Imagine a nation where, for the residents, land is for the claiming. You walk down the street, pick out a nice looking plot of land, and just plop down a marker. No rent, no taxes, no deed – just free land. That’s the communal system of property rights that governed a small Caribbean island for over a century.This week on our Summer School World Tour we make port on the small economies of island nations, a great place to explore how different experiments play out. Every small change – the good and the bad – has big consequences.First, the fascinating test case on the island of Barbuda, where the people there have found a way to run things without the usual, formal land rights.Then, we consider the vulnerabilities of small nations as we dig into a mysterious sand heist in Jamaica. A stolen beach – yes, you read that right – and something called “sand forensics” reveal the importance of this seemingly infinite resource and the challenges of protecting public spaces when there’s money to be made.Along the way we found ourselves asking: Does property have to be private? What happens when it’s not? How can you protect scarce resources when they’re part of the vast, public spaces everyone shares?Featured Episodes:The Island No One Owns (2020)Peak Sand (2018)Featured Terms:Tragedy of the commonsProperty rightsPath dependenceOwnership in commonSupport:NPR+ (sponsor-free listening & bonus episodes) And please click “follow” in your podcast app so you don’t miss an episode. Read: Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life (Audiobook here) Our weekly longform Planet Money newsletterOur weekly Indicator link round-up newsletterFollow: InstagramTikTokYouTubeFacebookThis episode of Planet Money Summer School is hosted by Robert Smith. It was produced by Sophia Paliza-Carre and edited by Planet Money Executive Producer Alex Goldmark. It was fact-checked by Leyla Doss and engineered by Annlie Huang.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

Squishy, slimy, fidgety toys are having a moment. But it’s more than just an anxiety-soothing, social-media fueled trend – these toys are reshaping how toys get made.Today on the show, we have the story of the once-humble squishy dumpling and what it teaches us about how to make a viral hit and how to manufacture it, without getting left holding the bag. Hear it all firsthand from the creator of this trendy toy. Read: Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life Our weekly longform Planet Money newsletterOur weekly Indicator round-up newsletterFollow: InstagramTikTokYouTubeFacebookSupport public media by joining NPR+ at plus.npr.org. You’ll get perks for over 25 NPR podcasts, including bonus episodes and sponsor-free listening for Planet Money.This episode of Planet Money was produced by Emma Peaslee. It was edited by Marianne McCune. It was fact-checked by Sierra Juarez. It was engineered by Cena Loffredo. Alex Goldmark is Planet Money’s executive producer. Music: NPR Source Audio - "Melty Heart," "Summer Escape," and "Twilight Sparkle"See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

Let’s call it the luxury of restraint. This is what enabled Norway to avoid the fate of so many other countries when they discovered oil and it changed the mix of their economy overnight.Norway! It’s expensive, wealthy, and abundant in resources. We’re going to compare two of them in particular today: deep reservoirs of oil and icy waters full of salmon. While one resource was heavily in demand, the country had an oversupply of the other.In this episode, we learn how Norway built its wealth by carefully avoiding the pitfalls of discovering oil that have plagued countries in the past and how it creatively created demand for its raw fish abroad.How do you dodge the dreaded resource curse? What clever ways can you benefit from oversupply? And lastly, how do you get rich and stay that way?Featured Episodes:Norway Has Advice For Libya (2011)The Salmon Taboo (2015)Featured Terms:Resource curse / Dutch disease / paradox of plentyCoordination problemFree-rider problemSupport:NPR+Read: Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life (Audiobook here) Our weekly longform Planet Money newsletterOur weekly Indicator link round-up newsletterFollow: InstagramTikTokYouTubeFacebookThis episode of Planet Money Summer School is hosted by Robert Smith. It was produced by Sophia Paliza-Carre and edited by Planet Money Executive Producer Alex Goldmark. It was fact-checked by Sierra Juarez and engineered by Cena Loffredo with help from Annlie Huang and Robert Rodriguez.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

