How To Win In The Midwest

Peter Schmidt

This is a show that will tell the stories of success for the Midwest. The modern media landscape loves to talk about outliers. The unicorns. The world-ending supernovas. Companies that have global impact. But the reality is that our lives are more frequently impacted by companies in our own backyards. The formula to win in New York or San Francisco might not be the same formula to win in Cincinnati, Milwaukee, or Nashville. The playbook for success in the Midwest, The Heartland, is mostly unique to the region.  Unfortunately, it's not well studied. Harvard Business School doesn't write a lot of case studies about tool and die shops in Dayton, Ohio. We don’t have New York Times best selling books being written about the companies that employ our families and friends. And we don’t even have a business journal of record that covers anything other than new real estate projects - no offense to those publications.  But these companies are worth studying because the Midwest isn't going anywhere. In fact, the Midwest is the beating heart of our country. Many of the companies located here have an outsized impact on our global economy and have more impact that a lot of buzzier names on the coasts. And while the Midwest has had some tough times, everyone knows that those don't last, but tough people do. And so do tough lessons.  So we want to study them, track them, dissect them, and find ways to put these lessons into action. We are going to study success stories in business and culture and who and what makes them work so well. We will answer questions like What's the story behind this enduring ice cream brand that's been around for 156 years? Why does that bank with a funny name seem to be everywhere and what makes them so successful? And why does the local orchestra proliferate and seem to own every concert venue in town and much more? We are writing a new playbook for how to win in the Midwest. 

Episodes

  1. 20h ago

    Episode 7: Duolingo

    The conversation explores various themes including monetization strategies for networking, the evolution of language learning through platforms like Duolingo, and the inspiring journey of Luis von Ahn, the founder of Duolingo, from his early education to the creation of CAPTCHA and Duolingo. This conversation explores the journey of Duolingo from its inception to its rise as a leading language learning platform, highlighting key innovations, business strategies, and challenges faced along the way. The discussion delves into the founders' backgrounds, the evolution of language learning tools, and the impact of gamification on user engagement. The conversation explores the evolution of Duolingo from a web translation service to a leading language learning platform, highlighting its business model, brand development, and user engagement strategies. Key themes include the company's mission-driven culture, data-driven product optimization, monetization challenges, and the impact of COVID-19 on user growth, culminating in its successful IPO and ongoing market positioning. This conversation explores the evolution of language learning through Duolingo, highlighting its growth, competitive landscape, and the impact of AI on personalized learning experiences. The discussion also delves into the company's culture, operational strategies, and future outlook in the context of changing technology and user engagement. Takeaways Networking monetization strategiesLuis von Ahn's impactful journey Duolingo's innovative gamificationChallenges in monetizing education Strong mission-driven cultureData-driven product optimization AI enhances personalized learningDuolingo's growth is exponential Chapters 00:00 Monetizing Networking and Community Building06:04 The Evolution of Language Learning10:58 The Journey of Luis von Ahn19:48 The Birth of CAPTCHA and Duolingo34:06 The Rise of Duolingo and Gamification35:02 The Evolution of Language Learning Tools39:24 The Founding of Duolingo41:28 Innovative Approaches to Language Learning44:40 The Business Model Behind Duolingo01:00:22 Transitioning to Mobile and User Engagement01:08:21 Challenges and Critiques of the Business Model01:10:16 Evolution of Duolingo's Business Model01:11:24 Brand Development and User Engagement01:13:11 Introduction of the English Language Test01:15:12 Mission-Driven Culture and Employee Motivation01:17:17 Data-Driven Product Optimization01:23:34 Monetization Challenges and Strategies01:28:39 Growth and Revenue Generation01:32:43 Impact of COVID-19 on User Engagement01:33:28 IPO and Market Positioning01:35:54 Social Media Strategy and Brand Personality01:39:05 Post-IPO Growth and Future Outlook01:46:00 The Evolution of Language Learning01:47:15 AI and Personalized Learning Experiences01:50:14 Duolingo's Growth and Revenue Surge01:53:43 Competitive Landscape and Market Position02:04:04 Cultural and Operational Insights02:14:19 Future Outlook and Strategic Considerations

  2. Oct 1

    Episode 6: Cummins, Inc.

