Unit Economics

On today’s episode, I sit down with Brian McMahon, co-founder and CEO of Pickle, a peer-to-peer rental marketplace built around the idea that the things sitting in our closets can function as income-generating assets.Brian started his career in finance before teaching himself how to code and launching what was originally a social polling app designed to help people make purchase decisions. But after noticing that users were constantly recommending items they already owned, he and his co-founder (Julia) pivoted toward a marketplace model focused on renting, lending, and reselling personal items.In this conversation, we talk about what that pivot looked like in practice, the scrappy early days of photographing inventory in friends’ apartments, personally completing thousands of deliveries across New York, and how an asset-light model shapes everything from supply dynamics to operational complexity.We also break down how Pickle generated its first network effects, lessons from fundraising, and how Pickle is thinking about expanding into new categories as it works toward unlocking underutilized consumer assets at scale.I learned so much from Brian and I hope you enjoy the conversation as much as I did.

On today’s episode, I sit down with Adam Gillman, Co-Founder of Hiya, a direct-to-consumer children’s vitamin and wellness company built around trust, transparency, and customer education as core operating principles.We talk through how Hiya approached product development without prior experience in the health and wellness space, including how they thought about formulation tradeoffs, manufacturing partners, and palatability versus nutrition. Adam walks through why the company committed to a 100% subscription model from day one, how retention and customer feedback shaped product iteration over time, and how pricing was set to signal quality while remaining broadly accessible.We also get into the operational realities of scaling a subscription business: managing cash flow while offering upfront discounts, navigating rising costs during COVID, financing growth while bootstrapped, and deciding when it made sense to expand the product line. Finally, Adam shares how scaling constraints and operational gaps ultimately led Hiya to pursue an acquisition, and what they looked for in a partner.I can’t believe how much I learned in just 35 minutes with Adam, and as always, I hope you enjoy the conversation as much as I did.

On today’s episode, I sit down with Kiki Couchman and Elan Halpern, the co-founders of Sourmilk.Sourmilk is built around a simple but differentiated premise: take something 92% of households already consume and engineer it to deliver measurable gut-health impact. We talk through how they formulated around specific probiotic strains rather than optimizing purely for flavor, what it looked like to source grass-fed dairy without prior industry experience, and how they built a co-manufacturing relationship from scratch.We also get into their deliberately high-friction, self-distributed drop model as a way to validate demand, measure retention, and collect first-party customer data before entering retail. From there, we discuss cold-chain constraints, retailer relationships, geographic saturation before national expansion, fundraising discipline, and what it takes to build defensibility in a category dominated by large incumbents.I learned so much from Kiki and Elan, and I hope you enjoy the conversation as much as I did.

On today's episode, I sit down with Joe Hollier, co-founder of Light, the company behind the Light Phone — a minimalist mobile device designed to be used as little as possible.We talk about how the company emerged from an experimental Google design program, why Joe and his co-founder chose to build hardware in a software-dominated world, and what it actually takes to bring a new phone to market without relying on the traditional venture-backed smartphone playbook. We get into crowdfunding as early validation, how they managed to develop a relationship with Foxconn — one of the world’s largest manufacturers of electronics — and what that partnership required at their scale.We also break down the unit economics: non-recurring engineering costs, bill of materials, software licensing fees for tools like directions, inventory financing, and how tariffs and component shortages have affected margins. We discuss the tradeoffs behind feature decisions — why the phone includes essentials like calling, texting, directions, and now a camera, but will never include features like social media access, email, or an internet browser — and how those boundaries shape both the product and the business model.This was a thoughtful, detailed look at what it takes to build a hardware company with a fundamentally different incentive structure. I learned so much from Joe, and I hope you enjoy the conversation as much as I did.

In today's episode, I sit down with Sara Victorio, founder of Hotel Ceramics, a one-person handmade ceramics studio based in Portland, Oregon.We talk about how Hotel operates as a solo manufacturing business, from product design and material inputs to kiln capacity, production methods, and quality control. Sara walks through why she shifted from wheel throwing to slip casting, how that decision changed her labor economics and output constraints, and what tradeoffs it introduced operationally. We also get into pricing and margin considerations in handmade ceramics, including how labor, throughput, and failure rates factor into pricing decisions, and why Hotel uses a drop-based sales model rather than pre-orders. Throughout the conversation, we discuss demand management, customer expectations, repeat purchase behavior, and how distribution choices affect both cash flow and workload when the founder is also the sole producer.This was a clear, grounded look at the mechanics of running a small, design-driven physical goods business with real production constraints. I learned so much during my conversation with Sara, and I hope you enjoy it as much as I did.

