Digest

This episode of the podcast features an interview with Terabash, the founder of Smart Sweets, a company that produces low-sugar candy. The episode chronicles Terabash's journey from her early days of recipe testing and securing debt financing to her appearance on Dragon's Den and the subsequent deal with Whole Foods. Terabash discusses the challenges she faced in scaling her business, including finding reliable manufacturers and navigating the complexities of building a company culture. She also shares her experience receiving the Peter Thiel Fellowship and the unexpected success of Smart Sweets during the pandemic. The episode concludes with Terabash's decision to sell a majority stake in the company to TPG and her reflections on her journey as an entrepreneur.

Outlines

00:00:00

Introduction: Terabash and Smart Sweets

The episode introduces Terabash, the founder of Smart Sweets, a company that sells low-sugar candy.

00:00:09

Terabash's Early Days: Recipe Testing and Inspiration

Terabash describes her early days of recipe testing and how she immersed herself in the stories of successful entrepreneurs to gain inspiration and overcome fear.

00:33:15

Building a Business and Overcoming Challenges

Terabash shares her experience joining an accelerator program for young entrepreneurs, where she felt like an outsider but found valuable connections and mentorship. She also discusses her initial production run of 13,000 bags of candy and the challenges she faced in finding a reliable manufacturer.

00:40:29

Securing Funding and Early Success

Terabash recounts her struggle to secure debt financing for her business and how she ultimately secured loans from two banks. She explains her strategy for distributing Smart Sweets through retail stores and how she leveraged social media to build brand awareness.

00:48:37

Scaling the Business and Securing Investment

Terabash discusses the challenges of scaling her business and how she secured an investment from a private investor. She shares her experience on Dragon's Den and how the exposure led to a deal with Whole Foods.

00:58:45

Manufacturing Challenges and Continued Growth

Terabash recounts the manufacturing challenges she faced after securing the Whole Foods deal and how she found a new manufacturing partner. She discusses her experience receiving the Peter Thiel Fellowship and how it helped her to expand her mindset and raise significant capital.

01:05:49

Building a Company Culture and Recognizing Strengths

Terabash reflects on the challenges of building a company culture and how she learned to recognize her own strengths and weaknesses as a leader. She discusses the unexpected success of Smart Sweets during the pandemic and her decision to sell a majority stake in the company to TPG.

01:12:57

Stepping Down as CEO and Reflections on Success

Terabash shares her decision to step down as CEO and her personal reflections on the journey, including her grandmother's passing and her own health challenges. She discusses her life after Smart Sweets, her role as a single mother, and her reflections on the role of hard work and luck in her success.

Keywords

Q&A

• What inspired Terabash to start Smart Sweets?

  Terabash was inspired by her grandmother's struggles with excess sugar consumption and her own experience with body dysmorphia. She wanted to create a candy that was low in sugar but still delicious.

• How did Terabash overcome the challenges of starting a business with limited resources?

  Terabash was resourceful and scrappy. She used her savings, secured debt financing, and leveraged social media to build brand awareness. She also sought out mentorship from experienced entrepreneurs.

• What was Terabash's strategy for building brand awareness for Smart Sweets?

  Terabash focused on connecting with specific communities, such as the Weight Watchers community, and leveraging social media to build brand awareness. She also partnered with other brands in the low-sugar space.

• Why did Terabash decide to sell a majority stake in Smart Sweets to TPG?

  Terabash felt that partnering with a larger company would help her to achieve her vision of making Smart Sweets a global brand. She also wanted to free up time and energy to focus on other priorities, such as her family.

• How has Terabash's experience as a successful entrepreneur impacted her personal life?

  Terabash acknowledges that her wealth and public profile have complicated aspects of her personal life, particularly in terms of trusting people. However, she remains grounded in gratitude and trusts in the universe to guide her on her next path.

Show Notes