    The conversation explores the history and evolution of diesel engines, focusing on Cummins Inc. and its founder Clessie Cummins. It delves into the technological advancements, challenges faced by the company, and the impact of diesel engines on various industries. The conversation explores the historical development and commercial success of Cummins Engines, highlighting key innovations, market strategies, and the impact of external factors such as World War II and the Federal Aid Highway Act. The discussion emphasizes the company's commitment to quality, employee relations, and adaptability in a competitive landscape. The conversation delves into Cummins' historical journey, focusing on its diversification strategies, challenges faced during economic downturns, and the evolution of its product offerings. Key themes include the impact of regulatory changes, branding efforts, and the company's strategic shift towards electrification and powertrain solutions. The conversation delves into Cummins' strategic positioning in the power generation market, exploring their innovations, leadership, and competitive landscape. It highlights the company's adaptability in the face of evolving technologies and market demands, particularly in the context of data centers and alternative fuels. Takeaways Cummins' innovative spiritChallenges in early diesel adoption Innovation drives market successStrong employee relations matter Diversification can lead to failuresEmphasis on powertrain efficiency Cummins focuses on power generationLeadership drives innovation and growth Chapters 00:00 Researching Diesel Engines and Cummins04:20 Introduction to Cummins Inc.05:40 The Evolution of Diesel Engines12:51 The Story of Rudolf Diesel20:53 Clessie Cummins: The Innovator29:07 Founding of Cummins Engines35:03 Challenges and Breakthroughs in the 1920s37:52 The Evolution of Diesel Engines43:40 Commercial Success and Market Growth48:20 World War II and Military Demand54:29 Post-War Boom and Strategic Shifts01:00:13 Innovation and Expansion in the 1950s01:05:05 The Impact of the Federal Aid Highway Act01:09:52 Corporate Values and Employee Relations01:20:21 Diversification and Its Pitfalls01:25:36 Navigating the 1970s Challenges01:27:25 The Impact of the 1980 Motor Carrier Act01:38:39 Branding and Market Positioning in the 1980s01:40:06 Emissions Standards and Market Adaptation01:44:45 International Expansion and Strategic Acquisitions01:55:51 The Shift to Powertrain Solutions01:59:00 Investing in Electrification01:59:58 The Future of Power Generation02:02:44 Leadership and Innovation at Cummins02:05:59 Power Systems and Data Centers02:09:37 Market Dynamics and Competition02:13:18 Bull and Bear Case Analysis02:21:32 Future Opportunities and Innovations

  3. Aug 17

    Episode 5: The Cincinnati Open

    The conversation delves into the history of the Cincinnati Open, exploring its roots in amateur tennis and its transition into the professional era. It highlights the significance of the tournament in the region and its impact on the sport of tennis. The amateur era, the prominent players, and the transition to professional tennis are key themes discussed. The Open Era of tennis begins in 1968, marking a significant shift in the sport's structure and governance. The Cincinnati Open undergoes a series of transformations and expansions, positioning itself as a premier event within the ATP tour. Paul Flory's leadership and vision play a pivotal role in the tournament's success and evolution. The Cincinnati Open has a rich history of growth and development, becoming a premier tennis event in the United States. The tournament's impact on the regional economy and its significance as a talent retention tool are noteworthy. The recent renovation and expansion of the tournament's facilities have elevated the overall experience for players and fans, solidifying its position as a top-tier event. The Cincinnati Open has the potential to become the number one tennis city in America, with opportunities for expansion, brand entrenchment, and increased participation. The event's rich history, diverse ownership, and geographic centrality make it a compelling and unique sporting event with room for growth and innovation. Takeaways Tennis tradition in Cincinnati has deep roots and a strong impact on the sport.The transition from amateur to professional tennis marked a significant shift in the Cincinnati Open's history. Open Era of tennis begins in 1968Paul Flory's leadership and vision drive the success and evolution of the Cincinnati Open Tennis tournaments contribute significantly to the regional economyThe Cincinnati Open serves as a talent retention tool for the region Tennis has the potential to become a dominant sport in Cincinnati, with opportunities for increased participation and brand entrenchment.The Cincinnati Open has a rich history, diverse ownership, and geographic centrality, making it a unique and compelling sporting event with room for growth and innovation. Chapters 00:00 The Roots of Tennis Tradition in Cincinnati07:16 The Amateur Era and Prominent Players34:56 Transition to Professional Tennis01:18:26 Selection of Cincinnati Open as a Premier Event in the ATP Tour01:53:38 The Cincinnati Open's Impact and Analysis02:00:49 The Potential of Tennis in Cincinnati02:05:12 Competition and Expansion Opportunities02:17:14 The Future of the Cincinnati Open

