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“$100M dollar brands are being built for boring products” - Harley Finkelstein of Shopify

by Hubspot Media

My First Million

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My First Million

This episode is titled:

“$100M dollar brands are being built for boring products” - Harley Finkelstein of Shopify

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Notable Quotes

"How do you take an ugly thing or like just a commodity product, but then apply luxury to it and create your own category?"
"You just have different problems. There is no magic number."
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Episode Summary

In this episode, the hosts share an engaging story about Touchland, a hand sanitizer company that redefined a typically utilitarian product into a luxurious item. The founder's innovative approach included making the sanitizer visually appealing and scented, contrasting the generic offerings like Purell. After launching on Kickstarter and experiencing rapid growth, particularly during the COVID-19 pandemic when hand sanitizer became essential, Touchland thrived and was later acquired for a substantial amount.

The hosts discuss how this narrative exemplifies a broader trend where previously mundane products are marketed with luxury aesthetics and experiences, making them appealing and gift-worthy. They highlight other examples like Dyson's new pencil vacuum and Ember mugs, which elevate ordinary items into desirable products.

The conversation reveals insights on entrepreneurship, touching on how businesses should disrupt traditional market perceptions. They emphasize innovating within 'boring' markets to create engaging stories and branding. Towards the end, they delve into artificial intelligence's integration in companies, underscoring how leaders like Shopify's Toby Lutke focus on using AI reflexively to enhance productivity and creativity within teams. The episode concludes by reflecting on personal health practices and the entrepreneurship journey, emphasizing that even at large scales, challenges and growth continue.

Key Takeaways

  • Innovating ordinary products can create a new luxury market.
  • The importance of storytelling in branding mundane items.
  • AI can enhance productivity when seamlessly integrated into business practices.

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