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  • Kurt Workman: Owlet Baby Sock’s $100 Million Journey | Startup, SPAC, FDA, Turn Around

    Kurt Workman: Owlet Baby Sock’s $100 Million Journey | Startup, SPAC, FDA, Turn Around
    Aug 21 2025
    In this episode of the Startup Ignition Podcast, we are joined by Kurt Workman, the co-founder of Owlet. Kurt shares the deeply personal story that inspired the creation of the Owlet Smart Sock, a device that has now been used by 1 in 10 babies born in the US. He takes us through the entire journey, from a $50 student prototype to building a $100 million revenue company. Kurt opens up about the immense challenges faced along the way, including a three-year development cycle, navigating a complex and difficult relationship with the FDA, the rollercoaster of going public via a SPAC, and nearly facing bankruptcy. This is a raw and honest conversation about the steep climb of entrepreneurship, the fight for a mission you believe in, and the lessons learned from the highest highs and the lowest lows.(00:00:00) The personal story that sparked the idea for Owlet(00:02:43) How Owlet is building the world's largest pediatric health platform(00:05:52) The Founder's First Icebreaker: Pitches, prototypes, and disasters(00:10:04) Paying a student $50 for a design that a firm later quoted at $100,000(00:11:40) A manufacturing disaster that almost ended the company early on(00:13:10) The story of hiring Owlet's first key employee(00:17:43) The ownership and passion that sets a founder apart from a "hired gun"(00:20:25) Has Kurt ever had an "I made it" moment?(00:23:32) Owlet's current scale: 100 employees and $100M in annual revenue(00:27:57) How his wife's heart condition and a family tragedy led to Owlet(00:32:17) Assembling the founding team and winning competitions to fund the startup(00:38:30) Why it took three years to get the first product to market(00:42:26) Pivoting the go-to-market strategy after the initial launch failed(00:45:14) Navigating the complex and challenging relationship with the FDA(00:47:06) From 0 to 10% of all babies in the US using Owlet by 2021(00:49:12) Pulling the product off shelves and relaunching after the FDA warning letter(00:52:30) Stepping down as CEO, going public via a SPAC, and being asked to return(00:57:57) The hardest year of Kurt's life and the turnaround that saved the company(00:58:32) Calling a manufacturer they owed $30 million to avoid bankruptcy(01:02:00) Deciding to step down as CEO for the second time(01:05:57) Kurt's top 2 pieces of advice for early-stage entrepreneurs(01:11:29) Why the steepest part of the entrepreneurial climb is the most rewardingLearn more about us:https://startupignition.com/linksApply to be a guest on the pod:https://startup-ignition-podcast.paperform.co/Follow John & Tyler:https://x.com/trich_https://www.linkedin.com/in/johnrichards/Subscribe on YouTube:https://www.youtube.com/@StartupIgnitionFollow on X:https://x.com/startupignitionFollow on Instagram:https://www.instagram.com/startupignition/Follow on TikTok:https://www.tiktok.com/@startupignitionFollow on LinkedIn:https://www.linkedin.com/school/6458758/admin/dashboard/Follow on Facebook:https://www.facebook.com/startupignition/#KurtWorkman#Owlet#Startup#Entrepreneurship#FounderStory#MedTech#Hardware#StartupJourney#CEO#Business#Innovation#FDA#GoingPublic#SPAC#Turnaround#UtahBusiness#VentureCapital#Startups#Leadership#Tech
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    1 Std. und 14 Min.
  • Don't Make These Mistakes: Founder Regrets, PMF, Fundraising, QSBS, Hiring