In today's episode, I sit down with Nate Mell, founder of Felt + Fat, a Philadelphia-based ceramics company producing tableware for both restaurants and direct-to-consumer customers.We talk about how Felt + Fat began supplying custom tableware to restaurants, why ceramics made sense as a business from a unit-economics perspective, and how debt-financed equipment shaped the company’s growth and risk profile. Nate walks through the operational realities of scaling a labor-intensive manufacturing business, the shift from wholesale to direct-to-consumer, and how capital decisions around space, equipment, and staffing affected margins and cash flow. We also get into the limits of vertical integration, what rapid expansion exposed about the business model, and how a period of financial distress forced a clear-eyed reassessment of what the company actually does best — ultimately leading to a narrower, more sustainable operating scope.This was a candid, detailed look at the mechanics of running a U.S.-based manufacturing business and I can't thank Nate enough for his transparency around some pretty sensitive topics. I learned so much during our conversation, and I hope you enjoy it as much as I did.

In today's episode, I sit down with Jared Klusner, founder of Erstwhile, a jewelry business built around highly curated vintage and vintage-inspired pieces.We talk about Jared’s path into the jewelry world, how sourcing actually works in a niche, relationship-driven market, and why trust and expertise matter so much when you’re dealing in rare, one-of-a-kind goods.We also get into the mechanics of building a business around non-fungible inventory — from pricing and negotiation to replacement risk, inventory management, and the realities of scaling a high-touch operation without losing credibility.This was a fascinating look at what it really takes to build a relationship-driven business in high-end vintage goods. I learned so much from the conversation, and I hope you enjoy it as much as I did.

On today's episode, I sit down with Lucy Dana, co-founder and CEO of One Trick Pony, a peanut butter brand built around Argentinian peanuts and a novel approach to jar design.Lucy walks through the tradeoffs involved in supplier selection, inventory risk, and manufacturing control, including the very real consequences of getting early production decisions wrong.We get into how One Trick Pony thinks about differentiation in a crowded, commoditized category, why jar design — not ingredients alone — became the company’s primary growth lever, and the operational and margin implications of introducing custom packaging.Lucy also shares how pricing decisions have evolved alongside rising input costs and tariffs, why DTC played a critical role early on, and how the business is balancing e-commerce with retail as it scales.This was a thoughtful, transparent conversation about building a modern food brand from scratch and I learned so much during my conversation with Lucy. As always, I hope you enjoy it as much as I did.

In this episode, I sit down with Lauryn Menard, founder of GOB, a company rethinking single-use personal care products starting with earplugs made from mycelium.We talk about how GOB came to focus on a category most people overlook, and what it actually takes to commercialize a new biomaterial in a space dominated by low-cost, petroleum-based incumbents. Lauryn walks through the early research process, the tradeoffs involved in material selection, and the realities of working with suppliers and manufacturing partners when you’re building on top of emerging technologies rather than established supply chains.We also get into pricing and positioning in a highly price-sensitive category, how GOB thinks about margins and cost reduction over time, and why subscription has become the core business model as the company shifts toward daily-use, health-driven customers. Lauryn shares how GOB is approaching distribution across DTC, music venues, and retail, and how those channels serve different roles at different stages.This was a thoughtful, grounded conversation about building a premium physical product in a commoditized category, the real constraints of scaling physical products that don’t rely on petrochemicals, and what it actually means to design products with end-of-life in mind. I learned so much during our conversation and I hope you enjoy it as much as I did.

In this episode, I sit down with Hilary Dubin and Caroline Huber, co-founders of Jones — a modern nicotine-cessation company built for people trying to quit vaping.Jones combines FDA-approved nicotine mints, a form of nicotine replacement therapy (NRT), with an app that provides behavioral support and community. Hilary and Caroline started the company after struggling to quit nicotine themselves and realizing how outdated, stigmatized, and incomplete the existing NRT category felt — especially for younger users.We talk about how their personal experiences shaped the product, what it takes to build a regulated physical product alongside software, and why behavioral support is just as important as the nicotine replacement itself. We also get into manufacturing constraints, FDA economics, fundraising stress, and the realities of building a business in a tightly regulated space.This was an extremely transparent conversation about building a real company in what I consider to be a critically important category. I learned a lot from this one, and I hope you enjoy it as much as I did.

On today’s episode, I sit down with Dan Cassaro, Dan Christofferson, and Meg Yahashi — the team behind Weast Coast Games, a modern board game company designing beautifully crafted tabletop games.Weast Coast grew out of Young Jerks (the branding and packaging studio they’ve been building for over a decade) and this conversation provides a look at what happens when a design firm decides to make its own physical products.We talk about how a lunchtime prototype turned into a real board game business, how they think about gameplay and play-testing, and why they chose to lead with a high-cost, component-heavy game instead of playing it safe.We also get into manufacturing realities, pricing and margin decisions, using Kickstarter as a validation tool, and the ways in which game design has changed the way they think about client work.This was a fascinating look into balancing craft and creative ambition with the realities of producing and selling physical products — and I hope you enjoy the conversation as much as I did.(Also a shoutout to the team for designing this episode's cover art!)

