FT Start-Up Stories The business that spun out of control
Jun 18, 2018
Julie Deane, founder of the Cambridge Satchel Company, shares her journey from a £600 startup to a global brand. Initially driven by her children's education, she faced challenges after attracting venture capital. Julie opens up about losing confidence due to cultural shifts within the company, coping with crises, and ultimately regaining control by starting a UK factory. She emphasizes the importance of staying true to your original purpose and offers valuable lessons on navigating rapid growth while keeping ego in check.
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Humble Origin: £600 To School Fees
- Julie Deane started the Cambridge Satchel Company to pay her children's private school fees after failing to resolve bullying at school.
- She launched with £600 from a Cambridge lecture-day payment and involved her mother as early support.
Scaling Exposed Manufacturing Gaps
- Julie sourced makers by tracing a school's satchel supplier and scaled from one maker to four as demand jumped.
- Rapid growth exposed consistency problems when different manufacturers used different fittings.
Growth Is Nonlinear And Trend-Driven
- A viral moment can catapult a small brand to huge valuation quickly but growth is uneven and trend-dependent.
- Julie saw £600 become ~£40m in five years, then revenue flattened and later recovered after setbacks.