  4. Jul 1

    Episode 4: Worthington Industries, Steel, Enterprises and Beyond

    The conversation delves into the history of the steel industry, the founding of Worthington Industries, and the evolution of the business model from brokerage to manufacturing. It explores the challenges faced by small buyers of steel and the innovative solutions provided by Worthington Industries. The conversation delves into the topics of outsourcing and the tier system, highlighting the significance of these practices in the industry. It also explores the implementation of the Golden Rule and the treatment of employees, emphasizing the impact of these principles on the company's success. The conversation methodically explores the impact of mini-mills on the steel industry and the strategic acquisitions and expansion of Worthington. It delves into the collapse of the steel industry in the United States, the emergence of mini-mills, and the subsequent disruption of the traditional steel manufacturing process. Additionally, it highlights Worthington's approach to strategic acquisitions and its expansion into various business segments. The conversation delves into Worthington Industries' journey through the 2009 recession, survival mode, and subsequent rebound in 2011. It explores the company's expansion into consumer products, leadership transitions, strategic split, and the analysis of Worthington's success, focusing on cost structure advantage, cultural operating system theory, and geographic centrality theory. The conversation delves into the consistency and focus of Worthington Industries, the reindustrialization and automation trends in the Midwest, success factors and potential threats, leadership and stewardship of the business, business expansion and industry positioning, Midwestern business culture and values, and exploring new opportunities and growth strategies. Takeaways Steel industry historyWorthington Industries foundingBusiness model evolution Outsourcing and the Tier SystemThe Golden Rule and Employee Treatment Impact of mini-mills on the steel industryWorthington's strategic acquisitions DiversificationGeographic CentralityCultural Operating System Theory Consistency and focusDiversification and automationMidwestern business culture Chapters 00:00 The Steel Industry and Its History15:59 The Founding of Worthington Industries23:52 Evolution of the Business Model29:34 The Golden Rule and Employee Treatment51:15 The Rise of Mini-Mills and Impact on the Steel Industry01:14:58 The 2009 Recession and Survival Mode01:37:21 Reindustrialization and Automation Trends01:44:28 Midwestern Business Culture and Values

  5. May 19

    Episode 3: Gorilla Glue - All 600 lbs of Brand Power

    The conversation delves into the history of glue, the acquisition of Lutz Tool, the success story of the Gorilla Glue Company, and the expansion of the business. It also explores the marketing strategy, SKU expansion, and leadership transition, highlighting the brand's growth and expansion over the years. The conversation delves into the incident involving Gorilla Glue, its public image, business expansion, resilience, financial growth, market position, industry comparison, growth trajectory, market impact, regional influence, CPG dominance, branding strategy, brand differentiation, brand consistency, brand power, market positioning, growth potential, playbook themes, industrial inheritance, hero company spinoff, talent acquisition, market expansion, channel expansion, market education, market innovation, cost structure advantage, geographic centrality, economic resilience, bear case, and bull case. Takeaways History of glue dates back to 200,000 BCGorilla Glue's success and expansionMarketing strategy and SKU expansion Gorilla Glue's success is attributed to its focus, steady expansion, and understanding of the companies it has acquired.Gorilla Glue's branding, product quality, and hard work have contributed to its success as a great Midwestern success story. Chapters 00:00 The History of Glue11:20 Mark Singer's Polyurethane Adhesive21:19 Gorilla Glue's Marketing Strategy31:45 Gorilla Glue's Growth and Expansion39:14 Expansion and Marketing in 201346:20 Gorilla Glue's Facility Expansion51:20 Leadership Transition and Business Growth57:24 Gorilla Glue's Business Expansion01:03:03 Gorilla Glue's Growth Trajectory01:08:18 Gorilla Glue's Brand Differentiation01:14:25 Gorilla Glue's Playbook Themes01:20:18 Gorilla Glue's Market Education01:26:06 Gorilla Glue's Geographic Centrality01:31:08 Gorilla Glue's Bull Case

