#115 Pure Gold Series: Lessons on Iterating from Seth Goldman + Updates on Eat the Change & Just Ice Tea

The Startup CPG Podcast · 21 Nov 2023 · 38m · Episode 92

What this episode covers

Seth Goldman, Co-Founder of Eat the Change and Honest Tea, discusses the rapid scaling of his new beverage brand, Just Ice Tea, which has reached $16 million in gross sales and distribution in over 5,000 stores. He details the strategic decision to discontinue the company's first product, mushroom jerky, due to low velocity, and the subsequent packaging redesign of Cosmic Chews to improve consumer appeal. Goldman also covers the company's recent $14 million raise, the upcoming launch of a canned product line, and his leadership philosophy on mental health support and prioritization during hyper-growth.

Other shows on the same ground, closest first.

  • How I Built This · 29m

    Honest Tea: Seth Goldman (2017)

    Seth Goldman, founder of Honest Tea, explains how he identified a 'sweetness gap' in the beverage industry and launched Honest Tea from his kitchen in 1997. He details the early challenges of securing a $15,000 bottle order from Whole Foods, navigating distributor rejection, and managing a critical product recall involving faulty glass bottles in 2003. Goldman also discusses the strategic decision to maintain founder control through a reverse equity structure, leading to a significant investment and eventual acquisition by Coca-Cola.

  • How I Built This · 48m

    Advice Line with Jonathan Neman of Sweetgreen

    Sweetgreen co-founder and CEO Jonathan Neman joins Guy Raz to answer questions from three early-stage founders: Dini McCulla of Dini’s Divine Pies, Matt Pinstein of Underground Mushroom Co., and Joey Cornell of Dak Dak Wings. Neman discusses Sweetgreen’s evolution from a DC salad shack to a $3 billion public company, highlighting their new 'Infinite Kitchen' automated assembly line and the strategic balance between scaling and maintaining brand ethos. He advises the callers on preserving authenticity while growing, leveraging chef partnerships for premium positioning, and deciding whether to expand menus or double down on core products.

  • How I Built This · 1h 26m

    Perfect Snacks: Bill and Leigh Keith

    Bill and Leigh Keith, co-founders of Perfect Bars, explain how they turned their father's homemade peanut butter and honey recipe into a major CPG brand, eventually selling to Mondelēz International. They detail the bootstrapped journey from hand-rolling bars in a Sacramento warehouse to securing deals with Whole Foods and Costco, and the critical decision to introduce a chocolate chip flavor to meet investor metrics. The episode highlights a major crisis when a false positive salmonella test forced a massive recall, nearly shutting down the company before they secured $15 million in investment from VMG Partners.

  • How I Built This · 1h 27m

    Justin’s Nut Butter: Justin Gold. He Was Waiting Tables, Then...He Reinvented Peanut Butter.

    Justin Gold, founder of Justin's Nut Butter, explains how he reverse-engineered flavored peanut butter in his Boulder apartment using a food processor and recipe journals, eventually securing $35,000 from family to launch. After struggling with low sales velocity in jars, Gold innovated a squeeze pack format, which initially failed in the energy bar aisle but succeeded when moved next to jars as a trial size and portion control product. The brand was acquired by Hormel for $280 million, leading to Gold's eventual firing and subsequent return as a board member under new ownership by Forward Consumer Products, aiming to revitalize the stagnant brand.

  • How I Built This · 21m

    How I Built Resilience: Kara Goldin of Hint

    Kara Goldin, founder and CEO of Hint, explains how she launched the unsweetened flavored water brand after quitting diet soda to improve her health. She details the challenges of entering the saturated beverage industry without prior experience, specifically the difficulty of convincing retailers to stock a new category and the technical hurdle of creating a preservative-free product using real fruit. Goldin also discusses how Hint navigated the pandemic by leveraging its automated US-based manufacturing and pivoting aggressively to direct-to-consumer sales, which tripled during the crisis.

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