In this episode, I sit down with Elliott Walker and Tim Hucklesby, co-founders of Nymzo — a modern chess brand rethinking one of the world’s most traditional games. Elliott and Tim are longtime brand designers, and their perspective on product, positioning, and credibility shows up in every part of Nymzo’s story.We talk through how they identified a real gap in the chess market based on what they were seeing culturally and commercially, and how that conviction translated into a premium, performance-driven physical product. Elliott and Tim break down what it actually took to manufacture a chess set from scratch — from tooling decisions and material choices to the realities of minimum order quantities and early production constraints.We also dig into bootstrapping, demand and distribution strategy, how they approached launching DTC, what they’ve learned from working with chess clubs as a discovery channel, and what it means to build trust and legitimacy in a legacy category that’s deeply rooted in tradition.Tim and Elliott are exceptional brand builders, and I think it really shows. I learned so much during our conversation, and I hope you enjoy it as much as I did.

On today's episode, I sit down with Jamey Stegmaier, Co-Founder & CEO of Stonemaier Games — the studio behind modern board game staples like Wingspan, Scythe, and Viticulture. We dig into what it actually takes to run a board game company at scale: the economics of manufacturing in China, navigating tariffs and freight costs, the true timeline of bringing a game from idea to shelf, and how Stonemaier thinks about margins, value, and customer trust.Jamey also opens up about the early Kickstarter era, budgeting mistakes that almost sunk the company, why they eventually walked away from crowdfunding altogether, and how that decision changed their business overnight. We talk art investment, digital vs. physical revenue, distribution strategy, working with retailers, hiring slowly, and why he’s far more interested in serving existing fans than chasing “growth for growth’s sake.”It’s a transparent, thoughtful look at an industry that rarely gets discussed through an operational lens — and one of the most insightful conversations I’ve had about building a product-driven company. I hope you enjoy this one as much as I did. 

In this week’s episode I sit down with Dave Allee, Founder of Almond Surfboards — one of the most respected surf brands in the market. Dave started Almond back in 2009 with a deep appreciation for craftsmanship, heritage, and timeless design, and over the past 15+ years he’s grown it into a brand that customers genuinely trust.We talk through what it actually takes to build durable, meaningful products in a category that isn’t always forgiving, how Almond has cultivated such a loyal community, and why discipline and restraint have been central to the company’s longevity. We also dig into the story behind the R Series, the recyclable, mold-injected surfboard line that became a major turning point for the business.Dave is one of the most thoughtful, disciplined founders I’ve come across and I learned so much during our conversation. I hope you enjoy it as much as I did.

In this week’s episode, I sat down with Ilay Karateke, Co-founder & CEO of Bezi, the Labneh brand working to introduce an entirely new category to U.S. grocery shelves. We dig into what Labneh actually is, why it hasn’t historically broken through in mainstream retail, and what it takes to introduce a new category rather than compete in an already understood space.We talk through the realities of building a refrigerated CPG brand without DTC, why Bezi made a retail-first, New York-first bet, and how relentless in-store demos and community events became the backbone of customer acquisition. İlay also shares what it means to be bootstrapped while competing next to massive, well-funded category players, how her co-founder’s family dairy business shapes Bezi’s manufacturing and shelf-life advantages, and what scaling inside Whole Foods actually looks like when the roadmap isn’t obvious.We also get into tariffs, distribution tradeoffs, the decision to avoid big national brokers (for now), and how she thinks about timing fundraising vs. staying disciplined on cash flow. It’s an honest look at what it takes to build a food brand when demand doesn’t already exist — and what it looks like to try to bring an entirely new grocery category to life.

In this episode, I sit down with Nash Howe, founder of Currently Running — a new running apparel brand built at the intersection of product, art, and storytelling.Nash is like no one I've ever met. His passion for running, art, and brand building is infectious and it made for an incredibly compelling conversation.Nash walks through his path from creative work in film, photography, and music to building a physical product from scratch. We talk about developing Currently over several years before launch, how he approached fabric sourcing and manufacturing without a traditional apparel background, and what it looks like to bootstrap a brand through prototyping, tariffs, and early cash-flow constraints.We also get into pricing and margin decisions, staying DTC in the early days, learning when to ask for help, and how creative direction shapes everything from product to community.I hope you enjoy this one as much as I did.

