1 hr 40 min
#17 Giles Humphries: It's All About MVP ... and a "Fuck It, Let's Do It" Attitude! The Startup Blueprint
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- Business
In this episode, I am joined by Giles Humphries, the Co-founder of Mindful Chef. Giles runs a healthy recipe box business and, in his own words, is “building a brand that is a force for good whilst maintaining a premium position in the market”. The market he is talking about is expanding quickly and there are already a number of established players with very deep pockets. Nevertheless, he and his team have scaled quickly largely thanks to the fact they have identified and focused on a single USP, tapped into key consumer trends and implemented a successful fundraising strategy. Whether or not you are a foodie or a food entrepreneur, you are going to love this episode. It is full of advice on everything from co-founder agreements to raising money, and from hiring staff to expanding your business into different channels at the right time and in the right way. So, what are the key takeaways? Firstly, Giles is adamant that Mindful Chef would not be where it is today without the combined efforts of all three co-founders. The advice here is simple; look for co-founders with different but complementary skill sets and don’t overcomplicate things. Mindful Chef also proves how critical it is to niche down, both in terms of your target market, your value proposition and also your operations. This will ensure you can reach your audience and then actually utilise the funds you have to deliver what they expect. Niching down also means staying focused and resisting the temptation to try new things, introduce new products and spend on anything other than your core offering. There is some great advice on how life-changing external investment can be and how to successfully get through your first few rounds of investment. It takes time, hard work and a lot of coffee meetings, but it is all about finding the right investors. These could be your clients or institutional investors, in which case you should always ask what else (other than money) they might bring. In Giles’ words, these investors should “not be sharks but should be razor-sharp people” who challenge you as a founder. But for me, the key takeaway is the importance of adopting an MVP approach as a startup. You need to reach your customer as quickly and early as possible and find out whether they are willing to buy what you are offering. And if you are ever in doubt here, follow Giles’ advice and adopt a “fuck it, let’s do it” attitude.
In this episode, I am joined by Giles Humphries, the Co-founder of Mindful Chef. Giles runs a healthy recipe box business and, in his own words, is “building a brand that is a force for good whilst maintaining a premium position in the market”. The market he is talking about is expanding quickly and there are already a number of established players with very deep pockets. Nevertheless, he and his team have scaled quickly largely thanks to the fact they have identified and focused on a single USP, tapped into key consumer trends and implemented a successful fundraising strategy. Whether or not you are a foodie or a food entrepreneur, you are going to love this episode. It is full of advice on everything from co-founder agreements to raising money, and from hiring staff to expanding your business into different channels at the right time and in the right way. So, what are the key takeaways? Firstly, Giles is adamant that Mindful Chef would not be where it is today without the combined efforts of all three co-founders. The advice here is simple; look for co-founders with different but complementary skill sets and don’t overcomplicate things. Mindful Chef also proves how critical it is to niche down, both in terms of your target market, your value proposition and also your operations. This will ensure you can reach your audience and then actually utilise the funds you have to deliver what they expect. Niching down also means staying focused and resisting the temptation to try new things, introduce new products and spend on anything other than your core offering. There is some great advice on how life-changing external investment can be and how to successfully get through your first few rounds of investment. It takes time, hard work and a lot of coffee meetings, but it is all about finding the right investors. These could be your clients or institutional investors, in which case you should always ask what else (other than money) they might bring. In Giles’ words, these investors should “not be sharks but should be razor-sharp people” who challenge you as a founder. But for me, the key takeaway is the importance of adopting an MVP approach as a startup. You need to reach your customer as quickly and early as possible and find out whether they are willing to buy what you are offering. And if you are ever in doubt here, follow Giles’ advice and adopt a “fuck it, let’s do it” attitude.
1 hr 40 min