Madison Reed founder Amy Errett explains to host Jeff Berman why she traveled to Italy to find a manufacturing partner for clean hair color.
Disclosure
Amy Errett forced male VCs to consult female partners before investing
“Before I let anyone do the Series A, I actually told them to do that. So I went and I said, listen, you guys may think this is a good idea. You actually don't know. So I want you to go home. And either your wife, your partner, your kids, your cousins, your aun…”
Disclosure
Maveron passed on Dollar Shave Club over market size and Gillette fears
“We passed for all of the reasons that one might think at that time didn't make sense about Shaving, you know, size of the prize. How do you take Gillette on? Who's gonna buy this stuff? You know, sort of direct to consumer.”
What-if
Lacking a technical co-founder cost Madison Reed 18-24 months of product development
“Oh, I did not have a technical co-founder. And it cost us I would say about 18 to 24 months of really good digital product and commerce experience.”
Disclosure
Madison Reed is profitable, generating $200M revenue, and growing 20% annually
“We are a two hundred million dollar top line business that's profitable and growing 20 plus percent every single year, and, you know, we're an omnichannel business, so we have a lot of distribution.”
Insight
Founders should always open board meetings by sharing what is failing
“Always lead a board meeting with what isn't going well. Your board should be your best allies. You should never chest pound. You should just be completely authentic with them saying, like, by the way, guys, I need your help, right?”
Assertion Supported
Dollar Shave Club founder Mike Dubin serves on Madison Reed's board
“The irony is Mike Dubin is now on my board, which is, and we stayed close as friends and he's been a mentor to me.”