Unit Economics

The Unit Economics Podcast

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Exploring the hidden complexity behind every industry. A show investigating familiar brands, the products they make, and the people shaping them - with a focus on the decisions, economics, and mechanics behind the scenes. Hosted by Josh Stabinsky. 🎧 New episodes every week. 🌐 More at uepod.com Want to get in touch? hello@uepod.com

-4 J

[Sourmilk] Kiki Couchman & Elan Halpern

On today’s episode, I sit down with Kiki Couchman and Elan Halpern, the co-founders of Sourmilk. Sourmilk is built around a simple but differentiated premise: take something 92% of households already consume and engineer it to deliver measurable gut-health impact. We talk through how they formulated around specific probiotic strains rather than optimizing purely for flavor, what it looked like to source grass-fed dairy without prior industry experience, and how they built a co-manufacturing relationship from scratch. We also get into their deliberately high-friction, self-distributed drop model as a way to validate demand, measure retention, and collect first-party customer data before entering retail. From there, we discuss cold-chain constraints, retailer relationships, geographic saturation before national expansion, fundraising discipline, and what it takes to build defensibility in a category dominated by large incumbents. I learned so much from Kiki and Elan, and I hope you enjoy the conversation as much as I did.

51 min
-6 J

[Light] Joe Hollier

On today's episode, I sit down with Joe Hollier, co-founder of Light, the company behind the Light Phone — a minimalist mobile device designed to be used as little as possible. We talk about how the company emerged from an experimental Google design program, why Joe and his co-founder chose to build hardware in a software-dominated world, and what it actually takes to bring a new phone to market without relying on the traditional venture-backed smartphone playbook. We get into crowdfunding as early validation, how they managed to develop a relationship with Foxconn — one of the world’s largest manufacturers of electronics — and what that partnership required at their scale. We also break down the unit economics: non-recurring engineering costs, bill of materials, software licensing fees for tools like directions, inventory financing, and how tariffs and component shortages have affected margins. We discuss the tradeoffs behind feature decisions — why the phone includes essentials like calling, texting, directions, and now a camera, but will never include features like social media access, email, or an internet browser — and how those boundaries shape both the product and the business model. This was a thoughtful, detailed look at what it takes to build a hardware company with a fundamentally different incentive structure. I learned so much from Joe, and I hope you enjoy the conversation as much as I did.

51 min
12 FÉVR.

[Hotel Ceramics] Sara Victorio

In today's episode, I sit down with Sara Victorio, founder of Hotel Ceramics, a one-person handmade ceramics studio based in Portland, Oregon. We talk about how Hotel operates as a solo manufacturing business, from product design and material inputs to kiln capacity, production methods, and quality control. Sara walks through why she shifted from wheel throwing to slip casting, how that decision changed her labor economics and output constraints, and what tradeoffs it introduced operationally. We also get into pricing and margin considerations in handmade ceramics, including how labor, throughput, and failure rates factor into pricing decisions, and why Hotel uses a drop-based sales model rather than pre-orders. Throughout the conversation, we discuss demand management, customer expectations, repeat purchase behavior, and how distribution choices affect both cash flow and workload when the founder is also the sole producer. This was a clear, grounded look at the mechanics of running a small, design-driven physical goods business with real production constraints. I learned so much during my conversation with Sara, and I hope you enjoy it as much as I did.

39 min
10 FÉVR.

[Felt + Fat] Nate Mell

In today's episode, I sit down with Nate Mell, founder of Felt + Fat, a Philadelphia-based ceramics company producing tableware for both restaurants and direct-to-consumer customers. We talk about how Felt + Fat began supplying custom tableware to restaurants, why ceramics made sense as a business from a unit-economics perspective, and how debt-financed equipment shaped the company’s growth and risk profile. Nate walks through the operational realities of scaling a labor-intensive manufacturing business, the shift from wholesale to direct-to-consumer, and how capital decisions around space, equipment, and staffing affected margins and cash flow. We also get into the limits of vertical integration, what rapid expansion exposed about the business model, and how a period of financial distress forced a clear-eyed reassessment of what the company actually does best — ultimately leading to a narrower, more sustainable operating scope. This was a candid, detailed look at the mechanics of running a U.S.-based manufacturing business and I can't thank Nate enough for his transparency around some pretty sensitive topics. I learned so much during our conversation, and I hope you enjoy it as much as I did.

