Have you noticed a lot of young people getting into antenna-maxxing as alpha? Or, maybe searching for any bit of copium after they fat-fingered and got rinsed? Or maybe they farmed during a yes-fest on Mention Markets resulting in some serious printing? If none of that made sense to you, then we have the perfect episode for you. Prediction markets have taken off in the past few years, using the same legal loopholes as the crypto market to essentially claim they are a “swap,” or “futures market,” similar to that of the totally legal grain and pork belly markets, and less like the state-regulated sports gambling market. And they are great for the bondsharps who print on the regular (or, in English, “well known market makers who often make a lot of money”). These prediction market companies exist because they’ve convinced regulators that they’re also great for the rest of us. They're adding new knowledge to the world. Making us more informed about the future. On today’s episode, the case Kalshi has been making to regulators, the courts and the public as to why what looks like gambling and seems like gambling … is not. Why that argument’s kinda been working. And – if no one stops them – what prediction markets could do to our future.If you want to hear more about how federal regulators investigate trades on prediction markets, The Indicator will have an episode on Monday with former CFTC Commissioner Kristin Johnson.Live show tour and book info. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode of Planet Money was hosted by Bobby Allyn and Mary Childs. It was produced by Sam Yellowhorse Kesler. It was edited by Marianne McCune, fact-checked by Sierra Juarez, and 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

The United States has been at war with Iran since February 28th. And for a month and a half, Iran’s main leverage over the U.S. has been their control over the Strait of Hormuz — a key global shipping route. Iran has attacked ships that try to pass without approval. And recently they’ve insinuated that one part of the Strait — the part near Oman — is not safe. Which means that captains had to go right by Iran’s shores to get through the Strait … effectively creating a chokepoint for the global economy. On today’s show, a source inside Iran tells us how ships had been getting through the strait, and how the tollbooth Iran set up works. And we ask: What does this all mean for the global economy? Live show tour and book info. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode of Planet Money was hosted by Nick Fountain. It was produced by James Sneed. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Kwesi Lee. 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

How do bookstores choose the books they stock, and how does that affect what customers read? It may not seem like it, but every shelf in a bookstore is a highly valuable and contested piece of commercial real estate. And for every new book that a bookstore decides to stock, there are thousands of others that did not make the cut. So how do bookstores make those decisions? And how will the Planet Money book fare under the discerning eyes of the booksellers, the final gatekeepers in the long gauntlet of the publishing industry?Today on the show: the third episode in our series. Planet Money sets out to actually sell a book. We burrow behind the bookstore shelves to learn the secret codes that publishers use to try to convince booksellers to carry the book, from little mom and pops to airport juggernauts. There will be corporate intelligence networks, bargain bin shenanigans, and a giant industrial saw chewing up books by the thousands. Call it Pulp Non-fiction.Related:- Fisher Nash’s Substack- Episode 1: Inside a BOOK auction- Episode 2: Our BOOK vs. the global supply chain - Series: Planet Money makes a bookLive show tour and book info. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was produced by Willa Rubin with help from Emma Peaslee. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Robert Rodriguez. Alex Goldmark is our executive producer. Music: NPR Source Audio - “A Peculiar Investigation,” “Round Round,” and “Neighbourhood Watcher.”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

Live event info and tickets here. If your company got bought by a private equity firm, how would you feel? Maybe a little nervous? You might find yourself wondering if there will be layoffs.And you’d be right to worry about that. Research shows that while private equity ownership can boost a company’s productivity, it does generally result in job cuts. But one private equity executive is trying to do things a different way – giving workers equity, little cuts of ownership in their own companies. To see if doing so can improve outcomes overall. On today’s show, private equity is not widely beloved for its societal costs – job losses, product degradation, worsening inequality. And this one guy at this one firm can’t solve all of his industry’s ills. But for the past 15 years, he’s been running a large-scale, real-world experiment to see if giving workers ownership can fit into the big bad world of PE. And maybe lead to more … equity. Recommended Listening/Reading:What Do Private Equity Firms Actually Do?The risk of private equity in your 401(k)Here's what happens when private equity buys homes in your neighborhood (newsletter)JScrewed Find the Planet Money book. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was hosted by Mary Childs and Wailin Wong. It was produced by Sam Yellowhorse Kesler. It was edited by Jess Jiang with an assist from Marianne McCune, fact-checked by Sierra Juarez, engineered by Cena Loffredo with help from Jimmy Keeley. Alex Goldmark is Planet Money’s executive producer. Music: Universal Production Music - "Make Me Want You," "Baby I Surrender," and "Bye Bye Bye"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

