In this episode first aired May 8, 2023, Ken sits down with Louisa Serene Schneider, Founder and CEO of Rowan, a company that offers safe ear piercings exclusively by licensed nurses. Louisa shares her journey from being a hedge fund analyst to launching Rowan in 2017 and raising over $35 million in venture funding. 

Join Ken as he dives into Louisa's journey and learn how she turned her passion for creating a safer ear piercing experience into a successful business venture!

Key Takeaways from this interview include:

1.    Unique Business Idea and Inception: Louisa's "aha moment" for starting Rowan came from her research and personal experiences, noticing the lack of safe and reputable places for ear piercing. This led to the founding of Rowan, a company that prioritizes safety by using licensed nurses for ear piercings.

2.    Growth and Expansion: Since its inception in 2017, Rowan has rapidly expanded, with 25 studios expected to be open soon and plans to reach 35 by the end of 2023. The company has successfully scaled across various locations, including major cities and diverse areas, proving its business model's adaptability and appeal.

3.    Pivot from Target to Standalone Stores: Initially, Rowan offered services within Target stores but later pivoted to standalone stores due to operational challenges and better performance metrics from their own locations. This strategic shift allowed Rowan to focus on its core business and optimize customer experience.

4.    Financial Performance and Profitability: Rowan's stores have shown impressive financial performance, with some achieving break-even points in well under a year and generating strong sales per square foot. Although the company is currently profitable at the unit level, growth expenses mean that overall profitability is still a work in progress.

5.    Future Growth and Potential: Rowan is considering various growth strategies, including international expansion, partnerships, and potentially exploring new services like nose piercings. The company remains focused on expanding its footprint while maintaining high standards of safety and customer satisfaction.

6.    Value of a Strong Board: Louisa emphasized the importance of assembling a great board of directors. She highlighted members like Tracy Gardner, Anna Badell, and Mike Bifano, each bringing unique expertise and support to the company. Having knowledgeable and candid board members is crucial for a company's success.

7.    Inspirational Leaders and Companies: Louisa admires various leaders and companies for their innovative and resilient business models. She mentioned Berkshire Hathaway for its straightforward acquisition strategy, the revival of Banana Republic, and brands like Lululemon and Hermes for their excellence in their respective markets.

8.    Learning from Challenges: Reflecting on her experience with Target, Louisa discussed the importance of learning from business challenges. While the partnership didn’t end as envisioned, it provided significant brand recognition and valuable insights about the company. The experience highlighted the need to adapt and make informed decisions despite having imperfect information.

9.    Technology and Retail: Louisa shared insights into the tech stack Rowan uses, including Shopify for e-commerce, NetSuite for ERP, and Gorgeous for customer service. She highlighted the importance of choosing the right technology platforms early in a company's development to enhance customer experience and operational efficiency.

10. Pragmatic Approach to Innovation: Louisa discussed the pilot program for virtual try-on technology, weighing its benefits against its costs and feasibility for their current scale. She concluded that while the technology is interesting, it wasn't a priority for their current operations due to the high costs and complexity involved.