Miguel Garza (co-founder of Siete Foods) shares strategic advice given to him by former Annie's CEO John Foraker on protecting consumer food innovations.
Insight
Garza: Never store tortillas in produce warehouses due to moisture and mold
“We had made one of the, a mistake, basically, which is don't store tortillas in a produce warehouse, because produce warehouses are humid, right? There's a lot of moisture, and produce has mold spores on it.”
Assertion Not checkable as stated
Garza: Siete sold out its initial retail batch within 24 hours
“So we had put these tortillas on the shelf in May of 2014 at Wheatsville, and we put two cases to the shelf, and we had learned a little bit from owning the gym on, like, marketing a service-based business, so what, you know, what we did was we took a picture,…”
Assertion Not checkable as stated
Garza: Must B Nutty became Wheatsville's #1 refrigerated seller
“We had become the number one selling item in the entire refrigerated case.”
Assertion Supported
Siete Foods raised $1M from Austin angels and a Chicago broker
“Yeah, we raised a million dollars from a few angel investors here in town, and then a natural foods broker who's based out of Chicago.”
Assertion Supported
Siete Foods expanded to four Whole Foods regions in January 2016
“They had their regional call, and four regions ended up being very excited about the product, and so January of 2016, we ended up launching in four regions.”
Assertion Not checkable as stated
Siete Foods was profitable and growing sustainably during 2016 retail expansion
“Yeah, yeah, because we were, at that point in time, we were making enough money to grow the business sustainably, and we were, we weren't making big bets beyond the innovation”