SmartSweets: Tara Bosch
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
Introduction: Terabash and Smart Sweets
The episode introduces Terabash, the founder of Smart Sweets, a company that sells low-sugar candy.
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.
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.
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.
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.
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.
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.
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
Smart Sweets
Smart Sweets is a company that produces low-sugar candy. The company was founded by Terabash in 2015 and has become a leading brand in the low-sugar candy market.
Terabash
Terabash is the founder of Smart Sweets. She started the company when she was 21 years old and has since built it into a successful business.
Dragon's Den
Dragon's Den is a Canadian television show where entrepreneurs pitch their business ideas to a panel of investors. Terabash appeared on the show in 2017 and received multiple offers from the investors.
Whole Foods
Whole Foods Market is a supermarket chain that specializes in natural and organic foods. Smart Sweets secured a deal with Whole Foods in 2018, which helped to launch the brand into the US market.
TPG
TPG is a private equity firm that invests in a variety of industries. In 2020, TPG acquired a majority stake in Smart Sweets.
Peter Thiel Fellowship
The Peter Thiel Fellowship is a program that provides funding and mentorship to young entrepreneurs who are dropping out of college to start businesses. Terabash received the fellowship in 2018.
Body Dysmorphia
Body dysmorphia is a mental health condition characterized by a distorted perception of one's own body. Terabash discusses her experience with body dysmorphia in her early years.
Sugar Reduction Movement
The sugar reduction movement is a growing trend that encourages people to reduce their intake of added sugars. Terabash's company, Smart Sweets, is part of this movement.
CPG
CPG stands for consumer packaged goods. This refers to products that are packaged and sold to consumers, such as food, beverages, and personal care items.
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
Tara Bosch wasn’t always considered a likely contender for success. At 21 years old, she dropped out of college the summer before her junior year and moved in to her grandmother’s basement. But, with a gummy bear mold from Amazon and a sugar-free candy recipe she tinkered to perfection, Tara got to work on a wild vision: she would create a global company called SmartSweets that would revolutionize the candy aisle and become a top seller of low-sugar candies. In 2020, Tara achieved her goal and sold SmartSweets for $360 million — a mere five years after creating the brand.
This episode was produced by Carla Esteves with music by Ramtin Arablouei. It was edited by Andrea Bruce with research help from Melia Agudelo. Our audio engineers were Gilly Moon and Maggie Luthar.
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