Let’s head to a small town in Kenya that’s become globally famous for helping economists answer some of the biggest questions facing humanity.In Kenya and Nigeria, economics isn’t just theory, it’s real life. We’ll look at some radical experiments that turned out to be enormously successful.What are the building blocks of health, education and prosperity for all? How does a nation grow rich? What is the most effective way to spend a dollar to fight poverty? We find answers in a town that became the laboratory for new concepts in economic research that netted some researchers the most prestigious prize in economics.Featured Episodes:How randomized trials and the town of Busia, Kenya changed economics (2023)Nigeria, You Win! (2016)Featured Terms:Randomized controlled trialHuman capitalMissing middleSupport:Planet Money+Read: Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life (Audiobook here) Our weekly longform Planet Money newsletterOur weekly Indicator link round-up newsletterFollow: InstagramTikTokYouTubeFacebookThe series is hosted by Robert Smith and produced by Sophia Paliza-Carre. This episode was edited by Planet Money Executive Producer Alex Goldmark. This episode was fact-checked by Leyla Doss, with engineering by Annlie Huang.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

The cyclospora outbreak that’s sickening thousands of Americans got us interested in the rise of Big Lettuce, and the challenges of keeping it clean. So on today’s show, we tell you just how much lettuce Americans eat every year (SO MUCH!), how bagged lettuce came to dominate grocery store shelves, what that means for food safety, and why these outbreaks continue to happen — despite the FDA’s efforts to stop them.Check out other related episodes:Food Scare SquadHow refrigeration took over the worldSupport:Planet Money+Read: Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life Our weekly longform Planet Money newsletterOur weekly Indicator round-up newsletterFollow: InstagramTikTokYouTubeFacebookThis episode was hosted by Jeff Guo and Emma Peaslee. It was produced by Emma Peaslee. It was edited by Marianne McCune and it was fact checked by Sierra Juarez and engineered by Annlie Huang. Alex Goldmark is Planet Money’s executive producer. Music: NPR Source Audio - "Electric Leak," "West Green Road," and "Melty Heart"See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

In the summer of 2020, sixteen-year-old Antonio Mays Jr. traveled a thousand miles to join the racial justice movement of his generation in the wake of George Floyd's killing. Antonio arrived in Seattle during the Capitol Hill Occupied Protest, known as CHOP. Less than a week later, he was shot and killed there. The case remains unsolved.In this eight-part series, hosts Sydney Brownstone of The Seattle Times and Will James of KUOW team up with NPR's Embedded to investigate Antonio's death. They track down key eyewitnesses and surface crucial evidence that's never been made public.Find "We Keep Us Safe" in the Embedded podcast feed.Listen to Embedded wherever you get your podcasts, including the NPR App, Apple Podcasts, Pocket Casts, Spotify, and via RSS.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

As the World Cup comes to a close, so does a massive real-time experiment happening just around the edges. Major League Soccer – the top men’s professional soccer league in the U.S. and Canada – has been scrambling to take advantage of this once-in-a-generation opportunity when average American sports fans suddenly cared a lot about soccer.In between World Cup matches, NPR Sports Correspondent Becky Sullivan has been following Major League Soccer executives as they try to figure out how best to get a foot in the door with sports fans in the U.S.In this episode, we tag along to see if U.S. and Canadian professional soccer can harness 2026 for the mythical World Cup bump in soccer interest. What strategies are teams using? And does it stand a chance to work?Support:Planet Money+Read:Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life Our weekly longform Planet Money newsletterOur weekly Indicator round-up newsletterFollow: InstagramTikTokYouTubeFacebookThis episode of Planet Money was hosted by Becky Sullivan and Kenny Malone. It was produced by James Sneed with an assist from Sam Yellowhorse Kesler and edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Annlie Huang. Alex Goldmark is Planet Money’s executive producer. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