Live event info and tickets here. When ingredient costs skyrocket, companies have three basic options: They can raise their prices (a sort of product-specific inflation), shrink the size of the products (often called “shrinkflation”), or, sometimes, find more creative ways to reduce costs by degrading the quality of their products - which our very own Greg Rosalsky has dubbed as “skimpflation.” The latest alleged culprit? Hershey’s.The Hershey Company is using ingredients in some of their Reese’s candies that — legally — they cannot call milk chocolate or peanut butter. This has infuriated Brad Reese, a grandson of H.B. Reese, the inventor of the Reese’s Peanut Butter Cup. On today’s show, why chocolate makers might be skimping on chocolate and peanut butter, what else might explain these ingredients, and how Brad Reese has launched a skimp-shaming campaign to get Hershey’s to go back to using classic Reese’s ingredients.And – EXCLUSIVE – you’ll hear Planet Money break some big news to third-generation peanut butter cup scion Brad Reese.Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was hosted by Greg Rosalsky and Sarah Gonzalez. It was produced by James Sneed. It was edited by Kenny Malone, fact-checked by Sierra Juarez, and 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

Live event info and tickets here. For more than 60 years, Cuba has survived on two seemingly contradictory economic strategies: leaning on friendly communist and socialist countries, and flirting with capitalism. And right now it seems the US is making both strategies impossible.Since January, the U.S. has been preventing almost all oil from reaching the island. Doctors can’t get to the hospitals where they work, many buses aren’t running, trucks can’t deliver food and medicine where they’re needed. And there have been frequent blackouts. On more than one occasion over the last few weeks, the entire country has lacked power. It’s hard for people to even talk on the phone because they can’t always charge them or get cell service. So we asked them to send us voice notes describing this moment in Cuba’s history. We also wanted to know: How did Cuba get here? On today’s episode: a brief history of Cuba’s communist-capitalist experiment. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This show was hosted by Erika Beras and Nick Fountain. It was produced by Luis Gallo. It was edited by Marianne McCune. It was fact-checked by Sierra Juarez and engineered by Robert Rodriguez. 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

LIVE SHOW TOUR INFO HERE. New stories, live tapings, special guests, book signings and more. What would you build on a piece of land when all the normal rules go out the window?On today’s show, how the Squamish Nation reclaimed a sliver of prime urban real estate and were liberated from zoning restrictions, to the consternation of their wealthy NIMBY neighbors.We trace the 100 year saga of what might be the most interesting real estate development in North America right now: There’s a violent eviction, a tense legal battle, and a giant, tough decision for the Squamish Nation that culminates in the daring project that they’re building today.It’s a story with lessons for every city trying to lower housing costs and build more.This episode is adapted from Planet Money: A Guide To The Economic Forces That Shape Your Life. Pre-order before April 7 and you can get a poster. Details here. The working paper we mentioned on “ready-to-issue” permits in Los Angeles.Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was produced by Sam Yellowhorse Kesler with an assist from Emma Peaslee. It was edited by Jess Jiang, fact-checked by Sierra Juarez and 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