50 min
5 FÉVR.

[Erstwhile] Jared Klusner

In today's episode, I sit down with Jared Klusner, founder of Erstwhile, a jewelry business built around highly curated vintage and vintage-inspired pieces. We talk about Jared’s path into the jewelry world, how sourcing actually works in a niche, relationship-driven market, and why trust and expertise matter so much when you’re dealing in rare, one-of-a-kind goods. We also get into the mechanics of building a business around non-fungible inventory — from pricing and negotiation to replacement risk, inventory management, and the realities of scaling a high-touch operation without losing credibility. This was a fascinating look at what it really takes to build a relationship-driven business in high-end vintage goods. I learned so much from the conversation, and I hope you enjoy it as much as I did.

38 min
3 FÉVR.

[One Trick Pony] Lucy Dana

On today's episode, I sit down with Lucy Dana, co-founder and CEO of One Trick Pony, a peanut butter brand built around Argentinian peanuts and a novel approach to jar design. Lucy walks through the tradeoffs involved in supplier selection, inventory risk, and manufacturing control, including the very real consequences of getting early production decisions wrong. We get into how One Trick Pony thinks about differentiation in a crowded, commoditized category, why jar design — not ingredients alone — became the company’s primary growth lever, and the operational and margin implications of introducing custom packaging. Lucy also shares how pricing decisions have evolved alongside rising input costs and tariffs, why DTC played a critical role early on, and how the business is balancing e-commerce with retail as it scales. This was a thoughtful, transparent conversation about building a modern food brand from scratch and I learned so much during my conversation with Lucy. As always, I hope you enjoy it as much as I did.

40 min
27 JANV.

[GOB] Lauryn Menard

In this episode, I sit down with Lauryn Menard, founder of GOB, a company rethinking single-use personal care products starting with earplugs made from mycelium. We talk about how GOB came to focus on a category most people overlook, and what it actually takes to commercialize a new biomaterial in a space dominated by low-cost, petroleum-based incumbents. Lauryn walks through the early research process, the tradeoffs involved in material selection, and the realities of working with suppliers and manufacturing partners when you’re building on top of emerging technologies rather than established supply chains. We also get into pricing and positioning in a highly price-sensitive category, how GOB thinks about margins and cost reduction over time, and why subscription has become the core business model as the company shifts toward daily-use, health-driven customers. Lauryn shares how GOB is approaching distribution across DTC, music venues, and retail, and how those channels serve different roles at different stages. This was a thoughtful, grounded conversation about building a premium physical product in a commoditized category, the real constraints of scaling physical products that don’t rely on petrochemicals, and what it actually means to design products with end-of-life in mind. I learned so much during our conversation and I hope you enjoy it as much as I did.

44 min
21 JANV.

[Jones] Hilary Dubin & Caroline Huber

In this episode, I sit down with Hilary Dubin and Caroline Huber, co-founders of Jones — a modern nicotine-cessation company built for people trying to quit vaping. Jones combines FDA-approved nicotine mints, a form of nicotine replacement therapy (NRT), with an app that provides behavioral support and community. Hilary and Caroline started the company after struggling to quit nicotine themselves and realizing how outdated, stigmatized, and incomplete the existing NRT category felt — especially for younger users. We talk about how their personal experiences shaped the product, what it takes to build a regulated physical product alongside software, and why behavioral support is just as important as the nicotine replacement itself. We also get into manufacturing constraints, FDA economics, fundraising stress, and the realities of building a business in a tightly regulated space. This was an extremely transparent conversation about building a real company in what I consider to be a critically important category. I learned a lot from this one, and I hope you enjoy it as much as I did.

43 min

Tout afficher (21)

Exploring the hidden complexity behind every industry. A show investigating familiar brands, the products they make, and the people shaping them - with a focus on the decisions, economics, and mechanics behind the scenes. Hosted by Josh Stabinsky. 🎧 New episodes every week. 🌐 More at uepod.com Want to get in touch? hello@uepod.com

Création

The Unit Economics Podcast
Années d’activité

2025 - 2026
Épisodes

21
Classification

Contenu explicite
Copyright

© The Unit Economics Podcast
Site web de l’émission

Unit Economics

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