This engaging discussion dives deep into the intriguing rise and fall of Boosted Boards, tracing its journey from innovation to decline during the pandemic. The hosts highlight the vibrant community the brand built and the exceptional customer service that fostered loyalty. They explore the impact of leadership changes and market dynamics while comparing Boosted Boards to other electric scooters. The conversation also touches on the challenges of quick growth and hints at the future of the electric skateboard market, revealing the complex story behind this beloved brand.
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Quick takeaways
Boosted Boards successfully identified the urban 'last mile' transportation need, creating a desirable electric skateboard that became iconic.
The company cultivated a vibrant community among skaters, fostering loyalty through events and customer service that resonated with their audience.
Shifting focus to electric scooters led to brand dilution, alienating core customers and causing mixed reviews for new product launches.
External challenges, including trade wars and the COVID-19 pandemic, combined with internal management changes, precipitated the company's financial collapse.
Deep dives
The Rise of Boosted Boards
Boosted Boards emerged as a successful company through innovative engineering and understanding of urban transportation needs. Founded by mechanical engineers from Stanford, they identified the 'last mile' transportation problem, creating an electric skateboard that became synonymous with sleek design and reliable performance. An impressive Kickstarter campaign surpassed funding goals, demonstrating robust consumer interest even before the product launched. This initial success was bolstered by endorsements from influential figures like Casey Neistat, who showcased the board in his popular vlog, effectively cementing Boosted as the go-to brand in the electric skateboard market.
Community Engagement and Culture
The company fostered a vibrant community among its users, integrating skater culture into its brand identity and communications. Boosted Boards organized group rides and events, enhancing customer loyalty and camaraderie among enthusiasts. Their customer service, primarily staffed by fellow skaters, contributed to a supportive atmosphere that resonated deeply with their audience. This strong community connection differentiated Boosted from competitors and significantly affected its brand perception, making users feel personally invested in the company's success.
Transitioning Product Lines
When Boosted began exploring other product lines, such as electric scooters, tensions arose within the company about deviating from their original mission. Despite the initial market success of their skateboards, management sought to expand their offerings to ensure growth and profit margins. The launch of the Boosted Rev, however, received mixed reviews due to its hefty price tag and competition from cheaper alternatives. This shift in focus from electric skateboards to scooters may have diluted their brand identity and alienated their core customer base.
Management Changes and Challenges
As the company faced financial pressure, key management changes took place that altered its direction. Co-founder Sanjay Dastour stepped down, leading to increased scrutiny and changes in corporate culture. New CEO Jeff Rusica aimed to transition Boosted into a broader personal transportation brand, shifting priorities away from the original skater-focused approach. This dramatic change contributed to uncertainty among employees and potentially eroded the unique culture that had helped build a loyal customer base.
External Factors and Financial Strain
Various external challenges, including the U.S.-China trade war, severely impacted Boosted's bottom line. Tariffs increased costs for materials and components, amplifying financial strain on a company with already slim profit margins. Additionally, the COVID-19 pandemic exacerbated the company's difficulties, leading to layoffs and a reduction in workforce morale. These factors, combined with internal management issues, began to undermine the financial stability that had fueled their initial success.
The Role of Investors and Debt
Investor expectations for rapid growth further complicated Boosted's business environment, as they felt pressure to scale quickly without robust revenue. The company resorted to venture debt to stay afloat, but this strategy backfired, leading to a loss of control over financial decisions. During this tumultuous period, the company struggled to negotiate beneficial partnerships and ultimately lost essential employees to competitors. The competing interests of investors and the need for immediate profit created a toxic environment that stifled innovation and hindered their path to recovery.
Final Days and Closure
In March 2020, Boosted announced its closure, attributing the decision to a combination of operational challenges and financial mismanagement. The company's previous successes did not translate into sustainable growth or resilience when faced with external pressures. As part of the dissolution, their intellectual property was sold for far less than its perceived value, further illustrating how far the company had fallen from its initial promise. With substantial debts and no viable solutions in sight, Boosted Boards ceased operations, marking the end of a once-prominent player in the electric skateboard market.
This week, we're pulling one of our favorite episodes from the archive due to everyone being out for Thanksgiving here in the states. If you've been listening to Waveform for a while, but for all of the newer listeners (of which there are many) this one is for you. It's a deep dive episode where David spoke with multiple people trying to get to the bottom of what happened with the company Boosted Board. Enjoy the long holiday weekend everyone!