When you come across a book at a yard sale or a bookstore, you might pay more attention to the words between the covers than the physical form of the book itself. But content and the form are both crucial to a book’s success. Each book you pull off the shelf, is the product of thousands of decisions, big and small, tying together vast supply chains and armies of workers from around the world. On today’s episode, the second episode in our series: Planet Money sets out to actually write, design, and manufacture a book. We go spelunking deep inside the bowels of the publishing industrial complex. There will be trade wars, sunken cargo containers filled with lost cookbooks, deforestation regulations, and just a whiff of scratch and sniff. Related:- Watch our book being printed: TikTok, Instagram, Spotify- Episode 1: Inside a BOOK auction- Episode 3: BOOKstore Economics- The laws of the office revisited - Series: Planet Money makes a book Live event info and tickets here. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was produced by Willa Rubin. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Robert Rodriguez. Alex Goldmark is Planet Money's executive producer. Music: NPR Source Audio - “Motivation Or Mayhem,” “Missing A Deadline,” and “No Limits After All.”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 age of TikTok and Polymarket, it can be easy to overlook the humble book. But books are one of the most influential technologies ever invented. From “The Wealth of Nations” to “Das Kapital,” books have the power to shape whole economic systems… and everything else in our world. The market for books can determine which ideas make it to the masses. So when Planet Money was approached to make its own book, not only did it present an opportunity to spread the gospel of whimsical economic infotainment to new audiences everywhere, but it also presented an opportunity to get a rare peek behind the curtain of the notoriously opaque world of publishing. On today’s episode, the first chapter in our series on the making of a book: Planet Money sets out to land a book deal. We enter the high stakes, high school drama of the publishing industry, where literary agents try to woo powerful book editors. And we learn what happens when lofty artistic ideals meet the cold logic of the market. It’s a courtship dance with millions of dollars potentially on the line. There will be whale fights, corporate speed dating, and a literary shotgun wedding.Related: - Episode 2: Our BOOK vs. the global supply chain- Episode 3: BOOKstore Economics- Series: Planet Money makes a book Live event info and tickets here. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was produced by Willa Rubin with production help from Sam Yellowhorse Kesler. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Robert Rodriguez. 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

The cardinal tetra is one of the most popular pet fish in the world. They look like little red and blue sequins. You've almost certainly seen them at the pet store or the fish tank at your dentist's office. They're everywhere. Not so long ago, most of the world's supply of cardinals came from just one place. It's a little town deep in the rainforests of Brazil, where locals still catch these fish by hand. But the business that this town has relied on for decades has come under threat. Recently, we hopped on a plane to see this unusual economy for ourselves — and, two different visions for how to save it. For more information about these fish, check out Project Piaba. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was hosted by Jeff Guo. It was co-reported and produced by Luis Gallo. It was edited by Marianne McCune, fact-checked by Sierra Juarez and engineered by Kwesi Lee. 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

Robby the chef has lots of endearing qualities. He can make over 5000 dishes, he’s a consistent cook, and he’s never late for work. But he’s not a human. It is a 750 lb. stainless steel robot. With a rotating wok at its center. It’s a wok-bot. Automation has changed many industries. But automation only started entering restaurant kitchens in the past couple decades. Which raises the question – what will robots mean for the restaurant industry? How will automation change jobs and how will it change the very food we eat?Today on the show, we talk with a Nobel prize-winning economist, Daron Acemoglu, about when automation is complementing or displacing workers. And we decide to put this wok-bot to the test. We pit a human chef against Robby the wok-bot in a head-to-metalhead smackdown. Further Listening/Reading:How AI could help rebuild the middle class The Big Red Button Check out our AI series: Planet Money makes an episode using AIWhy Nations Fail, America Edition (newsletter)A New Way To Understand Automation (newsletter)Get your book tour tickets here. / Pre-order the Planet Money book and get a free gift.Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was hosted by Erika Beras and Justin Kramon. It was produced by Sam Yellowhorse Kesler. It was edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Robert Rodriguez with help from Cena Loffredo. Interpretation help from Huo Jingnan. 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

Live event info and tickets here.If something is going wrong in your workplace, there's probably a law that explains why. Meetings always seem long, and never end early? There’s Parkinson’s Law, which says work expands to the time allotted, or, restated: meetings will always take up all the time blocked on Outlook calendars. Is your boss bad at managing? Check the Peter Principle, which says people are promoted to their level of incompetence. A good worker does not a good manager make. And yet … here we are. Once you hear these laws, and a few others, you start to spot them everywhere. Today on the show, we picked a few of the most famous and powerful ‘laws of the office’ and tested them out on each other. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was hosted by Kenny Malone, Sarah Gonzalez, and Alexi Horowitz-Ghazi. It was produced by Alexi Horowitz-Ghazi. Bryant Urstadt edited this show. Planet Money’s executive producer is 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

Today’s callers: Alec from California wonders if it’s time to bring production for his beef tallow skincare brand out of his kitchen to a co-manufacturer. Then, Jessica from California has a hit horse care product on her hands: is a major pet distributor a dream partnership or a brand-killer? And Eli in Minnesota is curious if he should tweak his signature anti-inflammatory coffee blend for bulk brewing or protect the original taste?Plus, Chieh reflects on his exit from Boxed and how his latest venture, Pelgo, helps people through similarly significant career transitions.Thank you to the founders of Surfing Cow, Tail Cinch, and Makor Coffee 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 the founding story of Boxed as told by Chieh on the show in 2021. This episode was produced by Rommel Wood 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.