China’s turbocharged growth may have made it rich, but now it has to deal with rich country problems. High-speed trains that connect every town. Gleaming new bridges and skyscrapers. An apartment (or two) for every family. No country on Earth has seen the kind of economic growth that China has over the last 50 years. China has become the factory to the world, a grand experiment in central government planning mixed with personal ambition. It was all enabled by what our guide for today calls, an engineering state, a central planning mindset where leaders believe they can engineer their way out of economic problems. And problems are mounting. Today on the show, the perils of prosperity and the despair of success as China deals with overbuilding. We’ll travel back to China’s free-wheeling boom-era of the early 2000s and hang out with a property developer who amassed his wealth at the center of the action – private jet rides, thousand-dollar fish soup, casual bribes. Then, as the economy slows, we ask what can we learn from the despair of success. Does rising youth unemployment signal a less prosperous future? With young people struggling to find white-collar jobs, some of them are opting out of work altogether. Featured Episodes:China’s real estate crisis, explained (2023) Young, “spoiled and miserable” in China (2023) Featured Terms: Socialism with Chinese CharacteristicsEngineering StateMalinvestmentSupport:Planet Money+Read: Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life (Audiobook here) Our weekly longform Planet Money newsletterOur weekly Indicator link round-up newsletterDan Wang’s book: Breakneck: China's Quest to Engineer the FutureFollow: InstagramTikTokYouTubeFacebookThis episode of Planet Money Summer School is hosted by Robert Smith. It was produced by Sophia Paliza-Carre, fact-checked by Sierra Juarez, and engineered by Maggie Luthar. This episode was edited by Planet Money Executive Producer Alex Goldmark.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

Once upon a time, if you wanted to buy a luxury brand item secondhand (say, a Chanel handbag) you had to have an in. There was no easy way to find one. But over the past decade, the market for secondhand luxury goods has exploded. There are now many online resellers where you can shop for used and discounted luxury items. One big problem — how can you be sure if it’s real and authentic?Some online resellers claim to have solved this problem. They say they’ve developed a process of authentication, and so buyers can trust that the bag is really Gucci or Cartier or Hermès or whatever. But according to some luxury brands, authenticity is something that is often imitated but never replicated.In today’s episode of Planet Money, the fight between Chanel and The RealReal. And how luxury brands are reacting to the enormous and growing secondhand market for luxury goods.Support:Planet Money+Read: Our book: Planet Money: A Guide to the Economic Forces That Shape Your LifeOur weekly longform Planet Money newsletterOur weekly Indicator round-up newsletterFollow: InstagramTikTokYouTubeFacebookThis episode of Planet Money was hosted by Amanda Aronczyk and Jeff Guo. It was produced by James Sneed with help from Charlotte Isidore, who also fact checked this episode. Jess Jiang edited the show and it was engineered by Cena Loffredo. Alex Goldmark is Planet Money's executive producer.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

Come along as we travel the world in search of the best economic ideas to bring home!From the beaches of Barbuda to the fjords of Norway, there's money (and money problems) everywhere. For this summer travel season, Planet Money Summer School will take you on a world tour for your ears. Pack that sense of wonder and nose for adventure, this is our semester abroad. We’re going to explore exotic locales and discover cultural norms, but we’re also going to buckle down and learn the biggest economic lessons around the world from our guides.We start as far away as you can get from Planet Money headquarters, New Zealand and Australia. We’ll visit a sheep farm to observe an innovative but controversial market for the most important substance on earth, and we’ll ask when do speculators help and when do they hurt the rest of us? Then, we’ll get to know the economist – and jazz musician – who changed how the entire world fights inflation when he released a secret number to tame the dreaded wild beast. How did that work? Spoiler: it was the great leap forward in economic mind tricks.Featured Episodes:Liquid Markets (2021)The Secret Target (2018)Featured Terms:Multiple equilibriaInflation targetingSpeculators (impact on liquidity)Support:Planet Money+Read: Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life (Audiobook here) Our weekly longform Planet Money newsletterOur weekly Indicator link round-up newsletterFollow: InstagramTikTokYouTubeFacebookThis episode of Planet Money Summer School is hosted by Robert Smith. It was produced by Sophia Paliza-Carre, fact-checked by Sierra Juarez, and engineered by Annlie Huang with help from Robert Rodriguez.Music: NPR Source Audio - "The Boy from Ipanema," "Desmontes," "Long Drive,” and “Bondi.”See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