    Don't Make These Mistakes: Founder Regrets, PMF, Fundraising, QSBS, Hiring
    Aug 14 2025
    In this episode of the Startup Ignition Podcast, hosts John and Tyler Richards dedicate the entire show to answering pressing questions from their founder community. They kick things off with a fun "Startup Generational Side-by-Side" game comparing business tools from the 80s/90s to today, before diving into the core questions. The duo offers practical advice and battle-tested insights on a wide range of crucial topics, including the biggest regrets of early-stage founders, identifying product-market fit, balancing customer discovery with building, fundraising strategies, validating demand, and the latest changes to QSBS tax law. They also tackle questions about finding early adopters, creating an unfair advantage, knowing when to pivot, managing burn rate, pricing products, hiring priorities, the challenges of remote teams, and maintaining founder efficiency.(00:00:00) Introduction to the Audience Q&A Episode(00:02:42) Icebreaker: Startup Generational Side-by-Side (80s/90s vs. Today)(00:19:59) What do founders regret most about not doing early in their journey?(00:22:48) What are the clearest signs that you've actually hit product-market fit?(00:25:51) How should I balance customer discovery versus building product?(00:28:50) Should I get significant traction before raising capital?(00:32:24) How do I validate demand before investing too much into my idea?(00:35:05) What are the recent changes to the tax-saving 1202 QSBS?[1][2][3][4][5](00:40:36) What's the best way to find early adopters who will buy?(00:44:36) Everyone talks about an unfair advantage. What if I don't have one?(00:46:49) When do I know when I should pivot versus when I should persevere?(00:50:48) How do I manage burn rate and cash runway effectively with limited funding?(00:54:20) I am seriously struggling with pricing my product. Any tips?(00:57:28) What roles should I be hiring for first?(01:01:42) You guys seem to hate remote teams. Why? And what if it's my only option?(01:07:18) What operational hacks do you have for founder efficiency?Learn more about us:https://startupignition.com/linksApply to be a guest on the pod:https://startup-ignition-podcast.paperform.co/Follow John & Tyler:https://x.com/trich_https://www.linkedin.com/in/johnrichards/Subscribe on YouTube:https://www.youtube.com/@StartupIgnitionFollow on X:https://x.com/startupignitionFollow on Instagram:https://www.instagram.com/startupignition/Follow on TikTok:https://www.tiktok.com/@startupignitionFollow on LinkedIn:https://www.linkedin.com/school/6458758/admin/dashboard/Follow on Facebook:https://www.facebook.com/startupignition/#StartupAdvice#FounderQuestions#ProductMarketFit#LeanStartup#Entrepreneurship#Fundraising#VentureCapital#QSBSTax#StartupStrategy#CustomerDiscovery#EarlyAdopters#PivotVsPersevere#BurnRate#RemoteTeams#FounderLife#StartupIgnition#BusinessGrowth#TechStartups#StartupCommunity#AskMeAnything
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    1 Std. und 13 Min.
  • Dustin Robins: Following Lean Startup all the way to $30M, Don’t Skip Steps, Scalability

    Dustin Robins: Following Lean Startup all the way to $30M, Don’t Skip Steps, Scalability
    Aug 7 2025
    In this episode of the Startup Ignition Podcast, we sit down with Dustin Robins, the CEO of Corporate Traditions, a company that has scaled to tens of millions of dollars in annual revenue. Dustin shares his incredible journey from being unexpectedly laid off from Adobe to starting a service-based video company, and the pivotal moment at a Startup Ignition boot camp that changed his entire perspective on business. Learn how he applied lean startup principles to transform a "turkey voucher" side-hustle into a scalable, tech-enabled corporate gifting powerhouse. This is a masterclass on validation, not skipping steps, the power of a great co-founder, and building a sellable asset.(00:00:00) How a tsunami in Japan led to Dustin getting laid off(00:02:52) Why Dustin is a master practitioner of the Lean Startup methodology(00:11:07) Dustin's early entrepreneurial ventures and career path(00:15:27) The "perfect" moment: Getting laid off from Adobe to start his first business(00:20:30) The birth of SEO VOD, Dustin's video-for-SEO service company(00:23:46) How the "turkey business" side hustle began(00:26:32) The "paradigm shift" slide that changed Dustin's life and career(00:29:33) Shifting focus from a service business to a scalable venture(00:31:30) Using "Slicing Pie" to bring on a co-founder the right way(00:35:16) How Corporate Traditions validated new product ideas(00:38:08) Fulfilling early orders with a "Paper MVP"(00:40:19) Why you can't skip steps in the lean startup process(00:44:20) Why do so many founders with resources and knowledge still skip steps?(00:47:38) The difference between a successful business and a scalable, life-changing venture(00:51:11) The ultimate "shortcut" for customer validation(00:56:00) Dustin's funniest memory with podcast host John Richards(00:59:34) What's next? Building Corporate Traditions to sell(01:01:03) The story of finding their CTO in an unexpected placeLearn more about us:https://startupignition.com/linksApply to be a guest on the pod:https://startup-ignition-podcast.paperform.co/Follow John & Tyler:https://x.com/trich_https://www.linkedin.com/in/johnrichards/Subscribe on YouTube:https://www.youtube.com/@StartupIgnitionFollow on X:https://x.com/startupignitionFollow on Instagram:https://www.instagram.com/startupignition/Follow on TikTok:https://www.tiktok.com/@startupignitionFollow on LinkedIn:https://www.linkedin.com/school/6458758/admin/dashboard/Follow on Facebook:https://www.facebook.com/startupignition/#LeanStartup#Entrepreneurship#StartupIgnition#Validation#CustomerDiscovery#MVP#Scalability#Bootstrapping#CorporateGifting#FounderStory#BusinessGrowth#StartupAdvice#UtahBusiness#SlicingPie#Pivot#VentureCapital#AngelInvesting#GetOutOfTheBuilding#DustinRobins#CorporateTraditions
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    1 Std. und 5 Min.
  • Startup Elephants vs Unicorns: Why We Invest in Elephants, Valuations, VC, Fundraising, Strategy