Colin Angle didn’t start out trying to clean people’s floors.He started out trying to shape the future–with robots. In the early days of iRobot, there was no business model. No steady funding. No clear customer.Just a belief that robotic technology would one day make the world a better place. In the early days, the company built babbling toy dolls for Hasbro, and roving bomb-detectors for the military.But for more than a decade… nothing truly took off. Until one idea—a robot vacuum—finally did. With the Roomba, iRobot created a category from scratch, and a product that felt almost like a member of the family. Tens of millions of units sold, and the Roomba became part of popular culture. But to avoid stagnation, iRobot had to sell to a bigger company. When a lucrative deal with Amazon fell through, the company hit a wall–and never recovered. This is a story about building a business in survival mode, creating a household icon, and eventually getting bested by forces beyond your control. What You’ll Learn How to launch a company when you’re not sure who your customers areWhy iRobot engineers underestimated marketing (and paid for it later)How piles of Cheerios helped sell the RoombaHow iRobot shored up customer loyalty when the Roomba faltered Why even a hero product is not enough to sustain a companyHow competition–and regulation–can unravel a businessTimestamps 7:25 - “What have you built?”: The robotics lab job application.12:25 - iRobot’s early business model: contracts, not consumers.25:05 - Breaking into the toy market: The doll with a mind of its own.36:10 - A key cleaning insight: people will pay hundreds—but only if it vacuums.39:10 - The office Cheerios demo that won a retailer.44:20 - A soaring launch, then stagnation: 250,000 vacuums stuck in inventory.46:10 - The ad (for Pepsi!) that turbocharged Roomba. 55:55 - The need to diversify: robotic scrubbers, mops, pool cleaners? 58:00 - The $1.7 billion offer from Amazon–and how it unraveled.1:03:40 - Life after Roomba. This episode was produced by Katherine Sypher with music composed by Ramtin Arablouei. It was edited by Neva Grant with research help from Noor Gill. Our engineers were Patrick Murray and 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: Rebecca from Australia wants to make her small-batch spirits stand out in a crowded market. Then, Sri from England wonders how to balance commercial and humanitarian interests for her heated mats. And John from Pennsylvania hopes to reach younger customers with his Italian wines despite declining alcohol consumption. Plus, Steve talks about the evolving role of robots in food service—and how he hopes to find his next rocketship in a fresh take on the sandwich shop.Thank you to the founders of Streaky Bay Distillers, Mat Zero, and Cantina Di Rosina 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 Chipotle’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 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.

