Peloton

“We have a hundred angels to get the first ten million, but in order to get a hundred angels at my success rate, I probably pitched 3000 people. And then the fourth, the 400 institutions that all said no.”

“I cleaned the bathrooms and I vacuumed every day for three years in this little place we had, and I kept it clean because We couldn't afford a cleaning office, and I didn't want anyone else distracted with the cleaning”

“Putting the energy out there and telling other people gets a little, gets the momentum going and holds you accountable. And I thought that was a, that was an important thing for me having the courage, which is basically, I just, I had to deliver on my promises…”

“We started pricing it at 1200 dollars, because it was just over 1200 dollars was our cost, and we're like, let's price it at cost, because we have the subscription digital content business model that comes afterwards, so we don't need to make any money, and we…”

“And 200 people I guess we raised 300,200 people bought, and a hundred of them were investors.”

“The fitness equipment category is incredibly dopey. No tech, no design, and just, it didn't feel like there was a bike that met the bar of the, of quality that we wanted.”

“And we got a couple weeks into a term sheet with Flywheel and then they backed away. They'd just gone through a financing round, and it didn't make sense with their new investor.”

“I spend money as fast as we get it, and I bought my parents a house. They didn't have any money bought my parents a house, and we just recently bought my in-laws a house and so I am, you know we don't have much money in the bank account still, because I'm, eve…”

“The seed round was relatively easy. It was 400,000 dollars At a 1.6 million pre money valuation, so two million post.”

“The Series E, I mean, the date was two years ago, effectively, when investors started to really see it, and we actually turned down, I mean, for the first five raises, we took every dollar we could from anybody. And that creates a cap table of 300 people, inst…”

“I don't want to be that company that looks so dumb, because your product is made irrelevant based on some other company's hardware cycles. And so I said, I think you've got to make the tablet.”

“I think if we do it well, this will be one of the special companies of our generation.”

“There was a little scale problem where the first prototype was about 40% too big.”

“You think venture capitalists, you know, want to have a vision and take risks, but you're absolutely right, guy. They minimize risk, and you get it if they're shepherding your capital. They want minimal risk”

“Generally, if I could get somebody on a bike, honest to God, I got to a point where it was There's a fifty-fifty chance that you're gonna buy the bike, even though you just heard of it.”

“The guy who was in charge of it actually for most of that time was a gentleman named John Foley, who's now the CEO of Peloton.”

“I was so excited to show that Peloton is an awesome business and the total addressable market is massive. It's not small as some of the narrow-minded investors thought.”

“We have these fancy studios in New York and London, and we've spent, you know, fifty million dollars a piece, I believe, on these two studios, so real investments.”

“We have a uniquely seasonal business where I think we've said 60% of our demand is between Thanksgiving and the end of February because of holiday sales and the cold winter months.”

“And the third earnings call, We were profitable and growing tremendously, but it was this new world order, to your point, Guy, and it was all of a sudden, oh gosh, we don't want to be vilified for being profitable.”

“Yeah, I think it's spiked at 10 or 11 weeks in some markets, and I think we're down to six or seven weeks in most markets at this point, and as we continue to build capacity in our manufacturing pipeline and supply chain we're able to you know, meet the demand…”

“Hardware can be hard, but to an ambitious group of people like the Peloton founders and now the Peloton team You know, it's a competitive moat over time, which is which is why I think our investors are excited about it at this point.”

“I would say hardware isn't hard. I Tom Cortese, my co-founder who runs product development and is our product visionary I try to pin him on what's harder, software or hardware, and he'll go back and forth on different months and oftentimes he'll say software i…”

“With our instructors, we sent, you know, a couple 100,000 dollars of hardware and software into a few of our member, or a few of our instructors' homes and set up a, an ad hoc television streaming studio.”

“Our emphasis is competing against your last best performance. You know, you're only going to have so many people that are always on that leaderboard. We offer that. We put that on there for some people who like that, but our emphasis is working against yoursel…”

“At one point, he was worth almost a billion dollars. And he lost all, almost all of it, actually. And I recently read an article where he, in the Wall Street Journal, where he basically said, look, I'm, you know, I lost virtually all my money, but he has start…”