May 7, 2020
Michael Fox is an entrepreneur and investor, best known for co-founding Shoes of Prey, the online retail startup that raised US$25M and grew its team to 200 people, before lagging demand forced the company to famously call it a day in 2019. Today, he heads up plant-based meat alternative company, Fable Foods Co.
Michael joined me to unpack the Shoes of Prey journey, the highs, the lows, the lessons learned and on being a proverbial phoenix rising from the ashes.
We touched on so many big ticket items, but three that stood out for me were:
1 - how so-called market validation can lead startups astray if it is not performed carefully
2 - why raising venture capital isn’t always necessary for startup success and can sometimes come at a detriment to it
3 - how Michael consciously uncoupled from his wife Jodie but continued to work together as co-founders at Shoes of Prey for another 7 years
We unpacked this and a ton more, so strap yourself in for an enlightening conversation with the one and only, Michael Fox.
Topics Discussed:
- Michael’s early years as a lawyer and why and how he got out
- The early days of Shoes of Prey
- Organic growth v venture-backed growth
- Market research and validation - how it can set you astray
- Conscious customer feedback v unconscious reality
- What Michael would do differently next time
- Ethical manufacturing
- Media backlash
- Laying staff off empathetically
- Ethical manufacturing
- The cost of employee engagement and retention
- Being transparent without compromising employee motivation
- The importance of not deriving your entire self worth from one thing
- Conscious uncoupling
- Humility and ego amidst turmoil
- Why it can be darkest before the dawn
- Why 2019 was Michael’s best year
- Fable Food Co and its mission of ending industrial agriculture
Show Notes:
Twitter: @mmmichaelfox
Fable Foods: fablefood.co
IG: @fablefoodco
----------
Listen to Future Squared on Apple Podcasts goo.gl/sMnEa0
Also available on: Spotify, Google Podcasts, TuneIn, Stitcher and Soundcloud
Twitter: www.twitter.com/steveglaveski
Instagram: www.instagram.com/@thesteveglaveski
Future Squared: www.futuresquared.xyz
Steve Glaveski: www.steveglaveski.com
Medium: www.medium.com/@steveglaveski
Steve's book: www.employeetoentrepreneur.io
NEW Facebook group: www.facebook.com/groups/futuresquared/
Watch on YouTube: https://bit.ly/2N77FLx
-
GET COACHED BY LUCAS:
https://www.ergogenic.health/product/coaching
- GET LUCAS TO DESIGN YOUR SUPPLEMENT PROTOCOL: https://www.ergogenic.health/product/custom-stack