Lionel Messi is arguably the greatest soccer scorer of all time. But when it comes to penalty kicks, Messi is merely average. Why? Maybe the answer involves game theory.According to game theory, there’s an optimal strategy for taking penalty kicks. This strategy involves an idea that was once somewhat controversial in economics — that is, until economists started studying soccer players in real life. On today's show, we kick it over to the hosts of the Soccernomics podcast to explain how game theory has changed soccer, and how soccer has changed game theory. Watch the penalty shootout between Manchester United and Chelsea in the Champions League final in 2008. Support:Planet Money+Read: Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life Our weekly longform Planet Money newsletterOur weekly Indicator round-up newsletterFollow: InstagramTikTokYouTubeFacebook This episode of Planet Money was produced by Emma Peaslee with help from James Sneed. It was edited by Jess Jiang. It was fact checked by Sierra Juarez and engineered by Annlie Huang. Alex Goldmark is our executive producer.The Soccernomics episode was originally hosted by Ashish Malhotra, Simon Kuper and Stefan Szymanski and sound designed by Alex Roldan.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

Will limiting how much students can borrow force schools to lower their prices? The Department of Education thinks so. It has a new plan to bring down tuition costs. Starting today, July 1st, it’s going to cap how much it’s willing to loan to graduate students. You read that right. To reduce the burden of school…the plan is to give students less money to pay for school. This plan is, in part, based on an idea that’s been floating around higher education circles for decades: The Bennett Hypothesis, which claims there’s a direct relationship between student borrowing and tuition prices. And therefore, if the Department of Education — the biggest student loan provider in the country — limits how much students can take out, then schools will have no choice but to charge students less. This hypothesis was floated roughly 40 years ago...without evidence. But now, as the Trump administration rolls out their Bennettian plan, we have decades of data to see how true this hypothesis is.Today on the show: NPR Education Correspondent Cory Turner explains this theory, and what the new plan influenced by it will mean for borrowers this fall.Other notes:Bill Bennett: “Our Greedy Colleges”Cory Turner: "July 1 brings big student loan changes. Here's what you need to know"The Indicator: "What you should know about your student loans" Support:Planet Money+Read: Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life Our weekly longform Planet Money newsletterOur weekly Indicator round-up newsletterFollow: InstagramTikTokYouTubeFacebookThis episode was hosted by Cory Turner and Kenny Malone. It was produced by Willa Rubin and edited by Marianne McCune. It was fact-checked by Charlotte Isidore and engineered by Robert Rodriguez. Alex Goldmark is our executive producer.Music: NPR Source Audio - “Morning Chorus,” “Belle Mar,” and “The Sky Was Orange.” See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

Many founders think the hardest thing about business is finding customers.It's not.It's surviving success.When Lily Kanter and Serena Dugan launched a luxury baby linen business, they had no manufacturing experience, no inventory, and barely any capital. But after their first catalog landed just as a major competitor left the market, orders flooded in almost overnight.The problem? They hadn’t made the products yet. Today, Serena and Lily has grown into one of the best known luxury home goods brands in the country. But getting there was a grind. This is one of the most revealing conversations we've ever had about unplanned opportunities, and the hidden cost of taking outside investment. From financing their first inventory with customer deposits... to walking away from a disastrous investment deal... to nearly losing control of the company they built, this episode is a masterclass in what happens when rapid growth collides with the realities of cash flow.You Will Learn: The clever way Serena & Lily financed its first production runHow one perfectly timed opportunity launched the businessWhy "smart money" isn't always smartHow investor and founder incentives can be completely misalignedThe warning signs hidden inside a term sheetTimestamps:06:11 – Lily's years at Microsoft, and the money that helped launch a business11:55 – Serena repaints an old table and discovers people will pay for her designs 24:21 – “No bunnies, ducks or choo choo trains.” Lily and Serena meet, and decide to sell high-end baby linen: 36:01 – $100,000 in orders... for products that didn't exist yet37:38 – The cash-flow hack that kept the company afloat 46:14 – “They patted us on the