How I Built This with Guy Raz

Laura Modi set out to build a better infant formula.
What followed was years of setbacks: a crippling dispute with the FDA, a frustrating search for a manufacturer, and the constant fear that the company would run out of money before it reached customers.
But today, Bobbie generates over $100 million a year and has captured nearly 4% of the U.S. infant formula market by challenging one of the most protected industries in America.
In this conversation, Laura explains how she made it through—and why many of the moments that looked like disasters ultimately built a better company, and made her a better entrepreneur.

You'll learn:
Why Laura left a great job to launch one of the most heavily regulated products in America
How she spent nearly $200,000 of her own savings before raising outside capital
How 64 investor pitches helped her tell a better story
How a public apology changed the trajectory of the company
Why Bobbie turned away thousands of customers during its fastest period of growth
Why Laura moved to Washington, D.C., and how she thinks about federal oversight

Timestamps:
13:17 – The emotional experience that revealed a massive business opportunity
23:09 – Laura learns about the two companies that had a lock on U.S. formula
25:52 – Quitting Airbnb, starting Bobbie while pregnant, risking her savings
38:52 – Pitching 64 investors—and the brutal feedback that fueled her to keep going
50:04 – The FDA shuts the company down after two weeks
1:01:14 – Building a community while waiting nearly two years for approval
1:09:11 – Launch day, and selling out faster than expected
1:13:59 – Why Laura shut off new customer orders during the infant formula shortage
1:17:12 – Buying her own manufacturing plant to control Bobbie's future
1:20:19 – Navigating Washington, regulation, and building a mission-driven brand

This episode was researched and produced by Alex Cheng with music by Ramtin Arablouei. It was edited by Neva Grant. Our audio engineer was Robert Rodriguez.

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Today's callers: Bob in Chicago looks to promote his cabbage-based muscle and joint rub beyond the walls of his orthopedic practice. Then Abby in Dallas wonders whether her popular social media livestreams are a sustainable way to market her trendy phone cases. And Henry in Charlotte wants to turn his mouth rinse for coffee drinkers into a mainstream oral care brand.
Plus, Bobbi shares what drove her to found her new company—Jones Road—at the age of 62.
Thank you to the founders of Cabbage Labs, AbbyRose, and Tannin Oral Care for being a part of our show.

If you’d like to be featured on a future Advice Line episode—where Guy and former show guests take questions from early-stage founders—leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.
And be sure to listen to Bobbi Brown Cosmetics’ founding story as told by Bobbi on the show in 2018.

This episode was produced by Sam Paulson with music by Ramtin Arablouei. It was edited by Andrea Bruce. Our audio engineer was Cena Loffredo.
You can follow HIBT on X & Instagram and sign up for Guy’s free newsletter at guyraz.com or on Substack.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What do you do when the family business you've spent decades building... gets bought out from under you?
That’s what happened to Nima and Salma Fotovat.
Devastated, the family rebuilt a new company from the ground up. This time they set out with a new idea: build an allergen-free, organic snack brand not just for kids, but their parents.
Their new brand: MadeGood.
Today, the Canadian brand’s parent company does hundreds of millions of dollars in sales. But getting there meant rebuilding from scratch, fixing 200,000 mislabeled snack bars by hand, and turning a family of co-packers into branding experts.

What you'll learn:
How owning manufacturing can be a competitive edge
How they grew a national brand with almost no marketing.
Why it can be a winning strategy to say "yes" before you know how
Introducing new products: the tension between research and emotion
The mindset that can help you rebuild after a devastating setback

Timestamps:
6:05 - Growing up in Iran during wartime, and emigrating to Canada
11:55 - Their dad’s new business: “Why are North Americans not eating nougat?”
19:25 - Building the family’s first snack bar brand—and losing it overnight
34:20 - The next business: going all in on healthier school snacks
42:30 - Fixing a 200,000-bar production error with alcohol wipes
48:30 - Landing MadeGood’s first retail store
51:10 - The 100-mile radius marketing strategy
56:50 - The lure of new products: from human treats to dog treats
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Today’s callers: Tony in Michigan is considering bringing on partners to run different parts of his brew pub and theater business. Then Monica in London is exploring the best way to reach style-conscious parents with her line of children’s clothes. And Sandy in Colorado is seeking the ideal pricing strategy to bring his adaptive test prep platform to schools nationwide.
Thank you to the founders of Hearsay Brewing and Theater, Tres London and Brain Buffs for being a part of our show.

If you’d like to be featured on a future Advice Line episode—where Guy and former show guests take questions from early-stage founders—leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.

And be sure to listen to our Advice Line episodes with Jeffrey Hollender of Seventh Generation, Sarah LaFleur of M.M LaFleur and Shazi Visram of Happy Family Organics.

This episode was produced by Kerry Thompson with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Jimmy Keeley.

You can follow HIBT on X & Instagram and sign up for Guy’s free newsletter at guyraz.com or on Substack.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Many founders think the hardest thing about business is finding customers.
It's not.
It's surviving success.
When Lily Kanter and Serena Dugan launched a luxury baby linen business, they had no manufacturing experience, no inventory, and barely any capital. But after their first catalog landed just as a major competitor left the market, orders flooded in almost overnight.
The problem? They hadn’t made the products yet.
Today, Serena and Lily has grown into one of the best known luxury home goods brands in the country. But getting there was a grind.
This is one of the most revealing conversations we've ever had about unplanned opportunities, and the hidden cost of taking outside investment. From financing their first inventory with customer deposits... to walking away from a disastrous investment deal... to nearly losing control of the company they built, this episode is a masterclass in what happens when rapid growth collides with the realities of cash flow.

You Will Learn:
The clever way Serena & Lily financed its first production run
How one perfectly timed opportunity launched the business
Why "smart money" isn't always smart
How investor and founder incentives can be completely misaligned
The warning signs hidden inside a term sheet

Timestamps:
06:11 – Lily's years at Microsoft, and the money that helped launch a business
11:55 – Serena repaints an old table and discovers people will pay for her designs
24:21 – “No bunnies, ducks or choo choo trains.” Lily and Serena meet, and decide to sell high-end baby linen:
36:01 – $100,000 in orders... for products that didn't exist yet
37:38 – The cash-flow hack that kept the company afloat
46:14 – “They patted us on the head.” Patronizing investors, and a predatory term sheet
51:28 – The financial crisis forces a complete reinvention of the business
58:47 – The lawsuit, the boardroom battle, and the investor who nearly brought Serena & Lily down
1:03:26 – Why acquisition offers couldn't save the company—and the lesson every founder should hear

This episode was produced by J.C. Howard, with music by Ramtin Arablouei.
Edited by Neva Grant, with research help from Katherine Sypher.

Follow How I Built This:
Instagram → @howibuiltthis
X → @HowIBuiltThis
Facebook → How I Built This
Follow Guy Raz:
Instagram → @guy.raz
Youtube → guy_raz
X → @guyraz
Substack → guyraz.substack.com
Website → guyraz.com

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.