{"id":19462,"date":"2023-10-31T18:32:52","date_gmt":"2023-10-31T18:32:52","guid":{"rendered":"https:\/\/mysourcefunding.com\/startups\/jeff-raider-lost-a-fight-with-the-ftc-then-things-got-really-interesting\/"},"modified":"2023-10-31T18:32:54","modified_gmt":"2023-10-31T18:32:54","slug":"jeff-raider-lost-a-fight-with-the-ftc-then-things-got-really-interesting","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=19462","title":{"rendered":"Jeff Raider Lost A Fight With The FTC. Then Things Got Really Interesting."},"content":{"rendered":"
\n

Harry\u2019s co-founder Jeff Raider talks the FTC, early mistakes at Warby Parker, and why he really bought a German razor blade factory.<\/em><\/p>\n

Lightning doesn\u2019t strike twice. Except when it does. Jeff Raider helped launch Warby Parker in 2010 while still getting his MBA at Wharton. The plan was to offer high-quality eyeglasses, direct-to-consumer, for around $100 dollars. It was a novel idea. He and his partners actually submitted the business plan to a competition at Wharton\u2014which they lost. But he and his co-founders got the last laugh. Warby, a pioneer in the one-for-one philanthropic model, went public in 2021 and is currently valued at over $3 billion dollars.<\/p>\n

Raider\u2019s follow-up, Harry\u2019s, was perhaps even more impressive. Harry\u2019s, the upstart razor company, was founded in 2013 to challenge giants like Gillette and Schick\u2014and it worked. By 2019, Harry\u2019s had amassed a seven percent share of non-disposable razors in the U.S. That same year, Edgewell Personal Care (Schick\u2019s parent company) offered to buy Harry\u2019s for $1.37 billion dollars. And they weren\u2019t proposing a traditional exit either; if the deal went through, Raider and his business partner, Andy Katz-Mayfield, would take control of Edgewell\u2019s entire portfolio of brands, including Playtex and Banana Boat. But after nine months of due diligence, the FTC killed the deal. Their rationale? Harry\u2019s was essentially too disruptive to sacrifice.<\/p>\n

It was disappointing. What do you tell employees who thought they were about to cash out? But something potentially more interesting came from the ashes of that lost deal. Instead of being bought out by, say, a P&G, Harry\u2019s decided to build its own P&G. Over breakfast for the season one finale of the new Forbes series \u201cCereal Entrepreneur,\u201d Raider gets candid about it all.<\/p>\n

MICKEY RAPKIN:<\/strong> What are we eating today?<\/p>\n

JEFF RAIDER:<\/strong> I\u2019m eating a cereal from a brand called Magic Spoon. Full disclosure, I invested in this brand a little while ago.<\/p>\n

<\/fbs-ad><\/p>\n

ERIC RYAN:<\/strong> That\u2019s an entrepreneur. Never miss a chance to promote the brand.<\/p>\n

RAPKIN: <\/strong>Would you take us back to the beginning of Warby Parker? What was the a-ha moment?<\/p>\n

RAIDER:<\/strong> It happened after class one day in business school. I was sitting with my friend Neil [Blumenthal], just kind of hanging out after class. Another one of our good friends came up to us and said, \u201cWhat do you think about the idea of sunglasses online?\u201d At the time, I had a $500 dollar pair of designer glasses. My prescription had changed multiple times but I hadn\u2019t changed glasses <\/em>because they were so expensive. Neil had worked in the eyewear industry. He said, \u201cThe reason they\u2019re so expensive is because there\u2019s a couple of companies that dominate the entire industry.\u201d He said you could get an awesome pair of glasses for less than a hundred dollars. I couldn\u2019t sleep that night.<\/p>\n

RAPKIN:<\/strong> Did you really enter the Warby Parker business plan into a competition at Wharton\u2014and lost?<\/p>\n

RAIDER:<\/strong> Yeah, true.<\/p>\n

RAPKIN:<\/strong> Who won?<\/p>\n

RAIDER:<\/strong> I don\u2019t know. But one of our good friends, Joey Zwillinger\u2014<\/p>\n