head.” Patronizing investors, and a predatory term sheet 51:28 – The financial crisis forces a complete reinvention of the business58:47 – The lawsuit, the boardroom battle, and the investor who nearly brought Serena & Lily down1:03:26 – Why acquisition offers couldn't save the company—and the lesson every founder should hearThis episode was produced by J.C. Howard, with music by Ramtin Arablouei.Edited by Neva Grant, with research help from Katherine Sypher.Follow How I Built This:Instagram → @howibuiltthisX → @HowIBuiltThisFacebook → How I Built ThisFollow Guy Raz:Instagram → @guy.razYoutube → guy_razX → @guyrazSubstack → guyraz.substack.comWebsite → guyraz.comSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Today’s callers: Adrian from California wants to grow his apparel company to complete with big-name athletic brands. Then, Preet from the Rockies looks for strategies to reach seniors and their children with his daily check-in app. And Derek from Virginia considers social media and professional partnerships to advertise his hockey equipment brand. Plus, Chris talks about launching a new athletic apparel brand while continuing to grow UNTUCKit.Thank you to the founders of Eras Shorts, Snug Safety, and Hockey Ninja for being a part of our show.If you’d like to be featured on a future Advice Line episode—where Guy and former show guests take questions from early-stage founders—leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298. And be sure to listen to UNTUCKit’s founding story as told by Steve on the show in 2017.This episode was produced by Chris Maccini with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Annlie Huang.You can follow HIBT on X & Instagram and sign up for Guy's free newsletter at guyraz.com and on Substack.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chuck Surack never planned to build one of America's largest online retailers. He just wanted to be a musician. So right after high school, he took his sax and drove off in his old VW van to play gigs around the country. It didn’t work out. But with the audio and mixing skills Chuck learned gigging, he decided to convert his van into a mobile recording studio - and started making money fast by making recordings of local bands, businesses, and schools.The game-changer came as a one-two-three punch: first, he created a new product - digitized sound libraries - to sell nationally; second, he started selling high end pro audio gear; third, he instituted a sales culture hyper-focused on customers and relationship-building that resulted in Sweetwater’s enormous and super loyal online customer base. In this episode, Chuck shares how he built a retail giant from his garage, why customer service became his greatest competitive advantage, and why, even in the age of AI, human relationships remain one of the most valuable assets any business can build. What you'll learnThe hiring philosophy that transformed customer service into a competitive moat and has helped Sweetwater fend off much larger competitorsWhy under-cutting competitor prices and offering discounts isn’t always the answer to fuel sales and growth Why the best salespeople aren’t always don’t think of themselves as salespeople - and don’t have to come from sales or marketing backgroundsWhy training people—not technology—may be the biggest, best investment a company can makeHow saying "no" to bad products strengthened customer trustThe leadership principle: empowering employees to solve problems without asking permissionTimestamps05:39 — The saxophone player who never meant to build a billion-dollar company09:11 — How turning his VW van into a mobile recording studio was the first step in building a business14:37 — The $20,000 keyboard synthesizer that changed his life forever21:27 — Chuck gets into retail - almost in spite of himself34:39 — Why Sweetwater refused to compete on price37:51 — How Chuck and his early team started to learn the power of customer service44:45 — Inside "Sweetwater University" and being a Sales Engineer: 13 weeks of training before an employee answers the phone46:55 — Leadership rule for employees: Never ask permission to do the right thing1:03:19 — Why Amazon hasn’t stopped himThis episode was produced by Casey Herman with music by Ramtin Arablouei, and edited by Andrea Bruce with research help from Carla Esteves.Follow How I Built This:Instagram → @howibuiltthisX → @HowIBuiltThisFacebook → How I Built ThisFollow Guy Raz:Instagram → @guy.razYoutube → guy_razX → @guyrazSubstack → guyraz.substack.comWebsite → guyraz.comSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Today’s callers: Andy from Sarasota weighs whether the path to scalability for his live game show business is through personality or product. Then, Marissa from Tampa wants to recapture sales for her fairy