Founders In LA Ethan Cole, PhD

"The idea that we cannot leverage our most intimate and valuable space in any way to recoup any value while we're gone is insane."



In this episode of Founders in LA, we sit down with Bo Abrams, Co-Founder of kommu, a groundbreaking home-sharing network.

Bo shares his journey from a determined business school applicant to a visionary entrepreneur revolutionizing the rental market. 

kommu leverages trusted personal networks to unlock home-sharing opportunities that traditional platforms overlook.

Bo discusses the challenges millennials face with rising living costs and how kommu provides a solution by allowing users to share their homes with trusted connections.

He also reflects on the evolution of the home-sharing industry and kommu's unique social network model that enhances travel experiences. 

"If you can really be the lowest risk, highest return option, people will get it. The experts in that industry will get it and they will sign up."



We sit down with Rachael Nelson, the Founder and CEO of Brandy, in this episode of Founders in LA. Rachael shares her journey from aerospace manufacturing to leading a groundbreaking app that democratizes influence by allowing everyday consumers to earn meaningful money through simple endorsements of their favorite brands.

She describes the inception of Brandy, highlighting the importance of passive income and the power of word-of-mouth marketing.

Rachael's insights into creating a low-risk, high-return product, and her commitment to adding value to the economy by supporting consumers, provide invaluable lessons for aspiring entrepreneurs.

Join us for an inspiring conversation filled with practical advice and the story behind Brandy’s mission to make affiliate marketing accessible to everyone.



Top Takeaways:


Simplified Affiliate Marketing: Brandy is designed to make affiliate marketing incredibly easy and accessible for everyone, including older adults like Rachael's 92-year-old grandmother. The platform allows users to earn money by endorsing brands they already use without needing to create content or build a large following.


Focus on Passive Income: Rachael is passionate about adding billions to the economy by enabling consumers to generate passive income. She emphasizes the joy and financial relief that can come from earning money by simply sharing products they already love and use in their daily lives.


Low-Risk, High-Return Product: Rachael stresses the importance of making Brandy a low-risk, high-return option for brands and consumers. By carefully analyzing market options and addressing pain points such as tracking conversion rates and payment difficulties, Brandy positions itself as a reliable and attractive platform.


Adapting to Market Needs: While staying true to Brandy’s core mission, Rachael acknowledges the need to be aware of market trends and prepare for future features that will keep the platform relevant. However, she advises against chasing every trend, instead focusing on the essential elements that will benefit the community.


Community and Networking: Rachael highlights the importance of being in the right environment for growth and networking. Moving to Venice, a hub for serious entrepreneurs, provided her with invaluable connections and inspiration. She underscores the value of surrounding oneself with a community that supports and accelerates one’s business goals.





Top Quotes:


"It's simple enough that even my grandma who's 92 actually can understand and use that on her iPhone and so it's the most simple form of affiliate marketing that could possibly be produced in my opinion and I'm amazed it doesn't exist yet but we're doing it for the first time."


"I want to add billions to the economy, to consumers who need passive income, who need to feed their kids, buy Christmas presents... there's so much joy that we get out of the things that we buy when they're the right things that we buy."


"To be low risk you really have to look at what options are available on the market currently and like make a feature list and go through every single one of those and start talking to people about those different features."


"I think one thing I will say about anyone who is building I think what was particularly impactful for me was making the decision to move to Venice."


"And there's certainly ways to watch what the market is doing and watch what people are flocking to and prepare for the day when it is essential for those features to be incorporated into your product in order to be essential and relevant to your community."

"You need a great lawyer and you need a great accountant. Those two things are inevitable. But they look at me and I go, 'Oh, you've never looked at your cap table."

Joshua Lee, CEO and Founder of Ardius explores the vital importance of cap tables in managing startups and guiding investment decisions, in this episode of Founders In LA. With his deep background in accounting and building ventures, Joshua sheds light on the typical challenges and the strategic value of keeping cap tables clean and detailed. He outlines potential issues entrepreneurs may encounter, such as dilution, valuation discrepancies, and investor expectations, offering insightful advice on how to tackle these hurdles. Through practical examples and personal stories, Joshua highlights the need for transparency and meticulous planning in venture relationships and the growth of startups. This episode is a valuable resource for both founders and investors, providing practical tips on how to understand and use cap tables to drive successful business outcomes.



Key Takeaways:


Understanding Cap Tables: Joshua Lee highlighted the intricacies of cap table management, noting issues like convertible notes and safe notes. He emphasized the importance of meticulous attention to detail in tracking each entry, as these have significant implications on future strategic decisions, especially concerning funding and exits.


