DeepSummary
The episode features an interview with David Alleman, the co-founder and co-chairman of On Running, a Swiss-based global sports brand. Alleman discusses the company's origins in 2009, when he and his co-founders had the idea for a new type of running shoe with unique cushioning elements made from pieces of garden hose. He describes the challenges of developing the first prototypes, getting the product to market, and building a community of dedicated customers.
A pivotal moment came in 2013 when Roger Federer, the legendary tennis player, started wearing On shoes and later became an investor and co-entrepreneur with the company. Alleman details how Federer's involvement helped raise brand awareness and drive product innovation. He also shares insights on expanding into apparel, building a retail presence, and balancing innovation with simplicity in product design.
Throughout the interview, Alleman emphasizes On's mission to inspire human potential through movement and the importance of staying true to the brand's core values and community-driven approach. He reflects on lessons learned, such as the benefits of naivety in the early stages and the value of bringing in experienced leadership to support growth.
Key Episodes Takeaways
- On Running was founded by three friends in Switzerland who had an idea for a new type of running shoe with unique cushioning elements.
- The company faced challenges in developing prototypes, scaling production, and gaining traction with customers in the early years, but persevered through a community-driven approach.
- A pivotal moment came when tennis legend Roger Federer became an investor and co-entrepreneur, helping raise brand awareness and drive product innovation.
- On expanded into apparel and retail, taking an innovative approach to customer experience and rethinking traditional models.
- Throughout its growth, On has aimed to stay true to its core values and mission of inspiring human potential through movement.
- The company has embraced emerging technologies like AI while grappling with their implications and striving to balance innovation with simplicity in product design.
- On's success can be attributed to its commitment to excellence, its community-driven ethos, and its willingness to challenge industry conventions.
- Bringing in experienced leadership and embracing naivety at different stages have been valuable lessons for the founders.
Top Episodes Quotes
- “Roger said, hey, I would love to get involved. And we were super honored and said, hey, that's fantastic. But, you know, something like classic sports star endorsement, us giving money to you, that's not really onstar because we've always been growing out of the community and that's not in our playbook. But how about not us giving you money, but you giving us money and becoming a co investor and a co entrepreneur together with us? And to our surprise, Roger said, yes, that's what I'm going to do.“ by David Alleman
- “Probably on the future of technology for humankind and how AI is going to change our world. I feel just AI was a very abstract concept and we always felt, hey, the more mundane tasks will be at some point automated through machine learning. And now there's this amazing pivot where we learn, hey, potentially some of the most creative functions will be disrupted through AI, and that's 180 in a certain sense. And still grappling what that means for creativity as well. Because we now have to think, how can we potentially not just be creators, but also great curators that orchestrate AI.“ by David Alleman
- “I feel 120% beats 80 20. I feel doing something to perfection in many cases beats optimizing for efficiency, especially when it comes to product.“ by David Alleman
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Episode Information
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Harry Stebbings
5/31/23
David Alleman is the Co-Founder and Co-Chairman @ On Running one of the fastest-growing global sports brands with over 17 million products sold in 60+ countries. In 2021, On went public on the NASDAQ and today has a market cap of $8.7BN. However, it all started with three friends in the mountains experimenting with making shoes with pieces of garden hose to create a running shoe with a totally different feel.
In Today's Episode with David Alleman We Discuss:
1. From the Swiss Mountains to NASDAQ IPO:
- What was the initial a-ha moment for David and his co-founders with On Running?
- How did they make the first shoes?
- What are some of the biggest lessons for David in V1 product build?
- What does David know now that he wishes he had known at the start? Is naivete always good?
2. The Launch: First Customers:
- How did On get their first customers?
- What can products and companies do to instill true customer love in those first customers?
- What was the hardest element of launching On to their first customers?
- How does David analyze and use customer feedback? What does he listen to vs not?
3. Retail: Expanding into Own Store vs Partnerships:
- What are some of David's biggest lessons in how to make retail partnerships successful?
- How can brands create amazing experiences for customers in retailers that are not their own?
- Why did On decide to also have their own stores? How did this change the business?
- What have been David's biggest learnings on what it takes to do retail well with own stores?
4. Roger Federer: Working with a Legend:
- How did the relationship with Roger begin? Where was the first meeting? What was it like?
- How did Roger come to invest in On Running? Why did On not want to do the traditional athlete endorsement deal?
- What role does Roger play in the company today? How does he impact product development?
- What have been some of the biggest lessons for David from working with Roger?
- How much of an impact has Roger had on On Running as a business?
5. Financing, IPOs, and Brand:
- Does David wish they had raised venture capital sooner?
- If they had more money sooner in their journey, what would David have invested in earlier?
- Why did they decide to go public when they did? How has the journey been post being a public company? What changes? What is the same?
- What brand does Davist most respect and admire? Why? What brand decisions does David most regret? What would he have done differently?