A lot of founders spend their lives chasing one big idea.Antonio Swad had two.The first? Migrating chicken wings from the Happy Hour buffet to the center of the plate.The second? Building a pizza business that catered to a very specific demographic: Latinos.That first idea became Wingstop, a deep-fried wing concept that grew to 3,000 stores.The second became Pizza Patron, a franchise that rewarded customers for ordering in Spanish, and let them pay in pesos.This is the story of how Antonio got there.He was a kid from Columbus, Ohio, working at a steakhouse straight out of high school…who eventually saw two big opportunities where no one else did.Wingstop was the breakout idea, but just as it was exploding, Antonio made a surprising decision. He sold the company.A $22 million deal.Only…the money did not materialize.What follows is one of the most surprising—and cautionary—tales we’ve told on this show: a single word buried in a contract that cost millions…and the moment Antonio realized he might never see the money he’d been promised.This episode is about instinct, risk, conviction—and why sometimes…your biggest success can lead to your biggest mistake.What you’ll learn:Why simplicity can beat variety in building scalable restaurantsThe power—and peril—of franchising as a growth engineHow identifying an underserved customer segment can unlock explosive growthWhy your hero product isn’t always what you think it is (hint: it’s not the chicken)How one word in a contract can cost millionsTimestamps:00:09:11 – Fired from bartending for being “too intense”00:14:26 – Starting a pizza shop in Dallas with $11,00000:18:41 – Discovering an underserved customer base, and the power of word-of-mouth00:23:07 – Why franchising can be the ultimate scaling strategy00:24:09 – How Antonio realized wings could be a massive business00:36:37 – A bend in the road: Why the first Wingstop struggled00:50:29 – A bizarre vision at a football game: What if this stadium were full of chickens?01:07:09 – The $22M purchase… the missing $12M, and suing to get his money01:20:09 – Living in the moment post Pizza Patron and WingstopThis episode was produced by Sam Paulson with music by Ramtin Arablouei. It was edited by Neva Grant with research help from Olivia Rockman. Our engineers were Patrick Murray and Jimmy Keeley.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: Michelle from California assesses the trade offs of accepting outside investment to scale her organic granola brand. Then, Gloria from Connecticut wonders how to overcome stigma and get more people talking about her pelvic floor therapy device. And Eric from Australia evaluates new markets for his maple-based sports nutrition products. Plus, Dan and Angie’s take on why even the busiest entrepreneur should find time to turn off their phone at the dinner table... Thank you to the founders of Nana Joes Granola, Elidah, and mapleROO 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 BOOMCHICKAPOP’S founding story as told by Angie and Dan on the show in 2019. This episode was produced by Noor Gill 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.

Back in the early days of ecommerce, Marc Lore took a classic retail loss leader–diapers– and turned it into a DTC giant– Diapers.com. It did so well that it attracted the attention of Amazon, which slashed prices on its own diapers until Marc was forced to sell them his business. It was not a happy moment, but it was a galvanizing one: Marc went on to launch another ecommerce company, jet.com. Within a year, it was bought by Walmart in a deal valued at $3.3 billion. This is a story about a devastating corporate surrender, a multi-million dollar comeback, and a founder with a relentless ability to re-invent himself. Timestamps: 10:04 – Marc’s “boost-your-grades” bet with his college coach 14:21 – A job on Wall Street and a Master Plan: 8 figures by age 4816:28 – How a lunchtime lark turned into a spot on the U.S. Bobsled Team27:44 – How random Google searches led Marc to diapers35:29 – Guerilla tactic: Buying all of P&G’s diapers to get their attention40:07 – The simple packaging hack that boosted sales 45:53 – Building a retail empire (and getting on Amazon’s radar)47:52 – Amazon’s scorched earth strategy forces Marc to sell 1:00:11 – Raising $750M to take on Jeff Bezos1:03:02 – A brand new business and a $3.3 billion exit: Walmart’s record-breaking dealThis episode was produced by Casey Herman with music composed by Ramtin Arablouei. It was 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.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Serial entrepreneur Marcia Kilgore — founder of brands like Beauty Pie and Soap & Glory — joins Guy on the Advice Line, where they answer questions from three early-stage founders managing uncertainty and risk. Today, we meet Victor in Fort Worth, the co-founder of a Mexican-style sweets and treats venture who wonders if he should focus on expanding brick-and-mortar operations, retail presence, or both. Then Lydia in Seattle, a former disease researcher who is ready to grow her small batch botanical skincare line, but needs help overcoming her fear of failure to get to the next step. And Jack in San Francisco, the founder of a custom bike bag and accessories brand who’s trying to figure out how to maintain customer excitement throughout the entire purchasing process so as not to lose momentum. Thank you to the founders of Sol Dias, Clērstory, and Wompy Bikes for being part of our show. And stick around to hear a brief update on all three callers!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 Marcia Kilgore’s original How I Built This episode as told by Marcia on the show in 2018. This episode was produced by Carla Esteves with music by Ramtin Arablouei. It was edited by Andrea Bruce. Our audio engineer was Cena Loffredo.You can follow HIBT on X & Instagram and sign up for Guy's free newsletter at guyraz.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

