, you can expect to see a continued rise in the media division of Away. The company recently forayed into the media space with their release of Here Magazine. The early success of this initiative indicates that media production could become an important component of Away’s efforts to create the ultimate travel brand.
Korey warned entrepreneurs in the room that not everything is going online, and that roughly 80% of purchases still happen in stores. To this end, Away has been recently developing select in-person retail locations, including a new store in London.
Korey is an advocate for having a vision and relying on your strengths to achieve your goals. When starting Away, Korey admits that she knew nothing about suitcases. She relied on her detailed knowledge of supply chain that she had gained in earlier roles. By having a vision and knowing what to ask for, she and Rubio were able to build the Away brand without very much product-specific knowledge. This serves as a valuable lesson to entrepreneurs who might be fearful to get going on their business due to a lack of product-specific knowledge.
The roundtable was a special opportunity for participants to learn about the facets of creating a lasting brand, as well as the importance of connecting with customers. Korey helped students to better understand the pro’s and con’s of being a D2C business. Participants left the roundtable full of practical knowledge that will be beneficial as they plan their summers and years ahead. Most importantly, they walked away inspired and excited about the many pathways that entrepreneurship can provide.