Formula for Change with Laura Modi, Co-Founder and CEO of Bobbie
Stairway to CEO
· with Laura Modi
· August 24, 2021
· 74 min
Summary
Laura Modi, Co-Founder and CEO of Bobbie, shares her incredible journey of building a disruptive infant formula brand. This episode offers invaluable lessons on identifying critical market gaps through personal experience, securing significant funding via unconventional methods like crowdfunding with customers, and navigating the arduous path of product development and FDA approval. A must-listen for ecommerce operators looking to build a mission-driven brand in a regulated industry.
Key takeaways
Leverage personal pain points to identify significant market opportunities that existing solutions fail to address effectively.
Explore diversified funding strategies, including crowdfunding, to not only raise capital but also to build a strong community of invested customers.
Prioritize rigorous and lengthy product development cycles to ensure product quality and meet stringent regulatory standards, even if it takes years.
Proactively engage with regulatory bodies and prepare for significant hurdles, especially in industries with high barriers to entry like food and health.
Utilize your brand's unique story (e.g., female-founded, mom-led) to resonate with your target audience and differentiate in a competitive market.
Laura Modi is the Co-Founder and CEO of Bobbie, the only female-founded and mom-led infant formula company in the US. With 83 percent of parents turning to formula within the first year of their infant's life, Bobbie is the first European-style organic formula that meets FDA standards. In this episode, Laura shares with us her journey from growing up in Ireland as the oldest of five with dreams of becoming a dietician, to moving to San Francisco and landing a job at Google, to working for Airbnb, where she also became a mother for the first time and found herself struggling to breastfeed and find a great formula. She talks with us about what it was like to raise a $15M Series A from investors and over 200 moms using the crowdfunding platform Republic, how she spent four years on product development to create the perfect baby formula, and the challenges she faced with obtaining FDA approval.
Frequently asked about this episode
What does this episode say about entrepreneurship?
Leverage personal pain points to identify significant market opportunities that existing solutions fail to address effectively.
What does this episode say about fundraising?
Explore diversified funding strategies, including crowdfunding, to not only raise capital but also to build a strong community of invested customers.
What does this episode say about product development?
Prioritize rigorous and lengthy product development cycles to ensure product quality and meet stringent regulatory standards, even if it takes years.
What does this episode say about regulatory compliance?
Proactively engage with regulatory bodies and prepare for significant hurdles, especially in industries with high barriers to entry like food and health.
What does this episode say about entrepreneurship?
Utilize your brand's unique story (e.g., female-founded, mom-led) to resonate with your target audience and differentiate in a competitive market.
