My First Million
#51 - Coronavirus, Being on Shark Tank & At-Home Testing Kits with Julia Cheek
· Summarized
Key takeaways
- Podcast growth can be driven by engaging listeners and fostering community through interactive challenges.
- Meetups and personal engagement can significantly enhance listener loyalty and provide valuable networking opportunities.
- Understanding and communicating complex health issues like coronavirus is vital for both personal safety and business operations.
- Innovative fintech solutions are reshaping the financial landscape for startups, offering new opportunities for cash flow management.
- Entrepreneuring in sectors like health tech requires perseverance, innovation, and adaptability to consumer needs and market conditions.
- Transparency and education in health-related services can empower consumers and foster trust.
Summary
Sam's New York Trip and Podcast Growth Strategy
Sam discusses his recent trip to New York, where he engaged with advertisers and appeared on notable podcasts such as Gary Vaynerchuk's and Anthony Pompliano's. He emphasizes the importance of audience engagement through subscriptions and reviews, proposing an interactive experiment for listeners to record their subscription activities to enhance the podcast's visibility and analytics.
Meetup Experience and Fan Engagement
Sam shares his experience hosting a spontaneous meetup in New York after tweeting about it, which garnered an overwhelming response. He reminisces about the interesting people he met, including unique business owners, highlighting the passion and enthusiasm of their fan base.
Discussion on Coronavirus
The hosts delve into the ongoing discussion about the coronavirus, exploring its contagious nature and potential systemic impacts. They highlight the challenges and paranoia surrounding the virus, examining its effects on the business landscape, including the stock market plummeting.
Financial Infrastructure Changes and Opportunities
The conversation shifts to emerging fintech platforms like Pipe.com, which provide cash flow solutions for subscription-based businesses. The hosts discuss the transformation of financial infrastructures for startups and the benefits of these innovative financial products that help entrepreneurs manage cash flow effectively.
Julia Cheek on Shark Tank and EverlyWell
Julia Cheek, CEO of EverlyWell, joins the podcast to discuss her experience on Shark Tank, where she secured a significant investment and gained national exposure for her at-home testing kits. She shares insights into the challenges she faced as a first-time entrepreneur and the growth of her company in the health tech space. Julia explains how EverlyWell aims to make medical testing more accessible and user-friendly for consumers.
Consumer Health Trends and Market Insights
Further into their conversation, Julia addresses misconceptions about food sensitivity testing and the importance of transparency in healthcare. She outlines the opportunities for growth in the direct-to-consumer health market, particularly in sexual health testing, and shares her insights on acquiring customers effectively.
Sponsors
- HubSpot · Angel City Football Club did it with a little help from HubSpot. When they started, data was housed across multiple systems. HubSpot unified their website, email marketing, and fan experience in one platform. This allowed their small team of three to build an entire website in just three days.
Show notes
Sam (@thesamparr) is back from his New York trip to chat with Shaan (@shaanvp) about ideas, trends and businesses. Today, mid-way through we're joined by Julia Cheek (@JuliaTCheek) who is the CEO and Co-Founder of $50M backed EverlyWell, a digital health startup providing at-home medical testing kits and redesigned lab results - which did $40m in sales last year. Topics for today: Sam's time in New York (2:05), Preparing for podcasting and interviews (5:22), Meetup at Sam's Airbnb (8:47), Reality 2020: Shaan's upcoming trip to Israel (12:20), Their thoughts on Corona Virus situation (15:12), Transparent numbers in a business (24:27), New fintech platforms like Pipe.com (32:17), Julia Cheek joins the pod (38:00), Julia's background at Harvard and starting her company (40:20), Her experience on Shark Tank (44:41), How rich are the sharks? (51:31), How much traffic did she get from being on the show (52:56), How her business works (56:10), Sam thinks food allergy testing is BS (58:02), Sexual health is a massive opportunity (1:00:17), Her best customer acquisition channels (1:02:18), Bootstrapping businesses (1:04:12), Turning her idea into reality (1:07:36), Price transparency is the next big thing in healthcare & Insurance (1:12:28), HR Systems (1:16:11) and Stay at home tests (1:17:35).
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