    Startup Elephants vs Unicorns: Why We Invest in Elephants, Valuations, VC, Fundraising, Strategy
    Jul 31 2025
    In this episode of the Startup Ignition Podcast, hosts John and Tyler Richards dive deep into the venture ecosystem, contrasting two prominent startup philosophies: the "Unicorn" versus the "Elephant." They argue that the post-ZIRP (Zero Interest Rate Period) era calls for a shift away from the "growth at all costs" unicorn mentality. Instead, they champion the "elephant" approach, which prioritizes capital efficiency, sustainable growth, early profitability, and maximizing founder equity. This method, they contend, offers a more realistic and enjoyable path to a life-changing exit for the vast majority of entrepreneurs, avoiding the immense pressure, high dilution, and low success rates associated with chasing a mythical billion-dollar valuation.(00:00:00) The mythical "unicorn" is so rare, but "elephants" are realistic.(00:04:05) Setting the stage: How the post-2021 financial environment has changed the startup world.(00:06:23) Why are some companies still clinging to inflated 2021 valuations?(00:08:50) The fork in the road for entrepreneurs: The unicorn path vs. the elephant path.(00:10:50) Defining an "elephant" startup: durable, profitable, and capital efficient.(00:13:00) Walking through the ideal journey of an elephant B2B SaaS company.(00:16:30) The origin of the "elephant" terminology, from articles by Luni (2021) and Erica Wenger (2023)(00:20:40) Erica Wenger's take on elephants: Emphasizing intentional scaling and early profitability.(00:22:24) The "epidemic" of failed unicorn pursuits and the lifestyle that comes with it.(00:28:37) The misalignment of incentives between VC return expectations and founder outcomes.(00:30:10) A warning to new angel investors about the dangers of investing at excessively high valuations.(00:34:44) Why the elephant path equals freedom for founders.(00:37:20) Exit Math: A hypothetical comparison of a unicorn exit vs. an elephant exit.(00:40:04) Unicorn Scenario: Raising $150M over 5 rounds to reach a $1B exit, leaving the founder with single-digit equity.(00:44:14) Elephant Scenario: Raising just $2M for a $50M exit, with the founder retaining 60-70% equity.(00:47:45) The acquirer landscape: Far more companies can buy a $50M business than a $1B one.(00:50:08) Elephants are predictable and achievable; unicorns are like lightning strikes.(00:52:05) An open challenge to the audience to debate this thesis.(00:53:02) Don't get caught in the ego trap; private happiness is greater than public praise.Learn more about us:https://startupignition.com/linksApply to be a guest on the pod:https://startup-ignition-podcast.paperform.co/Follow John & Tyler:https://x.com/trich_https://www.linkedin.com/in/johnrichards/Subscribe on YouTube:https://www.youtube.com/@StartupIgnitionFollow on X:https://x.com/startupignitionFollow on Instagram:https://www.instagram.com/startupignition/Follow on TikTok:https://www.tiktok.com/@startupignitionFollow on LinkedIn:https://www.linkedin.com/school/6458758/admin/dashboard/Follow on Facebook:https://www.facebook.com/startupignition/#ElephantStartup#UnicornStartup#VentureCapital#StartupAdvice#FounderLife#CapitalEfficiency#Bootstrapping#StartupExit#VCFunding#Entrepreneurship#StartupIgnition#BusinessStrategy#StartupFinance#FounderJourney#TechStartups
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    55 Min.
  • Garrett Gee: The Secret $54M Snapchat Sale, Bucket List Family, Shark Tank, Raising VC

    Garrett Gee: The Secret $54M Snapchat Sale, Bucket List Family, Shark Tank, Raising VC
    Jul 17 2025
    In this episode of the Startup Ignition Podcast, we're joined by the legendary Garrett Gee for a surprise interview! Garrett, the co-founder of Scan and father of The Bucket List Family, shares his incredible journey from being a college student who didn't know what "entrepreneur" meant to selling his app to Snapchat for $54 million. He unpacks the entire wild ride: the lightning-fast negotiation with Evan Spiegel, the truth about his Shark Tank appearance, the lessons learned from pitching on Sand Hill Road, and the pivotal moment with Jack Dorsey that changed his life's direction. Garrett also reveals the origin story of The Bucket List Family and what he's building next.