RYAN:<\/strong> Who started Allbirds.<\/p>\n

RAIDER:<\/strong> \u2014I think Joey made it to the finals with this idea for stuffed animal robots called Cuddle Bots. To this day, he still gives us a lot of flak\u2014that Cuddle Bots made it further in the competition than Warby Parker. In fairness to Wharton, some of the things in the business model were still coming together, it was kind of wet clay.<\/p>\n

Learning Curve<\/h2>\n

RYAN:<\/strong> Tell us about an early challenge at Warby.<\/p>\n

RAIDER:<\/strong> Right after we launched we started to sell out. We were overwhelmed with demand, which is the best problem you could have, but still a problem. We had gotten a bunch of great press in GQ<\/em> and in Vogue. <\/em>I think we had 8,700 pairs of glasses and we still started to sell out of full sets of product. I\u2019m like, \u201cThey love us, let\u2019s just keep taking orders.\u201d Neil very thoughtfully was like, \u201cLet\u2019s stop selling, create waitlists. This could take a while to get more inventory, we don\u2019t know how high demand is.\u201d He was right. We were out of stock on some of these frames for a long, long time.<\/p>\n

RAPKIN:<\/strong> I\u2019m assuming you\u2019re wearing Warby Parker glasses now. You\u2019re never tempted to walk into Moscot?<\/p>\n

RAIDER:<\/strong> Not once. If we can\u2019t make products that we love to use ourselves, I\u2019m not sure what we\u2019re doing.<\/p>\n

RYAN:<\/strong> I say that, too. I\u2019m always amazed that big companies try to create as much space between who they are and who they create for. As an entrepreneur, I try to close that window to nothing. I think the best companies in the world\u2014Nike, Apple\u2014they create products that they love and use themselves. That\u2019s how you lead the consumer versus following them.<\/p>\n

Family Matters<\/h2>\n

RAPKIN<\/strong>: Jeff, your mom was an entrepreneur. Was that encouraging?<\/p>\n

RAIDER:<\/strong> It definitely made me want to do it less.<\/em> She ran a business that provided end customers with loyalty marketing cards. When you got your CVS card in the very early days\u2014 Her company helped CVS to think about both the cards and the programs. I was like, \u201cMan, this is all-consuming and the outcome is uncertain. Why would someone want to do this?\u201d What I didn\u2019t realize is that she loved it, and that it was all-consuming because she wanted<\/em> it to be.<\/p>\n

RAPKIN:<\/strong> After co-creating Method, I know Eric felt pressure to do it again.<\/p>\n

RYAN: <\/strong>Once you\u2019ve created something from scratch, you\u2019ve learned so much. And you feel this itch to reapply all that learning. But for me it also brings up this fear\u2014that I\u2019d gotten lucky. There\u2019s a reputational risk: Are you only as good as your last at-bat?<\/p>\n

RAPKIN:<\/strong> Jeff, did you feel that same pressure in the run-up to Harry\u2019s?<\/p>\n

RAIDER:<\/strong> I don\u2019t think so. Both Warby Parker and Harry\u2019s were pretty serendipitous. My Harry\u2019s co-founder, Andy, came to me with the idea for Harry\u2019s. I was still involved at Warby Parker at the time, kind of moonlighting there as I was working in private equity. Then Andy G-chatted me one day. He\u2019s like, \u201cHey, I had this really bad experience in a drugstore buying Gillette razorblades. I was overcharged, the brands didn\u2019t resonate with me, they were locked up. Could you take what you learned at Warby Parker and do it here?\u201d<\/p>\n

RAPKIN:<\/strong> Warby Parker was bootstrapped. But Harry\u2019s was an entirely different origin story. You had, like, eleven full-time employees on staff before launch. You bought a razor blade factory in Germany. Was that just because you could?<\/p>\n

RAIDER:<\/strong> The context is that there\u2019s only a few companies in the world that can make a blade that you want to put anywhere close to your face. I learned that the hard way.<\/p>\n