For decades, a dozen eggs was just… a dozen eggs.No story. No real branding. No reason to care who produced them.Then Matt O’Hayer came along and asked a question almost nobody in America was asking: what if store-bought eggs could be different? What if they tasted better, looked better, and came from hens raised in a much more humane way? The business he launched– with 20 hens and some used trailers– is now the number-one pasture-raised egg producer in the US, with a network of 600 farms, and a projected revenue of nearly $1B this year. When he started Vital Farms, Matt was in his 50s, living in an RV on the farm, and trying to convince people to pay premium prices for eggs. Before that, his passion for business drove him to pursue an astonishing range of ideas: carpet-cleaning, a barter-exchange franchise, a stint as a charter-boat captain and broker. One of his businesses left him nearly broke after 9-11, and there were many other hard lessons along the way. This is a story about metabolizing failure into success, and turning one of the most overlooked shelves in the grocery store… into a billion dollar opportunity. What you’ll learn: The hard lessons Matt learned from 3 (+) decades of founding businessesHow 9/11 changed his lifeWhat 4 years as a boat captain taught him about leading–and servingHow “conscious capitalism” became the blueprint for Vital FarmsWhy pasture-raised eggs were a branding opportunity hiding in plain sightHow Whole Foods became an early and critical partnerWhy great products grow faster when customers do your work for youTimestamps: 07:48 – “I didn’t have 300 dollars.” Matt starts a carpet-cleaning company with no real plan11:31 – The barter business that taught Matt how to scale complex ideas17:58 – Building a travel company, taking it public, and growing it to roughly $50 million in sales22:57 – The morning of 9/11: Matt watches his business collapse in real time25:59 – Starting over, Matt becomes a charter boat captain –plus chef, teacher, and toilet-fixer31:16 – The blog essay that transformed how Matt thought about business34:19 – The lightbulb conversation: pasture-raised eggs could become a real company41:03 – Starting the farm in Austin: “I bought a thousand baby chicks.” 43:58 – The first eggs taste great, but nobody wants to pay for them49:53 – Finally: The first Whole Foods pallet 50:52 – A label mistake gets Vital Farms pulled from shelves1:03:09 – How the egg carton became one of Vital Farms’ most powerful branding tools1:08:24 – Why humane eggs cost more—and why Matt believes they shouldThis episode was produced by Kerry Thompson, with music by Ramtin Arablouei.Edited by Neva Grant, with research help from Casey Herman.—-----------------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.