    (00:00:00) The $54 Million Snapchat Acquisition Story
    (00:02:05) The Surprise: Garrett Gee is the real guest!
    (00:04:47) Introducing Garrett Gee: Co-founder of Scan & The Bucket List Family
    (00:08:34) Icebreaker: Entrepreneurial This or That
    (00:23:23) Garrett's Origin: "What does an entrepreneur mean?"
    (00:26:08) The Birth of Scan & Juggling 20 Business Ideas
    (00:30:37) Why Scan Rose to the Top of the App Store
    (00:35:25) How Evan Spiegel Discovered Scan
    (00:38:26) Raising Money on Sand Hill Road & Getting Bad Advice
    (00:43:40) Pitching Troy Carter & Meeting Lady Gaga
    (00:49:17) The Meeting with Jack Dorsey That Changed Everything
    (00:52:06) Why They Raised $7M From Europe Instead of Silicon Valley
    (00:55:35) The Shark Tank Experience & "Hacking" the Show
    (01:01:22) Negotiating with Evan Spiegel: The $40M to $54M Story
    (01:09:28) Turning Down an Extra $10M for a College Soccer Season
    (01:12:29) The Sony Email Hack That Leaked the Secret Acquisition
    (01:18:01) The True Origin Story of The Bucket List Family
    (01:26:15) What's Next: An Animated Series and Private Island Resorts
    (01:30:11) Final Words: "The Apprentice has become the master"

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    1 Std. und 35 Min.
  • Adam Edmunds: $4B Entrata CEO on Podium's Growth, Allegiance Sale to MaritzCX, SaaS & GTM Metrics

    Adam Edmunds: $4B Entrata CEO on Podium's Growth, Allegiance Sale to MaritzCX, SaaS & GTM Metrics
    Jul 10 2025
    In this episode of the Startup Ignition Podcast, we're joined by Adam Edmunds, the CEO of the $4B real estate tech powerhouse, Entrata. Adam shares his incredible journey from a student entrepreneur who didn't know what a cap table was to a seasoned operator leading multi-billion dollar companies. He dives deep into the "secret sauce" behind Podium's explosive growth from $1M to $100M ARR in just four years, the critical importance of being "maniacally obsessed" with go-to-market metrics, and the differences between founder-led and operator-led success. Adam also opens up about the personal toll of hyper-growth, his burnout and departure from Podium, and the crucial lessons he learned about identity, relationships, and finding fulfillment in the journey, not just the outcome.

    (00:00:00) The Secret Sauce of Podium's Hyper-Growth
    (00:02:37) Introducing Adam Edmunds, CEO of Entrata
    (00:04:52) Startup Hot Takes: Is AI Coming for 50% of Jobs?
    (00:07:54) Hot Take: Do Serious Founders Need to Sacrifice Work-Life Balance?
    (00:10:04) Hot Take: Should Founders Stay in the Weeds to Succeed?
    (00:15:45) How John Met a Young Adam at BYU
    (00:19:47) Faking it 'Til You Make It to Land Your First Customers
    (00:24:48) The Story of Silent Whistle and Allegiance
    (00:29:29) Cracking the Code on Enterprise vs. SMB Sales
    (00:31:29) Why Did Podium's Go-to-Market Just Work?
    (00:36:55) Why Every Founder Must Be a Go-to-Market Metric Assassin
    (00:40:00) The Founder/Operator Dynamic Between Adam and Eric Farr
    (00:41:53) "I'm Gonna Be Rich and Dead": Burnout and Leaving Podium
    (00:45:17) The Journey to Becoming CEO of Entrata
    (00:49:14) Your Net Worth is Not Your Self-Worth
    (00:51:13) Why the Journey is Better Than the Achievement
    (00:56:06) Taking Over a 2,500-Person Bootstrap Business
    (00:58:29) Raising $500M+ for a "Stealth" Unicorn
    (01:02:11) Building a Generational Business at Entrata
    (01:04:21) Adam's Advice to His 23-Year-Old Self
    (01:07:53) Why Your Employees Don't Have to Care as Much as You Do

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    1 Std. und 10 Min.
  • Phil Kirkeiner: $150k to $7M with an Offshore Sales Team | Startup Scaling, SaaS, Remote Teams, CEO

    Phil Kirkeiner: $150k to $7M with an Offshore Sales Team | Startup Scaling, SaaS, Remote Teams, CEO
    Jul 3 2025
    In this episode of the Startup Ignition Podcast, John and Tyler Richards are joined by Phil Kirkeiner, the CEO of Baton ( https://www.batonleads.com/ ), a rapidly growing referral platform for the home services industry. Phil, a former student of John's, shares his incredible journey from being a music major and accountant to a successful entrepreneur.

