# SoulCycle: Julie Rice & Elizabeth Cutler

- Show: [How I Built This](https://hardwarepodcasts.com/podcast/how-i-built-this)
- Published: 2019-01-07
- Length: 56m
- Page: https://hardwarepodcasts.com/podcast/how-i-built-this/2019-01-07-soulcycle-julie-rice-elizabeth-cutler

## Summary

Julie Rice and Elizabeth Cutler, co-founders of Soul Cycle, explain how they identified a gap in New York City's fitness market and launched their first studio in 2006 with $250,000 of personal funds. They detail their scrappy early operations, including using a painted rickshaw for marketing and designing their own apparel, before selling to Equinox in 2011 for $90 million each. The episode also covers the postscript story of Gabrielle Goodwin and her mother Rozalynn, who invented and launched Gabby's Bows, a double-face hair barrette, after struggling with standard plastic clips.

## Chapters

- [0:00](https://hardwarepodcasts.com/podcast/how-i-built-this/2019-01-07-soulcycle-julie-rice-elizabeth-cutler#t=0) Introduction: Soul Cycle and Gabby's Bows
- [2:47](https://hardwarepodcasts.com/podcast/how-i-built-this/2019-01-07-soulcycle-julie-rice-elizabeth-cutler#t=167) Identifying the Market Gap and Meeting
- [11:11](https://hardwarepodcasts.com/podcast/how-i-built-this/2019-01-07-soulcycle-julie-rice-elizabeth-cutler#t=671) The First Studio: Lease, Design, and Funding
- [17:17](https://hardwarepodcasts.com/podcast/how-i-built-this/2019-01-07-soulcycle-julie-rice-elizabeth-cutler#t=1037) Branding, Pricing, and Early Marketing
- [25:15](https://hardwarepodcasts.com/podcast/how-i-built-this/2019-01-07-soulcycle-julie-rice-elizabeth-cutler#t=1515) Scrappy Marketing: The Rickshaw and Merch
- [28:23](https://hardwarepodcasts.com/podcast/how-i-built-this/2019-01-07-soulcycle-julie-rice-elizabeth-cutler#t=1703) Expansion to the Hamptons and Tribeca
- [36:49](https://hardwarepodcasts.com/podcast/how-i-built-this/2019-01-07-soulcycle-julie-rice-elizabeth-cutler#t=2209) Navigating the 2008 Recession and Competitors
- [42:31](https://hardwarepodcasts.com/podcast/how-i-built-this/2019-01-07-soulcycle-julie-rice-elizabeth-cutler#t=2551) The Sale to Equinox and Leaving the Company
- [51:52](https://hardwarepodcasts.com/podcast/how-i-built-this/2019-01-07-soulcycle-julie-rice-elizabeth-cutler#t=3112) Gabby's Bows: Inventing a Double-Face Barrette

## Topics

- [Starting a product company](https://hardwarepodcasts.com/topic/starting-a-company)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Marketing & brand](https://hardwarepodcasts.com/topic/marketing-and-brand)
- [Scaling production](https://hardwarepodcasts.com/topic/scaling-production)
- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)
- [Validation & product-market fit](https://hardwarepodcasts.com/topic/validation-and-product-market-fit)

## Most relevant to

early-stage companies, founders before launch

## Mentioned

- Soul Cycle (product)
- Equinox (company)
- Gabby's Bows (product)
- Gabby Goodwin (other)
- Rozalynn Goodwin (other)

## Related episodes from other shows

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- [032: Success in Small Niches with Jill Bong of Chicken Armor](https://hardwarepodcasts.com/podcast/product-startup/2016-12-20-032-success-in-small-niches-with-jill-bong-of-chicken-armor) (Product Startup)
- [Founder Fundraising Journey: Craig Dubitsky, Happy Products](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2026-04-18-founder-fundraising-journey-craig-dubitsky-happy-products) (The Startup CPG Podcast)
- [Founder Feature:  Elan Halpern & Kiki Couchman of Sourmilk](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2025-11-07-founder-feature-elan-halpern-kiki-couchman-of-sourmilk) (The Startup CPG Podcast)
- [#249 - Expo Pitch Slam Recap with ChiChi Foods](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2026-05-19-249-expo-pitch-slam-recap-with-chichi-foods) (The Startup CPG Podcast)

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