  6. Mar 31

    Episode 2: TQL - Just Win, Baby

    The conversation covers the history and evolution of freight brokerage, the founding of Total Quality Logistics (TQL), and the impact of the Great Recession on the logistics industry. It also explores the competitive landscape, hiring practices, and the role of technology in the industry. TQL's journey from 2009 to 2025 is marked by impressive growth, geographic expansion, technological advancements, and a strong sales-driven culture. The company's focus on sales, technology, and people has propelled it to become a major player in the logistics industry, with a significant increase in market share and revenue. TQL's ability to adapt to industry changes and maintain a strong sales culture has been key to its success. Total Quality Logistics (TQL) is a company known for its competitive culture and high earning potential. The company's focus on technology, expansion, and potential acquisition of a sports franchise are key discussion points. The competitive nature of TQL's culture is evident in its approach to business and growth strategies. Takeaways Freight brokerage is a complex and essential part of the logistics industry.TQL's success is attributed to its hiring practices, focus on core competencies, and ability to adapt to industry changes. Sales-driven cultureGeographic expansionTechnology integrationMarket share growth Competitive CultureTechnology and ExpansionPotential Acquisition of a Sports Franchise Chapters 00:00 Understanding Freight Brokerage09:15 Founding of Total Quality Logistics (TQL)18:05 TQL's Growth and Competitive Landscape30:12 Industry Changes and Technology35:35 Navigating Threats and Growth41:08 Technology Offerings and Business Automation46:16 Industry Disruption and Business Strategy54:17 Market Share and Competitors01:03:00 Sales Strategy and Customer-Centric Approach01:08:58 Earning Potential and Competitive Culture01:15:21 Technology and Innovation in Freight Market01:20:53 Exploring New Business Opportunities01:26:25 Potential Expansion and Sports Franchise Acquisition

Ratings & Reviews

5
out of 5
3 Ratings

About

This is a show that will tell the stories of success for the Midwest. The modern media landscape loves to talk about outliers. The unicorns. The world-ending supernovas. Companies that have global impact. But the reality is that our lives are more frequently impacted by companies in our own backyards. The formula to win in New York or San Francisco might not be the same formula to win in Cincinnati, Milwaukee, or Nashville. The playbook for success in the Midwest, The Heartland, is mostly unique to the region.  Unfortunately, it's not well studied. Harvard Business School doesn't write a lot of case studies about tool and die shops in Dayton, Ohio. We don’t have New York Times best selling books being written about the companies that employ our families and friends. And we don’t even have a business journal of record that covers anything other than new real estate projects - no offense to those publications.  But these companies are worth studying because the Midwest isn't going anywhere. In fact, the Midwest is the beating heart of our country. Many of the companies located here have an outsized impact on our global economy and have more impact that a lot of buzzier names on the coasts. And while the Midwest has had some tough times, everyone knows that those don't last, but tough people do. And so do tough lessons.  So we want to study them, track them, dissect them, and find ways to put these lessons into action. We are going to study success stories in business and culture and who and what makes them work so well. We will answer questions like What's the story behind this enduring ice cream brand that's been around for 156 years? Why does that bank with a funny name seem to be everywhere and what makes them so successful? And why does the local orchestra proliferate and seem to own every concert venue in town and much more? We are writing a new playbook for how to win in the Midwest.