The Ledger
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Coppetti conditioned joining On on ousting co-creator George Brunsweiler
“And so I made a pretty bold move and said, yes, I'm going to get involved, but without you, George.”
On founders faced mandatory share forfeiture for any side income
“We actually wrote in our shareholders agreement, and it lived there all the way through the IPO. We put down this thing when if someone, someone of us took another job or, you know, even like a side hustle or any income from any other source, we would have to …”
Coppetti: Trying to compete directly with Nike is suicide
“And frankly, you know, if you look at the Under Armour story, to try to compete directly with Nike is suicide.”
On's partnership agreement with Roger Federer fit on a single page
“Literally our agreement fit on one page. And it had none of the usual clauses, like no minimum days that he has to you know, spend with us. No, no licensing fee, nothing.”
On launched with 300k CHF cash and 150k CHF sweat equity
“Yeah, so we each put the 150,000 in, and Oli didn't have the cash, so we basically Took his efforts so far into the company and valid that at 150. So, so that's how we started.”
On secured roughly 500,000 CHF in orders at its first trade show
“And so we went to the show in January, literally like a couple days after we started the company with, I don't know, five, six samples. And we left the show with, or I would say about half a million Swiss francs in orders.”
On launched without writing a business plan or sizing the market
“We never did a business plan. We never did like a proper market sizing. All we knew was this is a big market.”
On founders resented customers wearing their high-tech shoes with jeans
“We were going to be a running company, and actually, it pissed us off. When somebody dared to wear our high-tech product industry with jeans, it really bucked us.”
On's initial patent license included an outright purchase option
“So what we did is we agreed on a licensing agreement, but we also put a clause in there, luckily, that we could terminate the license agreement and purchase the patents outright.”
On launched across six countries on day one due to market size
“So we knew on day one that we couldn't be just a Swiss company. So, so we started out in six countries at once.”
On generated $1 million in revenue in its first six months
“Yeah, we did a million in the first half year, which, you know, was obviously great.”
On buys Google search ads for "QC" due to logo confusion
“We actually, you know, buy the QC. Keyword on, on, on Google.”
On achieved profitability in 2014 and has stayed profitable
“2014 was the year that we actually then broke our first profit, and we've been profitable ever since.”
On had roughly 160 million in revenue when Roger Federer approached
“At the time we were about a hundred sixty million in revenues.”
On search traffic doubled permanently after announcing Roger Federer partnership
“When Roger came on board and we announced it in New York, Search traffic doubled and stayed there.”
Coppetti: On founders hold about 60% of voting rights post-IPO
“And today we have about 60% of the votes but still have access to the capital market.”
Coppetti and Bernhard's partnership began by publicizing Bernhard's doping clearance
“That was actually the first assignment for me as this press agent, like basically how do we make sure that like this makes the front page and we managed to get the story about him being cleared into pretty much every newspaper. We went on, on Swiss national TV…”