The First $10 Million In an Exit Can Be Tax Free: Joshua underscored the crucial need for skilled accountants and lawyers to guide founders through the complexities of startup management. These advisors ensure legal and financial robustness -like uncovering thousands of dollars in taxes or understanding that the first $10 million in an exit might be tax free under the right conditions.


The Difference Between Joining a New Fund vs. One that is Almost Closed: Joshua detailed the challenges of navigating funding cycles and managing investor expectations. For instance, a company joining at the beginning of the fund may have different timelines and expectations than one at the end of the fund.


Long-term Vision and Strategic Exits:Joshua shared his approach to strategic exit planning, stressing the need for alignment between a startup's operational activities and its exit strategy. He noted how a well-maintained and clear cap table is essential for facilitating smooth transitions and maximizing stakeholder benefits during exits.


Founder Diligence: Joshua advocated for proactive founder engagement with their cap tables, emphasizing the critical nature of understanding the implications of each entry. He highlighted the risks of dilution and the necessity for founders to remain vigilant about how transactions affect their control and align with their long-term goals.



Top Quotes:




"We started opening up the cap table. Start seeing the convertible notes, the safe notes, the priced rounds even venture debt and the warrants that have been issued. It's all over the place." 


"What is QSBS? It sounds like BS. No, it's called Qualified Small Business Stock. Just look that up. That will pay for itself." 


"You need a great lawyer and you need a great accountant. Those two things are inevitable. But they look at me and I go, 'Oh, you've never looked at your cap table.'" 


"So when you take money, there come expectations of different sorts. One is the return, depending on how their fund's doing."


"This is why our last company was sold in 18 months, and, very interestingly enough, it was done in a way where I thought everyone's numbers were achieved."

"Cold calls are the base of our entire business. The first three months we spent in Flick's basement, cold calling, and it's still the best tool that we have. We still do it every day."



Flick Moradian and Louis Pascal Walsh, Co-Founders of Tequio, a premium canned tequila cocktail brand, share their entrepreneurial journey, highlighting their persistent cold-calling efforts to establish connections, secure partnerships, and obtain valuable insights from industry experts on this episode of Founders In LA.



Key Takeaways:


The importance of persistence and not taking "no" for an answer, as demonstrated by the founders' relentless cold-calling and in-store pitching efforts.


The value of building relationships and making personal connections, even with prominent industry figures or unlikely prospects.


The significance of differentiation and focusing on quality ingredients, as exemplified by the decision to use premium tequila in their canned cocktails.


The critical role of sales and marketing in the early stages of a startup, even for founders without prior experience in those areas.


The importance of expressing gratitude and following up with contacts, as a lack of follow-up can be perceived as disrespectful.


The value of leveraging local resources and opportunities, especially in a city like Los Angeles with its diverse network of entrepreneurs and influencers.


The significance of perseverance and maintaining a positive attitude in the face of rejections and setbacks, as success often comes after numerous failures or unsuccessful attempts.



Top Quotes:


"It's actually similar to cold calling. You need the same persistence. But instead of actually, like, picking up the phone and calling these people, you just have to walk into their store." (Flick Moradian, on getting into retail stores)


"Cold calls are the base of our entire business…and it's still the best tool that we have." (Louis Pascal Walsh, on the importance of cold calling)


"We literally just bootlegged a couple bottles over the border, brought them back to LA, and did a bunch of, like, at home bench samples." (Louis Pascal Walsh, on early product development)



Chapter 1: The Origins of Tequio

This chapter covers the initial idea of Flick and Louis to create a fermented coconut water beverage during the COVID-19 pandemic, their subsequent pivot to a premium tequila-based canned cocktail, and the challenges they faced in finding a suitable tequila distillery in Mexico.

Chapter 2: Navigating the Tequila Industry in Mexico

This chapter delves into Flick and Louis's journey of cold-calling various tequila distilleries in Mexico, their initial struggles, and the serendipitous encounter with the Benuelos family, who became their partners and provided the high-quality tequila for their canned cocktails.

Chapter 3: The Art of Cold Calling

This chapter focuses on the importance of cold calling in the early stages of their business, the strategies they employed, the lessons learned from persistent follow-ups, and the value of building relationships and connections through these calls.

Chapter 4: Breaking into Retail

This chapter explores Flick and Louis's efforts to secure shelf space in retail stores, their persistent in-store pitching, and the challenges they faced in selling a premium-priced product in a competitive market.

