How to Truly Innovate with the Founders of ClassPass, Kickstarter and Walker & Company Brands | NPR

Transcript

hello everyone it is great to be back and i am so thrilled to be sharing the same screen i would have said stage but it's sort of the stage stage stage and screen with three awesome people um all of whom have been on how i built this palkadakia founder of classpass i'm sure you heard her incredible episode tristan walker founder of walker company a... Read More

Summary

In this video, three successful entrepreneurs - Pyle Kadakia (founder of ClassPass), Tristan Walker (founder of Walker & Company), and Perry Chen (co-founder of Kickstarter) - discuss the theme of innovation in their businesses. They share insights into the inspiration behind their ideas, the importance of solving a problem, the role of failure and iteration, and the need for authenticity and passion in entrepreneurship.

Questions & Answers

Q: What was the inspiration behind ClassPass and how did you apply the offline to online model to the health and fitness industry?

Pyle Kadakia was passionate about dance and struggled to find classes that fit her busy schedule. Inspired by companies like Zocdoc and Opentable, she realized that technology could solve this problem by connecting people with fitness classes. However, she had to adapt the model to fit the unique needs of the class space.

Q: How did Tristan Walker re-imagine the traditional razor for people of color?

Tristan Walker recognized the issues faced by people of color, such as razor bumps, caused by existing razors. He discovered the efficacy of a single-blade razor and aimed to bring authenticity and respect to the shaving experience. By making continuous improvements and focusing on the service and experience, he revolutionized the traditional razor market.

Q: Did Perry Chen set out to improve crowdfunding when he founded Kickstarter?

No, Perry Chen did not have the intention of improving crowdfunding. He noticed a gap in the market where few sites had gained traction and realized that the key was to create a unique format that unlocked the potential of crowdfunding on the web. This format included elements like video, rewards, and a clear explanation of the concept, which eventually became the standard for crowdfunding platforms.

Q: How did Perry Chen's lack of experience and connections impact the development of Kickstarter?

Perry Chen had never worked at a company or in business before, which presented many challenges. He had to learn everything from scratch and faced obstacles such as not knowing anyone to talk to or seek advice from. However, his passion and inclination for the idea kept him going, and he eventually found the right people to help bring his vision to life.

Q: How did Pyle Kadakia's experience of failure shape her approach to innovation?

Pyle Kadakia faced initial challenges and failures with ClassPass, including launching a product that no one used and struggling to find the right business model. However, these failures made her more resilient and taught her the importance of focusing on a leading metric that indicates the success of the product, in her case, the number of reservations. She shifted her focus from revenue and profit to the mission of getting people to class.

Q: Did Tristan Walker face uncertainty and doubts during the early stages of Walker & Company?

Triston Walker felt disrespected by existing products in the retail market and was frustrated with the lack of efficacious products for people of color. He knew that his innovation was the solution, but he was uncertain about the future of the company. He focused on the next 12 months and the long-term goal of inspiring people of color for the next 150 years, knowing that the journey would be messy and filled with uncertainty.

Q: How did Perry Chen deal with uncertainty and doubts during the development of Kickstarter?

Perry Chen had to navigate the uncertainties of starting a business without prior experience. He faced doubts about whether the idea would work and went through various iterations and mistakes. However, he had deep belief in the concept and knew that he had to launch the product, even if it meant scrapping previous work. He embraced the delusion and courage required to bring his idea to life.

Q: How did Pyle Kadakia know she was on the right track with ClassPass as she iterated and changed the business model?

Pyle Kadakia realized that the metric that mattered most was getting people to class. This became the leading indicator of success and engagement. By focusing on this metric and constantly improving the model, she stayed true to the mission of making fitness classes accessible. She learned the importance of being mission-obsessed rather than product-obsessed.

Q: How did Perry Chen know that Kickstarter was the right idea despite facing challenges and mistakes?

Perry Chen didn't have any other specific ideas for businesses but was drawn to the concept of Kickstarter. He recognized the importance of the idea and the emotional connection he felt towards it. He had deep belief in the potential impact of the platform and was willing to persevere through all the trials to bring it to life. He realized that a genuine connection to the idea is essential for personal perseverance.

Q: Is it necessary for an idea to be completely new and innovative, or can it be a slight tweak of an existing concept?

The entrepreneurs in the video agree that newness or innovation is not a requirement for entrepreneurship. The focus should be on solving a problem and having authenticity and soul in the business. Ideas can be adaptations or improvements of existing concepts. What matters most is aligning the idea with one's passion, values, and the desire to make a positive impact. The size and scale of the idea can also vary, as not every business needs to be groundbreaking.

Takeaways

Innovation in entrepreneurship does not always mean creating something completely new or innovative. It can also involve solving existing problems with authenticity, passion, and a deep connection to the idea. Failure and iteration are common on the entrepreneurial journey, and having the courage to persevere through challenges is vital. It is crucial to identify the leading metric that indicates success and stay mission-focused rather than becoming too attached to a specific product. Newness is not essential; what matters most is the soul, values, and positive impact the business can bring.