tale-inspired teas after taking a hiatus to focus on her family. And Vince from New Jersey wonders how to allocate marketing dollars for his sustainable baby gear company..Plus, Curt reflects on the importance of focus in sustaining OtterBox as a leading tech accessories brand over 30 years.Thank you to the founders of Mr GameShow, Gilded Coach Teas, and Evrloop for being a part of our show.If you’d like to be featured on a future Advice Line episode—where Guy and former show guests take questions from early-stage founders—leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298. And be sure to listen to OtterBox's founding story as told by Curt on the show in 2019. This episode was produced by Carla Esteves with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Robert Rodriguez.You can follow HIBT on X & Instagram and sign up for Guy's free newsletter at guyraz.com and on Substack.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

After waiting too long to pay his restaurant bill, Aman Narang thought there had to be a better way. His first idea—a mobile payment app—flopped.But that failure revealed a much bigger opportunity.Restaurants were struggling with outdated software that many owners hated. Payment systems were expensive, unreliable, and trapped on servers hidden in back offices. Replacing them cost time and money.But that’s exactly what Aman and his co-founders set out to do: create an entirely new POS system for restaurants—from scratch.They worked from an unfinished basement, answered customer calls on their own phones, crashed their first restaurant on day one, survived years of rejection from investors—and eventually grew Toast into a business that generates more than $2 billion in annual revenue.In this episode, Aman shares how a failed product became a billion-dollar company.What you'll learn:How to know when it's time to pivotWhy investors rejected Toast again and againHow to convince customers to replace mission-critical softwareWhy Toast intentionally stayed small before scalingThe leadership lesson Aman learned after almost breaking the companyHow Toast survived COVID after restaurants shut downWhat founders should look for when choosing a co-founderTimestamps:11:25 — The frustrating restaurant experience that inspires Toast15:41 — The first product fails—and reveals a bigger opportunity16:43 — Building Toast: “We grossly underappreciated what it would take.”26:05 — Why nearly every investor said “No.”32:31 — Toast’s disastrous first launch: writing credit card numbers by hand34:18 — Pitching hundreds of restaurant owners before finding believers38:08 — Why customer obsession beats competitor obsession44:17 — Bringing in a new CEO: “We need to rethink how we do things here.” 52:31 — The biggest lessons from building a $2 billion companyThis episode was produced by Sam Paulson with music by Ramtin Arablouei. It was edited by Neva Grant with research help from Casey Herman. Our engineer was Kwesi Lee.Follow How I Built This:Instagram → @howibuiltthisX → @HowIBuiltThisFacebook → How I Built ThisFollow Guy Raz:Instagram → @guy.razYouTube → guy_razX → @guyrazSubstack → guyraz.substack.comWebsite → guyraz.comSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Today’s callers: Matt from New York City unpacks the stigma working against his line of foot wellness products. Then Emefa in Toronto seeks a direct relationship with customers of her fashion brand in the wake of a key retailer going out of business. Finally, Levi in Rhode Island explores new audiences and product lines for his commemorative golf sculpture business.Plus, Kenneth and Guy discuss how to make social impact a real part of your business model.Thank you to the founders of Pedestrian Project, ISRAELLA KOBLA, and Swing Sculpt for joining us on the show.If you’d like to be featured on a future Advice Line episode—where Guy and former show guests take questions from early-stage founders—leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.And be sure to listen to Kenneth Cole’s founding story as told on the show in 2020.This episode was produced by Alex Cheng with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Jimmy Keeley.You can follow HIBT on X & Instagram and sign up for Guy's free newsletter at guyraz.com and on Substack.