Chapter 5: Future Plans and LA Moments

This chapter discusses Flick and Louis's plans for expanding Tequio's presence in Southern California, increasing brand awareness through marketing efforts, and shares amusing anecdotes involving celebrity encounters during their product demonstrations in Los Angeles.



Keywords:


Entrepreneurship


Startups


Beverage Industry


Tequila


Cold Calling


Persistence


Relationship Building


Sales & Marketing


Product Development





Find Founders In LA on Deepcast.fm:

https://deepca.st/founders-in-la

"It's these knowledge graph relationships that tie all these episodes together and enable users to discover each other's new content somewhat serendipitously or organically."

This episode with Lucas Dickey, CEO and Co-Founder of Deepcast.fm, explores the platform's mission to revolutionize podcast discovery and engagement through AI-driven indexing and structuring of audio content.

Lucas shares his extensive background in software product management and passion for podcasting, discussing the challenges faced by both listeners and podcasters in navigating the vast podcast landscape. He emphasizes the importance of leveraging AI tools, prioritizing execution over perfection, and adopting product-led growth strategies for startups, while also offering insights into customer acquisition and team building on this week's episode of Founders In LA.



Top 10 Topics Covered


Podcasting


AI Technology


Audio Content


Product Management


Entrepreneurship


Startup Advice


Content Discovery


Product-Led Growth


Team Building


Los Angeles Tech Scene



Lucas Dickey (Person) - https://linkedin.com/in/lucasdickey

Deepcast (Company) - https://www.deepcast.fm

Ethan Cole (Person) - https://www.linkedin.com/in/ethancolephd/

Amazon (Company) - https://www.amazon.com

Spotify (Company) - https://www.spotify.com

The Echo Nest (Company) - https://wikipedia.org/wiki/The_Echo_Nest

Fernish (Company) - https://www.fernish.com

Techstars (Company) - https://www.techstars.com

Okapi Ventures (Company) -https://okapivc.com

IMDb (Product) - https://www.imdb.com

genius.com (Company/Product) - https://genius.com

YC (Company) - https://www.ycombinator.com

Chamath Palihapitiya (Person) - https://wikipedia.org/wiki/Chamath_Palihapitiya

Tyra Banks (Person) - https://wikipedia.org/wiki/Tyra_Banks

Shay Mitchell (Person) - https://wikipedia.org/wiki/Shay_Mitchell

Chamillionaire (Person) - https://wikipedia.org/wiki/Chamillionaire

"Co-Intelligence" (Book) - https://www.amazon.com/Co-Intelligence-Living-Working-Ethan-Mollick/dp/059371671X/


Deepcast leverages AI technology to structure and index podcast audio content, making it more discoverable and engaging for listeners through features like episode summaries, key takeaways, and searchable transcripts.


Lucas Dickey has over 20 years of experience in software product management, spanning various industries such as digital media, ad tech, and martech, which has prepared him for his current role as CEO and co-founder of Deepcast.


Dickey emphasizes the importance of doing more with less, particularly in the early stages of a startup, by leveraging AI tools, virtual assistants, and fractional resources to maximize efficiency and minimize costs.


Product-led growth strategies, such as organic content distribution and word-of-mouth marketing, are crucial for startups like Deepcast to acquire both listener and podcaster customers.


Continuous learning and adaptation are essential for entrepreneurs, as Dickey highlights the need to stay up-to-date with emerging technologies like generative AI and multimodal content creation.


Building a strong team with a diverse set of skills and leveraging AI tools as co-pilots can help founders navigate the challenges of starting and scaling a business.


The Los Angeles tech scene offers a unique blend of various industries, from media and entertainment to logistics and aerospace, creating opportunities for startups to thrive in different verticals.


Prioritizing execution over perfection and adopting an iterative approach to product development can help startups validate their ideas and gather feedback quickly, which is crucial in a rapidly evolving technological landscape.

"I've talked to founders who have been in LA for years and never felt like they had a sense of community within like a group of other founders who were doing the same things."



In this episode, we sit down with Zack Oliver, the innovator behind Founders Table, a community initiative that connects LA founders over intimate dinner settings. Zack shares his journey from finance in New York to creating a network in LA through curated gatherings, aiming to foster relationships and exchange knowledge among local entrepreneurs.

As Zack details the evolution of Founders Table from casual meetups to structured, meaningful interactions, listeners will gain insights into the significance of community in the entrepreneurial landscape. This episode of Founders In LA explores how personal connections can amplify professional journeys and the role of shared experiences in overcoming business challenges.