RYAN: <\/strong>How so?<\/p>\n

RAIDER:<\/strong> We once tried this blade that was like a lawnmower. It looked like a medieval torture device. In fairness to Gillette, they were making really good products. We felt like we had to make something that was awesome in order to compete. We ended up finding this factory in Germany that made great razorblades, they\u2019d never sold in the U.S. before. We went over, got to know them and built a relationship there.<\/p>\n

RAPKIN: <\/strong>I\u2019ve heard that story before. But I\u2019ve never heard you set the scene. What did they think when you walked into this factory? They must\u2019ve thought, \u201cWho are these clowns?\u201d<\/p>\n

RAIDER:<\/strong> I called them\u2014they didn\u2019t pick up. So, I emailed them and I said, \u201cHey, I started this company called Warby Parker, it\u2019s been successful, here\u2019s the business model. I think there\u2019s an opportunity for something similar in razors and blades.\u201d We had a few conversations and then we went to Germany and met them. But it took a while for us to earn their trust. We were telling them, This is going to be a big business. And they said, \u201cOK, so what\u2019s your first order?\u201d We said, \u201cWhat would it take to lock in this agreement?\u201d They said a million razorblades. So, we committed to buying a million razorblades on the spot.<\/p>\n

RAPKIN:<\/strong> Did you have the funding in place?<\/p>\n

RAIDER:<\/strong> We didn\u2019t have the capital to go do it. We came back to the U.S. with a contract for a million razorblades and a high-level pitch. We knew enough investors who were excited about that idea. But that was a very unique situation. We were going back and forth with the German team. We would send them an e-mail, they would e-mail each other in German, and then forward some other<\/em> e-mail back to us in English. So obviously, we just took the German part of the e-mail and we put it through Google Translate. In one of the e-mails they were like, \u201cThe American Internet boys would request 500,000 razorblades.\u201d We’re like, OK, I guess that\u2019s who we are. The American Internet boys.<\/p>\n

Harry\u2019s Vs. The FTC<\/h2>\n

RAPKIN:<\/strong> Entrepreneurs always talk about the big exit. But Harry\u2019s is an atypical story. The Washington Post<\/em> wrote this headline: \u201cHarry\u2019s Fixes Shaving, Breaks Exit Strategy.\u201d Basically, you had a massive deal lined up to sell to Edgewell. Then the FTC crushed it. In part\u2014they reasoned\u2014because you\u2019d gotten too big to sell. Do you wish you\u2019d sold Harry\u2019s earlier?<\/p>\n

RAIDER:<\/strong> No, I mean\u2014 I don\u2019t think you could ever just wave a magic wand and sell your company. It\u2019s kind of a two-way thing. We were going to sell our business to a company called Edgewell. It wasn’t just them buying our company; it was actually us taking over, inheriting a bunch of their brands. Once we signed the deal, we went through a review process. I think in retrospect, obviously, we wouldn\u2019t have gone through this nine-month period and an intensive review in the way that we did. I fundamentally believed this was going to be good for people. And we were going to be able to harness some of the technology that they had, take their brands, and do good for customers. At the end of the day they made their call. And then for us it was about going back to our team and first saying, \u201cHey, we own this. We think we\u2019ve all been on this great journey together, and we\u2019re sorry in this moment for how this happened. Our vision was to build this sort of multi-brand, next-generation CPG company. We were going to do that by inheriting a bunch of brands from Edgewell to start. Now, we get to build them ourselves.\u201d I was so deeply impressed with our team during that period\u2014probably never more than during that period\u2014just how resilient and awesome and thoughtful they were.<\/p>\n

RAPKIN:<\/strong> OK. But no one was like, \u201cThis sucks, I was gonna buy a boat.\u201d<\/p>\n

RAIDER:<\/strong> Yeah, we had to kind of disavow them of that notion pretty quickly. Which was like, \u201cHey, you thought you were going to get a lot of cash. That\u2019s not happening right now, but to be clear, the stock that you own in Harry\u2019s\u2014it still has real value.\u201d And then over time we tried to find opportunity for the team to get liquidity.<\/p>\n