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tom Rinks got his start in the commission-only "shark tank" of midwestern furniture sales. That’s where he learned what makes customers buy. Decades later, those instincts helped him grow a joke of a side hustle into a $400 million success.In 2009, he created the iconic branding for an obscure sun tan lotion, drawing on a mish-mash of surf culture, Scandinavian furniture, and Japanese streetwear. Sun Bum became a huge success, but even before that, Tom helped boost a wildly diverse range of brands: a line of tequila, a series of Christian videos, and the ubiquitous “Yo quiero Taco Bell” campaign. All were successful, though it took a prolonged legal battle for Tom to get paid for the Taco Bell chihuahua. In this episode, Tom reveals how he learned to manipulate consumer psychology, survive the brutal warfare of a stolen idea, and engineer a brand explosion on his own terms. WHAT YOU'LL LEARNChihuahuas and Apes: How the Right Mascot can Transform a Brand What it takes to survive a five-year legal battle against a corporate titan.The "Elvis Principle:” How combining unexpected design elements can create an unforgettable package The "Trojan Horse" Strategy: Why forcing retailers to buy a massive display creates the illusion of a brand overnight.TIMESTAMPS08:15 - What selling furniture taught Tom about customer psychology 10:00 - How the Slogan “Surf Michigan” got him into the T-shirt Business 25:07 - Psycho Chihuahua, Taco Bell, and the Branding Deal that Wasn’t 33:49 - Inside the grueling battle over a chihuahua mascot. “I was the guy suing Taco Bell.” 39:35 - A dramatic legal verdict, and Tom’s branding business takes off with fancy Tequila 49:47 - The sun screen opportunity: “I saw a gigantic hole that you could drive through.” 55:03 - How Tom and his partner came up with their “badass ape” logo 1:07:36 - Opening (fake) Sun Bum headquarters in Cocoa Beach, Fla 1:10:31- Early store displays and making the brand seem bigger than it was 1:14:56 - A $400M sale to SC Johnson, and Tom starts a new companyThis episode was researched by Katherine Sypher and Susannah Broun and produced by Casey Herman, with music by Ramtin Arablouei, and edited by Neva Grant. Follow How I Built This:Instagram → @howibuiltthisX → @HowIBuiltThisFacebook → How I Built ThisFollow Guy Raz:Instagram → @guy.razYoutube → guy_razX → @guyrazSubstack → guyraz.substack.comWebsite → guyraz.comSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jeni’s Splendid Ice Creams founder Jeni Britton joins Guy on the Advice Line to answer questions from three early-stage entrepreneurs. Plus, how Jeni’s newest venture Floura is tackling one of America’s largest dietary needs—fiber. First, we meet Jesse in Washington, D.C., who’s wondering how to best focus marketing efforts for his frozen french fry company. Then Casey from Boston, who's questioning the pressure she's feeling to pursue outside capital for her frozen pierogi brand. And finally, Callie from Los Angeles asks about the pros and cons of contracting a PR firm to promote her purple sweet potato pet treats.Thank you to the founders of Jesse & Ben’s, Jaju Pierogi and Ubae.co for being a part of our show.If you’d like to be featured on a future Advice Line episode, leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.And be sure to listen to Jeni’s Splendid Ice Creams’ founding story as told by Jeni on the show in 2018.This episode was produced by Katherine Sypher with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Neal Rauch.You can follow HIBT on X & Instagram and sign up for Guy's free newsletter at guyraz.com and on Substack.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Krishna Kaliannan wanted to start a tech company but failed at every attempt. On the side, he was teaching himself how to cook with high-protein, low-sugar ingredients. Not just out of interest, but out of necessity. As a teenager, Krishna had been diagnosed with diabetes and epilepsy, meaning he adopted a keto diet long before it was trendy. Krishna’s home experiments with pea powder and monk fruit eventually became Catalina Crunch, one of the country’s most popular high-protein, low-carb breakfast cereals and snacks. In this episode, Krishna shares how a life-changing health condition sparked an obsession with healthy baking— and a brand that reimagined snacking.What You’ll LearnHow to turn a health challenge into a business opportunity The art and science of baking with esoteric ingredientsWhen to trust partners and when it’s best to take charge yourselfWhy the DTC model is great for some industries and disastrous for othersTimestamps:00:06:16 - Dealing with diabetes and epilepsy as a college student00:12:38 - What Krishna learns from his early failures in tech00:22:43 - The first, low-sugar cocoa puffs: “Rocks that tasted like soil.” 00:27:36 - His homemade cereal gets good enough to sell00:32:42 - Naming the brand: classy alliteration and a nod to a Will Ferrell movie 00:44:51 - Learning to make cereal like the pros at Texas A&M00:54:43 - Krishna moves from NYC to Indiana to make sure the cereal is made right01:01:04 - Whole Foods, Costco, and becoming a household brandThis episode was researched and produced by Chris Maccini with music composed by Ramtin Arablouei. It was edited by Neva Grant. Our engineer was Kwesi