In this episode, we sit down with Michael Fisher, founder and CEO of ⁠Rotten⁠, the better-for-you candy brand built for people who still want to indulge. Michael shares how Rotten came to life after years of R&D, early manufacturing trials, and the realization that healthier candy didn’t need to look or feel “health-first” to win consumers.We walk through what it actually takes to build and scale a modern candy brand — from working with food science partners and commercial manufacturers to using Kickstarter and direct-to-consumer as early validation and learning tools. Michael breaks down how Rotten leveraged DTC to iterate quickly on product and messaging before expanding into retail, and why that feedback loop was critical before taking on larger distribution.We also dig deep into retail strategy: how Rotten thinks about velocity, distributor relationships, and syndicated data; the margin pressure that comes with better-for-you ingredients; and the packaging decisions that matter most on shelf. Michael explains how the brand approaches pricing, promotions, seasonal demand like Halloween, and why Rotten has been able to attract customers who had never purchased better-for-you candy before.If you’re interested in CPG, food and beverage, retail expansion, or the operational trade-offs behind building a product that has to win on taste, branding, and economics, this is a detailed look inside the business of modern candy.

In this episode, we sit down with Alec Jaffe, founder and CEO of Alec’s Ice Cream — the first certified regenerative, A2-dairy ice cream brand in the country. Alec walks us through what it actually takes to build a modern CPG brand inside one of the most operationally challenging categories: frozen foods.We cover everything from how he found (and rebuilt) a shut-down 4,000 sq. ft. ice cream factory in Sonoma, to the realities of sourcing regenerative A2 dairy, to navigating cold-chain logistics that stretch across farms, warehouses, distributors, and grocery freezers. Alec breaks down the real math behind ingredient costs, why their pints sit at a premium price point, and how he thinks about incrementality when launching new flavors or whole new formats like Culture Cup — the probiotic single-serve cup that unexpectedly blew up on TikTok.If you’ve ever wondered how a small team brings a new CPG product to life — from ideation and benchtop testing to packaging, scale-up, retail resets, and managing a fragile cold chain — this is a masterclass in the operational grind behind the ice cream aisle.

This week, we sit down with Kristen Pumphrey and Tom Neuberger, co-owners of P.F. Candle Co., the California-born home fragrance brand known for its clean, modern scents and iconic amber jar candles. Kristen and Tom share the full story behind their 15-year journey — from learning to make candles at age 12 and selling early blends on Etsy, to navigating craft fairs, bootstrapping every step, and ultimately opening three retail stores across LA, San Francisco, and Brooklyn.They walk us through P.F.’s deeply intentional product-development process: building mood boards, working with fragrance houses, learning the language of perfumery, iterating endlessly on scent mods, and managing production timelines that can stretch from nine months to a year and a half. We discuss how they forecast demand in a high-cost, razor-thin margin environment, the systems they use to avoid overbuying, and how unexpected moments — like a Wirecutter feature that triggered a 2,500-person waitlist — force even seasoned operators to stay nimble.We also dig into what it really means to manufacture domestically today. Kristen and Tom break down the realities of sourcing U.S.-made materials, negotiating credit terms, weathering tariffs, and scaling while staying self-funded. They share candid lessons from retail expansion — picking neighborhoods, avoiding bad real estate, designing stores through a DIY lens, and staying grounded in curation and customer connection.Finally, we explore why authenticity in press still matters, how P.F. thinks about new vs. returning customers, why some product bets fail (and what they learned from them), and how the team stays creatively energized after more than a decade in business.If you're interested in CPG, scent and product development, bootstrapping, retail strategy, or the realities of scaling a small but mighty brand, this is an episode you won’t want to miss.

This week, we sit down with Kathryn Shaw, co-founder of Spring & Mulberry, the chocolate brand redefining sweetness with through its use of whole foods. Kathryn shares the deeply personal story that sparked the company and how it led her to rethink indulgence completely.She walks us through the surprisingly complex journey from kitchen experiments to commercial chocolate production: searching for co-manufacturers, navigating minimum order quantities, building early demand, and playing “inventory whack-a-mole” after early press from Forbes and Bon Appétit. Kathryn breaks down the realities of launching as a premium brand, from dialing boutiques via Instagram DMs to understanding the hidden mechanics of grocery distribution, freight, and setup costs.We also dive into today’s chaotic cacao market (with prices up nearly 5× since 2022), how a small brand finds efficiencies to stay competitive, and why packaging, positioning, and premium experiences matter more than ever. Kathryn shares lessons on PR, omni-channel marketing, hiring slowly, and the role of relationships — plus what’s next as Spring & Mulberry expands beyond date-sweetened chocolate toward a world of “sweet beyond sugar.”If you're interested in CPG, brand building, grocery strategy, or the intersection of wellness and indulgence, this is an episode you won’t want to miss.