dlyohn notes & quotes from asi action sports & apparel innovator panel

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

the entrepreneurs behind four of the most exciting brands in

action sports shared their business-building advice with

students –

here’s what they said…

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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Panelists:• Brian Enge, CEO of Zoot Sports• Andy Laats, Co-Founder and President of Nixon• Todd Richards, Olympic Snowboarder, Co-

Founder Omatic Snowboards• Beaver Theodosakis, Founder & CEO of prAna

Moderator:• Michael Brower, CFO, Triple 7 Group, Inc.

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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on starting small and focused:

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“find your niche and then exploit the heck out of it”

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“try to be a big fish in a small pond”

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“make a little bush fire and then let it catch on from there”

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“start by building a leadership position in a small market – then partner with someone who can

help you get bigger”

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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on fundraising and working with investors:

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“fundraising is a living business plan” (ask rejecters for advice on how to make your

business plan better)

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“choosing your investors is the most important

business decision you will make”

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“fundraising is when you find out what kind of entrepreneur you are”

(you learn what your risk profile is)

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“don’t surprise your investors”

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“take care of the people who were with you in the beginning…they will be

your biggest advocates”

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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on marketing:

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“we are leaving a trail of bread crumbs for people to follow as they learn about us…we let people discover

things like easter eggs…we don’t tell everything at once”

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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how to differentiate?

“it’s all marketing. kids want to associate with a name and feel they

are part of a movement.”

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“don’t talk down to your customers”

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“we were in Big 5 every Saturday talking to every skateboarder about whatever they wanted to talk about”

(be willing to do the work to build relationships with target)

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“throw anchors in the opposite direction”

(as you get bigger, go deeper with your core customers)

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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on strategy:

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“there is no such thing as a defensible strategy. product innovation is our lifeblood but it isn’t defensible…it

can be copied. what works is a good strategy well executed.”

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“you may be a consumer brand but for the 1st 18 months, it’s about B2B”

(getting distribution)

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“take your core [target] on a journey with your product innovation”

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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final thoughts:

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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start-ups are evaluated on four P’s:1. product2. people

3. potential4. predictability

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

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“an entrepreneur is someone who makes money off of someone

else’s money”

notes and quotes from ASI Action Sports & Apparel Innovators Panel11.16.09

compiled by denise lee yohnmail@deniseleeyohn.com