In today’s special episode, Guy and four former show guests talk with callers about how they can prove the value of their products—and themselves.First, Meagan from Vermont questions whether an experiential pop-up concept for her reusable gift wrap and bags is worth the effort. Then, Amanda from Wisconsin seeks new ways to explain her deck of dog enrichment activities to potential customers. And finally, Mark from New York looks for a complement to help grow his artisanal pesto business.Thank you to the founders of Shiki Wrap, Woofsie, and In Mark’s Kitchen for coming on the show. Also thanks to WeWork co-founder Miguel McKelvey, Paperless Post co-founder Alexa Hirschfeld, and Chomps co-founders Pete Maldonado and Rashid Ali.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.This episode was produced by Alex Cheng 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.To hear our returning guests’ previous episodes:Miguel's original episode: https://wondery.com/shows/how-i-built-this/episode/10386-wework-miguel-mckelvey/Miguel's HIBT Lab episode: https://wondery.com/shows/how-i-built-this/episode/10386-hibt-lab-wework-miguel-mckelvey/Miguel's Advice Line episode: https://wondery.com/shows/how-i-built-this/episode/10386-advice-line-with-miguel-mckelvey-of-wework/Alexa's original episode: https://wondery.com/shows/how-i-built-this/episode/10386-paperless-post-james-and-alexa-hirschfeld/Alexa's Advice Line episode: https://wondery.com/shows/how-i-built-this/episode/10386-advice-line-with-alexa-hirschfeld-of-paperless-post/Pete and Rashid's original episode: https://wondery.com/shows/how-i-built-this/episode/10386-chomps-pete-maldonado-and-rashid-ali/Pete and Rashid's Advice Line episode: https://wondery.com/shows/how-i-built-this/episode/10386-advice-line-with-pete-maldonado-and-rashid-ali-of-chomps/See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aaron Krause did not set out to reinvent the kitchen sponge. He was a car detailer, building buffing pads and the machines that made them. To clean his greasy hands, he made a makeshift hand scrubber out of extra-rough foam, and it worked so well he decided to sell it. But nobody wanted it.He shelved the product for years. Then one day while cleaning up around the house, he accidentally discovered the foam’s “magic” properties and realized it would make the perfect kitchen sponge. Scrub Daddy was born. As a friend advised him, nobody goes to the supermarket to discover new innovations in sponges. So Aaron did a furious round of in-store demos and eventually wound up on QVC (where he nearly got kicked off) and finally Shark Tank, where he made $1M the night it aired.In this episode, Aaron breaks down the unglamorous mechanics of building a consumer brand—negotiation, patents, and the obsession needed to keep going when no one believes in your vision.You’ll learn:How Aaron’s many patents helped drive his car-detailing business The hidden downside of “great” deals: exclusivity traps and corporate bureaucracyHow Aaron forced 3M to rethink value during acquisition negotiations How to sell a product no one is shopping for How Scrub Daddy built a brand block (Scrub Mommy & more) to become a category leaderHow to defend against copycats—patents, trade dress and aggressive enforcementTimestamps:07:24 — “You get to buy your own sneakers”—the childhood lesson that shapes Aaron’s hustle09:03 — The brutal factory internship that sends him back to washing cars17:50 — The mirror snaps off a Mercedes… leading to a buffing pad breakthrough19:58 — The parable of the DIY patent: “If you had a toothache, would you drill your own tooth?”27:36 — Dirty factory hands inspire Aaron to invent a special hand scrubber… which no one wants41:35 — Aaron hangs up on a corporate powerhouse: refusing to sell to 3M based on EBITDA51:16 — The shelved scrubbers come out of storage and Aaron discovers their “magical” properties 1:02:31 — Retail won’t bite—so he demos in ShopRite and sells 100 sponges a day1:13:43 — Shark Tank → $1M in one night… and retailers suddenly call backFollow 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: Heather from Ontario talks through a DTC strategy for her retail pain relief tape and patches. Then Nawal in Michigan considers a rebrand for her uniforms designed for Muslim students. Finally, Casey in Idaho seeks new revenue streams for her farmer and worker-owned seed cooperative. Plus, Hernan’s take on the future of podcasting and the sweet relief of vindication... Thank you to the founders of Heali Medical, Studyous Monday, and Snake River Seed Cooperative 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 Wondery’s founding story as told by Hernan on the show in 2023. This episode was produced by Katherine Sypher with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Kwesi Lee.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.

Bobo’s: Beryl Stafford. A Single Mom Turns a Baking Project into a $100M BusinessAt 40, Beryl Stafford’s life cracked open. Her marriage ended, she hadn’t worked in years, and she had two daughters to raise. She needed income—fast. So she did the only thing that felt real: she baked.What started as 4-ingredient oat bars— hastily placed in a Boulder coffee shop—became Bobo’s, a national brand built in the Silicon Valley of natural foods. In this episode, Beryl walks us through the scrappy early days: buying ingredients at full retail, a risky $25K packaging machine, the Whole Foods breakthrough, the burnout, and the pressure shift that comes with outside capital—and Costco.It’s a story powered by community support, relentless demos, and a founder who kept saying “yes” before she knew how.What you’ll learn: Why “survival” can be a powerful founder advantageHow to sell your product before you feel ready (and why that’s often the point)The unglamorous truth of early CPG: shelf life, shared kitchens, endless demosIn a trend-driven category, the value of sticking to a recipe “your grandmother could have made.” The two faces of Costco: growth rocket and operational trapTimestamps:08:35—Divorced at 40… “I was trying to survive.” 12:02—The baking project with her daughter… and the unexpected product-market signal17:21—The first sale: snack bars in cellophane; making up a price28:38—Sharing a kitchen with Justin’s Nut Butters: scrappy collaboration + conflict31:49—The first-time founder playbook: sell first, learn the rest later33:54—Whole Foods says yes… before she knows what “freezer safe packaging” even means39:10—Getting into national distribution: “What just happened?” 46:34—Burnout, hiring a CEO, raising outside money—and what changes when investors arrive54:31—The Costco conundrum: huge upside, real downside —------------------This episode was produced by Noor Gill, with music by Ramtin Arablouei.Edited by Neva Grant, with research help from Alex Cheng.—--------------------- 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.