Lee. Follow How I Built This:Instagram → @howibuiltthisX → @HowIBuiltThisFacebook → How I Built ThisFollow Guy Raz:Instagram → @guy.razYoutube → guy_razX → @guyrazSubstack → guyraz.substack.comWebsite → guyraz.comSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Today’s callers: Ann from Nashville asks how to adapt her jewelry business in the face of rising gold prices. Then Felix in Martha’s Vineyard considers strategies for growing his family’s legacy honey and skincare company. Finally, Matt in Massachusetts seeks strategies for maintaining a healthy work-life balance at his grief-inspired brewing project. Plus, Ronnen and Guy discuss why your 20s are the best time to start a business. Thank you to the founders of Yearly Company, Island Bee Company and Wandering Soul Beer for joining us on the show.If you’d like to be featured on a future Advice Line episode—where Guy and former show guests take questions from early-stage founders—leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298. And be sure to listen to Spin Master and PAW Patrol’s founding story as told by Ronnen on the show in 2021. This episode was produced by Katherine Sypher with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Cena Loffredo.You can follow HIBT on X & Instagram and sign up for Guy's free newsletter at guyraz.com and on Substack.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In 2004, Joey Shamah and his partner launched a cosmetics company built on an idea that made almost no sense:Sell high-quality makeup for just $1.At the time, high quality beauty products were supposed to be expensive. The biggest brands spent fortunes on celebrity endorsements, glossy ads, and premium shelf space.And every major retailer told Joey the same thing:Your idea will never work.But Joey believed he'd found a wormhole in the beauty business: spend money on the product, not fancy packaging, marketing, or celebrity endorsements. Then, pass those savings on to your customers. The brand grew slowly, but Joey knew he was onto something when a bizarre rumor spread that Bloomingdale's was buying e.l.f. and raising prices. Within days, the tiny company went from a few hundred orders a week to 18,000 orders a day.What followed was a journey from a scrappy warehouse operation in New Jersey to one of the most disruptive brands in the beauty business.You'll learn:The surprising economics behind $1 lipstickWhy retailers initially rejected e.l.f.How a single magazine mention launched e.l.f.'s online businessThe retail insight that unlocked national expansionHow a false rumor generated 18,000 orders a dayThe emotional toll of a $225 million acquisition that collapsed at the eleventh hour Timestamps:00:10:28 — How to make (decent) makeup for just $100:18:35 — The dollar stores say no00:24:32 — Glamour comes calling, and e.l.f has 30 days to build a website00:38:27 — The question from a Target buyer that leaves Joey speechless 00:39:56 — The H-E-B test that proves everyone wrong00:46:36 — “That’s news to me!” The viral rumor that sends Joey back to China 00:59:42 — Scaling to tens of millions in revenue01:07:15 — “It was crushing.” The L’oreal sale that never happened 01:12:02 — After e.l.f: Joey stops watching House of Cards and gets back to businessThis episode was produced by Carla Esteves with music composed by Ramtin Arablouei.It was edited by Neva Grant with research by Olivia Rockman. Our audio engineer was Patrick Murray. Follow How I Built This:Instagram → @howibuiltthisX → @HowIBuiltThisFacebook → How I Built ThisFollow Guy Raz:Instagram → @guy.razYoutube → guy_razX → @guyrazSubstack → guyraz.substack.comWebsite → guyraz.comSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Today’s callers: Ruchi from Chicago looks for advice on which channels to focus distribution for her probiotic skincare line. Then Peter in San Francisco considers strategies to champion his line of organic South African wines. And Dominic from Barbados asks about expanding his specialty coffee brand into international markets like the United States.Plus, Susan discusses how people and relationships can make or break your business.Thank you to the founders of Yobee, Culture Wine, and Wyndhams Bajan Coffee Roasters for being a part of our show.If you’d like to be featured on a future Advice Line episode—where Guy and former show guests take questions from early-stage founders—leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.And be sure to listen to EO Products founding story as told by Susan Griffin-Black and Brad Black in 2019.This episode was produced by Casey Herman with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Robert Rodriguez.You can follow HIBT on X & Instagram and sign up for Guy’s free newsletter at guyraz.com or on Substack.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.