    We dive deep into the origin story of Baton, born from a problem Phil discovered while working at a pest control company. Phil discusses the tough decisions he's made, including going with an offshore sales team and how it led to more sales. He also reveals his unique strategy for scaling by building a 50-person remote team in the Philippines, sharing actionable tips for hiring and management.
    This episode is packed with insights on founder-market fit, the power of being teachable, and the mindset required to grow a company from $150k to a projected $7 million in revenue.

    Join other startup founders on our online community:
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    (00:00:00) Going with an Offshore Sales Team & Getting More Sales
    (00:01:16) Welcome to the Startup Ignition Podcast
    (00:02:21) From John's Student to CEO of Baton
    (00:03:05) Phil's Journey: From Drummer to Accountant to Entrepreneur
    (00:05:45) Icebreaker: This or That with Phil
    (00:08:38) How John Knew Phil Would Be a Success
    (00:11:07) The Superpower of Being Teachable
    (00:13:59) Phil's First Business: EveryBankBonus.com
    (00:19:34) The Problem: Dead Leads in Pest Control
    (00:24:29) Validating the Idea for Baton at Pest World
    (00:28:37) The Best Way to Dispel Fear is Action
    (00:30:28) How the Startup Ignition Boot Camp Provided a Clear Roadmap
    (00:33:11) Finding the Right Co-Founder in Cody
    (00:37:09) From $150k Revenue to Raising the First Round
    (00:39:00) How Baton's Referral Platform Works
    (00:43:38) The Mindset Behind Explosive Revenue Growth
    (00:47:42) The Hardest Challenge: Overcoming Being a People Pleaser
    (00:51:24) Why They Went With an Offshore Sales Team
    (00:54:18) The "Founder Problem": Why Startups Prematurely Hire Sales Teams
    (00:56:08) Building a 50-Person Remote Team in the Philippines
    (00:59:31) How to Successfully Hire and Manage a Remote Workforce
    (01:03:36) The Impact: Changing Lives in the Philippines
    (01:05:45) Phil's Final Advice: Just Start and Talk to Customers

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    #Startup
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    1 Std. und 9 Min.
  • Scott Johnson: Bootstrapping to a $1.5B Adobe Acquisition, Workfront, Motivosity, Product-Market Fit

    Scott Johnson: Bootstrapping to a $1.5B Adobe Acquisition, Workfront, Motivosity, Product-Market Fit
    Jun 19 2025
    In this episode of the Startup Ignition Podcast, hosts John and Tyler Richards sit down with Scott Johnson, the visionary founder behind Workfront (acquired by Adobe for $1.5 billion) and his current venture, Motivosity. Scott shares his incredible entrepreneurial journey, from bootstrapping Workfront (formerly @task) for over six years to navigating the dot-com bust and the 2008 financial crisis. He offers a transparent look at the challenges of scaling, including the difficult moment he was asked to step down as CEO, and how that experience ultimately inspired the creation of Motivosity. This conversation is packed with invaluable wisdom on achieving product-market fit, the critical importance of guarding equity, and balancing the intense demands of a startup with family life.

    (00:00:00) The Importance of Product-Market Fit & Guarding Equity
    (00:01:53) Introducing Scott Johnson: Founder of Workfront & Motivosity
    (00:05:45) Rapid Fire Icebreaker Questions
    (00:13:34) Scott's Early Career: From Near Eastern Studies to Tech
    (00:16:27) The Genesis of @task (Workfront)
    (00:20:31) Bootstrapping for 6.5 Years Through the Dot-Com Bust
    (00:24:35) Why and How Workfront Took Its First Investment
    (00:28:15) A Near-Miss Funding Round During the 2008 Crash
    (00:34:45) The Story of Stepping Down as CEO
    (00:40:19) The Founding of Motivosity: Turning a Painful Experience into a New Venture
    (00:45:11) How Motivosity Empowers Employees and Builds Culture
    (00:49:43) Why @task Rebranded to Workfront
    (00:51:50) The Core Mechanics of the Motivosity Platform
    (00:53:51) The Measurable Impact of Motivosity on Company Metrics
    (00:55:30) Advice for Founders: Don't Scale Until You Have Product-Market Fit
    (00:59:49) How to Balance an Intense Startup Schedule with Family Life
    (01:02:14) Final Advice: Be Generous with Cash, Not Equity
    (01:02:43) The Dangers of Dilution vs. a Founder-Friendly Exit


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    #ScottJohnson
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    1 Std. und 5 Min.