RYAN:<\/strong> When you and I first met, you shared with me that you wanted to build a Procter & Gamble for millennials. And you’re actually doing it.<\/p>\n

RAIDER:<\/strong> Just like I’d say that we don\u2019t want to build \u201cthe Warby Parker of X,\u201d I\u2019m not sure we want to build \u201cthe P&G of\u201d either. But I think the opportunity that we see is the ability to build brands for the modern consumer. We can launch them online and learn a ton about the consumer and their needs. For example, we have a brand in our portfolio called Cat Person\u2014<\/p>\n

RYAN:<\/strong> Which is my favorite brand name of all time.<\/p>\n

RAIDER:<\/strong> Cat Person sells really high-quality food and other accessories for cats and their parents. Our biggest challenge at Cat Person is to figure out how to get a cat to go from eating the equivalent of fast food to the equivalent of a healthy salad every day. Cats are picky, they like fast food. But we think we make products with much better ingredients. And we\u2019re very transparent about exactly what\u2019s in the product. But yeah, we had this vision for a while within Harry\u2019s which was to build a family of disruptive, omnichannel CPG brands. And Andy and I kind of woke up earlier this year, we\u2019re like, Well, we\u2019ve got a family. We\u2019ve got Harry\u2019s and Flamingo, which was a brand we built in women\u2019s body care. We bought a business last year called Lume\u2014started by an OBGYN trying to help women solve vaginal odor. I think it\u2019s our challenge to continue to grow those brands\u2014and add others in\u2014and to enable them to get big but not lose what made them special, which is that they were disruptive and they took risk and they built amazing online communities.<\/p>\n

Raider\u2019s Playbook<\/h2>\n

RYAN:<\/strong> I would argue that to be successful as a serial entrepreneur, there has to be a certain playbook. That was one of the ideas wanted to get at in this series, What are the lessons of repeat offenders. And you\u2019re one of the greatest repeat offenders I know.<\/p>\n

RAIDER:<\/strong> One of our investors once told me that companies fail for one of three reasons. Either they have bad culture, they have a bad product, or they\u2019re bad stewards of capital. I think about my job (in some ways) as shuttle diplomacy. Or playing Whack-a-Mole between all three. How do we ensure that we\u2019re building a good culture and that the teams are happy and engaged? How do we ensure that we\u2019re making products people love? And then how do we make sure we do that in a financially responsible way?<\/p>\n

RYAN:<\/strong> That\u2019s entrepreneur gold right there. It\u2019s amazing the number of things you look at and you\u2019re like, Shitty founder, shitty product, and a business model that\u2019s an expression of their ego.<\/p>\n

RAIDER:<\/strong> There\u2019s obviously luck and serendipity. But if we can do those three things, we can at least build a foundation of a great company.<\/p>\n

RAPKIN:<\/strong> By the way, do you have a cat?<\/p>\n

RAIDER:<\/strong> I don\u2019t. The real decision maker in my household is my wife. I\u2019ve been lobbying her to get a cat for a while, and I\u2019ve got my kids lobbying her right now.<\/p>\n

The conversation has been edited and condensed for clarity. In <\/em>episode five<\/em>, Seed Health Co-Founder Ara Katz talks the gut boom, pitching bros, and what she learned from Michael Ovitz.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Harry\u2019s co-founder Jeff Raider talks the FTC, early mistakes at Warby Parker, and why he really bought a German razor blade factory. Lightning doesn\u2019t strike twice. Except when it does. Jeff Raider helped launch Warby Parker in 2010 while still getting his MBA at Wharton. The plan was to offer high-quality eyeglasses, direct-to-consumer, for around […]<\/p>\n","protected":false},"author":1,"featured_media":19463,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[77],"tags":[],"class_list":{"0":"post-19462","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-startups"},"yoast_head":"\nJeff Raider Lost A Fight With The FTC. 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